Auto Loans: Bad Credit Auto Loan

Have bad credit and need an auto loan? Worried that your less-than-perfect credit is going to keep you from buying the auto you want? Don't be.

Chances are you will be able to land an auto loan with bad credit. Today, banks, credit unions and finance companies are all making loans to people with even bad credit. Many people who wouldn't qualify for an auto loan five years ago can get one now.

Work to save money on that auto loan.  How good a deal you get will depend on how many bumps you have on your credit and how much work you're willing to do before setting foot in an auto dealership.

Remember, dealers want everyone to buy their autos, and that includes folks with dinged or damaged credit. So in addition to offering financing from a manufacturer's finance company, such as GMAC and Ford Credit, they also have financing deals with banks, credit unions and finance companies. You may not get the best rate out there, but they'll get you in a car.

Interest rates on loans for folks with bad credit range from 10 percent to more than 20 percent. The key to landing a better rate is to shop around.

When shopping for auto loans, be sure to swing by your bank or credit union.  A larger bank may have a whole department devoted to lending to people with bad credit or they may have a relationship with a company specializing in subprime lending.   Smaller banks are more apt to approve auto loans to folks with bad credit woes on a case-by-case basis.

For Your Free Auto Loans Guide, Visit http://www.CarAndAutoLoans.com.

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