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How to take out a car loan with a bad credit

car loans

Many consumers believe that if they have a bad credit history - they must give up the idea of getting a car loan. But is it so?


In fact, you can try to get a car loan with a bad credit history, but you will have to go through a few unpleasant moments, but the acquisition of four-wheeled friend will be a good reward for all the excitements and troubles. For a start, you should accurately estimate how much it will cost you to purchase a car, and then turn to a dealership and a bank.


What to expect?
When you contact the bank for a car loan, it would be nice to know your own rating in the eyes of the banks and check your credit history. You can do this once a year, free of charge, by sending a request to a credit bureau. The answer usually comes quickly and helps to define your own chances of getting a car loan with a bad credit history.


What you should understand
Firstly, the interest rate will be higher than for a client with a positive credit history. Secondly, the terms of the contract will be tougher - they will affect the credit period, the amount of down payment, and requirements for the documents. Moreover, a bank may require the presence of guarantors and many other additional payments (car and life insurance and so on). Read about types of car insurance.




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