Bad Credit Auto Loans

Getting auto loans with bad credit is easier than you think

Getting a car loan can be very hard if you have bad credit. Fortunately, there are more and more options on the Internet for those of us who are credit-impaired. There are many websites that make it fast and easy for you to get the auto loan you want, such as carsdirect.com, moderncarloan.com, carcredit.com, pierremoneymart.com and eloan.com. On average, you can expect to find interest rates anywhere from 10 percent to 20 percent on most of these sites.

For example, eloan.com offers interest rates ranging from 8.09 percent for a three-year term to 8.59 percent for a five-year term (based on a loan of $22,000 for a new vehicle) for people with good credit. For the same term and loan amount, poor credit will get you interest rates anywhere from 13.95 percent to 20.95 percent respectively. For used car auto loans, good credit will give you interest rates around 9 percent for a loan of $17,000, while you can expect interest rates from 15.95 percent to 20.95 percent with bad credit.

It's advisable to do a little research on these companies before you give away any personal information. Most websites will require you to submit an application before they give you anything but general information, and you will usually be asked for your social security number, among other things. Most of these websites are completely safe, but be on the lookout for websites that look fishy. Remember to read the fine print as well, because some websites have extra fees.

It's also worthwhile to check out the major banks and credit unions. Auto loans for people with bad credit are much easier to get at major establishments today than they were five years ago. Some banks and credit unions even have entire departments devoted to dealing with loans for people with bad credit.

There are many options available for auto seekers who have bad credit, and with a little research you'll find a loan that works for you.

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