Get A Car With Less Than Perfect Credit
Getting a loan for a car can be difficult when your credit isn't great. Fortunately, there are companies which specialize in helping all kinds of consumers get a car. Many companies now use GPS tracking capabilities in the event of default, so beware that if you don't pay, your car may be in the lurch. Here's a look at some places which offer bad credit auto loans for people with less than perfect credit.
Drivetime
Drivetime is a leading used car dealer and lender in the U.S., with 129 locations across the country. They work with banks such as Wells Fargo and Citigroup to provide financing for customers who have low income and poor credit. DriveTime helps people who need a car but can’t get a loan elsewhere. DriveTime searches for quality used cars nationwide and sells them at no-haggle prices. DriveTime has an easy online approval process, and let you know what your downpayment amount will be from your phone. They claim down payments are $1,000 less than a typical Buy Here Pay Here downpayment, and they have helped over four million people with troubled credit get a car. If you don’t like your car, you have five days to return it.
CarsDirect
CarsDirect is a website that connects you with subprime auto loan providers and lets you apply in a minute. CarsDirect does not sell cars or lend money itself. It sends your information to different subprime auto lenders who may offer you a loan. This way, you can compare different down payments and interest rates on your own. You will need to find a car on your own from either a dealer or a seller online using a website such as Autotrader.com or Craigslist. A loan you find this way could also function as a pre-approval at a regular car dealer.
Carvana
Carvana accepts all kinds of credit, including bad credit, but they only lend money to people who want to buy cars from them. They have large, life-size vending machines which make them the “The Amazon of cars.” Customers search the website online, find the car they want, then go to the life-size vending machine to get it with a “token.” You can then take it for a test drive, and sign the papers if you want to buy it. You can return the car within 7 days and get your money back if you don’t like it. You can fill out a short form online and get pre-approved for a loan in two minutes. Carvana’s pre-approval process does not affect your credit score.
CapitalOne Network
CapitalOne is different because it offers bad credit car loans to people who find cars in the CapitalOne network of dealership partners. They have their own portal website which you can search, and there are usually dealers in your area which participate in major metro areas in the USA. CapitalOne does a soft-credit check to provide customers with a pre-qualification, and then it makes for a simple deal to finish at the participating dealer when you locate the vehicle you would like. The pre-qual lets you see what your rate and monthly payment would be, without damaging your credit score. then see real rates with no impact to credit score, as well as monthly payment and interest amounts.
In Conclusion
Poor credit can be difficult to have, but it doesn’t mean that you can’t get a car to get from A to B. While it may be slightly more expensive, you can still get a quality, respectable vehicle to transport you and your family. Just because you have bad credit doesn’t mean you shouldn’t shop around for the best vehicle and the best available rate. Make sure you get the most competitive rate and deal that you can find!
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