| This article looks at a few common and not so | | | | from a pawn shop due to the high interest rates |
| common options that you may have available to | | | | and the pricing (they're betting that you don't look |
| you for bad credit car loans. It's much easier than | | | | at an used car pricing guide). If you're in a |
| many imagine to get approved if you have a job | | | | bankruptcy or just have credit that's "tore up |
| with sufficient income and meet some basic | | | | from the floor up" then this is an option for |
| criteria. | | | | getting back on your feet (or off of them). |
| One very smart way to go... | | | | One not so common option some have... |
| Do you own a home? One of the smartest ways | | | | Local banks (credit unions included) are an option |
| to get a great bad credit car loan is to take out a | | | | for some if you have an open account with them |
| home equity loan. The interest rates are much | | | | that is in good standing. Even after a bankruptcy, |
| lower than most bad credit car loan companies | | | | if you've kept your payments current with a local |
| charge and the interest is also, drum roll please... | | | | lender that has treated you well (and you've |
| tax deductible as mortgage interest. This is one | | | | reciprocated with timely payments) then it's a |
| creative and advantageous way of getting the | | | | good idea to check with them first before going |
| money you need for a car with a secure financing | | | | elsewhere. You may be surprised what knowing |
| option. | | | | someone can do, too! |
| One not so smart way to go... | | | | One way many are choosing these days... |
| Buy here, pay here places (those dealerships that | | | | Online companies that specialize in bad credit car |
| you see with signs offering to finance anyone) | | | | loans and helping people find lenders based on |
| are popping up everywhere. These are usually | | | | their credit situation/obstacles are some of the |
| small local dealers that have high mileage used | | | | best places to look. There are many websites |
| cars. They offer to finance anyone that walks | | | | that offer this service, yet you have to be |
| through the doors usually, that has a down | | | | cautious in this day and time to make sure that |
| payment (to cover the cost or a portion of the | | | | you're dealing with a good, solid and legitimate |
| car) and a job. This is akin to purchasing a vehicle | | | | company. |