First, you can use your bank to get a car title loan. If you have good credit your bank will probably even give you more of a loan than what your car is worth. You can find out what your credit looks like by getting a copy of yoru credit report for free and if your score is 600 or higher you should try your bank first. This is the best way to go and if you have good credit because the interest rate will be lower and you will get more for the loan.
Second, if your credit is not so great you can go to a non conventional lender like American General. This type of lender will allow you to get the loan you need as long as you have something good on your credit report. Usually they want something that you have paid on time for at least 6 months. This shows them that you can commit to a payment and make it.
Third, if your credit is horrible you still have an option for a car title loan. You can go to a pawn shop or someone else that deals with high risk loans and get what you need. Usually they will be willing to do the loan for about half the value of the car or maybe a little more. The interest rate and payments are going to be higher, but it might be your only option.
Good Credit Score for an Auto Loan? What is Considered Good?
Do you know if you have what is considered a good credit score for an auto loan? Unless your score is 700 or better, you are not considered one that has a good score for an auto loan. You may want to get your free copy of your credit report, review it, and dispute any errors that might be on it.
Do not listen to those that seem to think the average credit score across the nation is 720. This is a thing of the past and the average credit score now is somewhere around 680. This is why so many lenders are willing to give auto loans to those with not such good credit. It is harder to have good credit now and if you are over 700, then you are in great shape.
You will not have any trouble getting an auto loan if your credit score is 600 or above, but a good credit score for auto loans is that of 700 or better. These are the people that get the 0% financing and these are the ones that get the low down payments. You will get the best loan if you have a good credit score, but if not you can still get your loan.
There are plenty of lenders out there that will allow you to purchase the car that you need with an auto loan regardless of how good or bad your credit is. You may be required to put more money down if your credit is not above 700 and your interest rate might be a bit higher, but you can still get your auto loan to purchase your new vehicle.
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Finding the right auto financing will help you in many ways. Even with bad credit you can get the financing you need for a new or used vehicle. Find out more about auto financing and loans by visiting this website: http://www.free-offer-sites.info/AutoLoans/Articles/Used-Car-Purchase.html
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