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Car Buying with Bad Credit

Car Buying with Bad Credit
Staff Writer - LotPro.com

If you have bad credit you may find it difficult to obtain an auto loan through a bank or traditional finance company. Most banks and tier 1 finance companies only lend to people with Prime, Good, or Marginal Credit. If you have Poor, Bad, or Very Bad Credit you should consider a dealer or service that specializes in helping people with bad credit buy a car.

Using a service or dealer that specializes in special credit situations will save time and reduce inquiries into your credit. Numerous, recent credit inquiries are know to lower your credit score. If you apply with the wrong dealer they may send you car loan application to many lenders whose program requirements you do not meet. If this happens your score may be lowered and when you are finally approved it may be at a higher rate than you would have received if you car loan application was sent to the right lender in the first place.

The following credit scores are only guidelines. Lender score requirements vary. Some lenders, in fact, do not have a credit score requirement.

720+ Prime Credit
680+ Good Credit
640+ Marginal Credit
600+ Sub-Prime Credit
580+ Poor Credit
525+ Bad Credit
480+ Very Bad Credit

If you want to buy a car with bad credit you should first check your credit score. If your score is less than 600 find an automobile dealership or online service that specializes in special credit situations.

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