Hunt for The Best Deal Go to many lenders before you decide on which lender you have to choose for the bad credit auto loans. There are loads and loads of lenders who will give you deals that you never thought were possible to get. So go on and do as much research about bad credit auto loans as possible before you sign up for a loan.
Make the duration or the time frame for which you are giving out the loan limited to less than a year. The more the duration is the more is the risk of uncertainty. And with an entity with bad credit rating, you really do not want to increase your risk any further.
To qualify, you must be getting a monthly salary regularly for past six months at least and must have a bank checking account. These loans are approved and given to the applicants in the same day within 24 hours in their bank checking account.
Most of the banks and nationalized schemes reject loan applications if they find your credit bad. But if you really need money, you have hope. There are companies which do not care about your past payment records. All they care is about your current payment capability. If you have a steady income, you can opt for bad credit loans.
As no security is being offered, you will be obliged pay higher rate of interest as compared to any secured loan. And further, having bad credit score will add up to the interest rate. Generally, the interest rate is decided on certain grounds, such the amount borrowed, prevailing market rate, and credit worthiness of a person.
Once all your credit reports correctly reflect the real story, contact any creditor with whom you still have an outstanding account and negotiate a settlement. Complete honesty is the best policy in this case and you may be able to avoid a bankruptcy proceeding through this method. Make a reasonable offer for settlement over a fixed period of time. Many creditors will be willing to take what they can get rather than losing the entire amount. Don't make idle threats but be straightforward about your ability to repay. Part of such a settlement is to seek to get that creditor to amend their filing on you to a current status. Stick to any new arrangements you can make, otherwise your situation will go from bad to worse.
Although you don't need good credit, there are still some requirements for this loan type. First of all, you will need to have had a job for at least three to six months. You also require a checking account that is over ninety days old, and is in good standing. The final thing is that you must be at least eighteen years of age, although some lenders require twenty one.
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