In recent years, there has been a rise in the use of public transportation and rideshare companies such as Uber, but the need to own your vehicle is still as strong as ever. In fact, statistics show that 91% of US households own at least one car. Out of all of those cars, 85% are financed through either a loan or a lease.
When it comes to purchasing your next car, or maybe even your first, odds are that you are going to have to borrow money to do so. However, that can be a sticky situation for those of us who have less than desirable credit. As if interest rates weren’t high enough to begin with, it seems like lenders work against those of us who have had trouble paying off debts in the past by raising the amounts we have to pay through the roof!
So what can someone with bad credit do? Are we simply forced to accept astronomical rates and monthly payments that force us to scrape our pennies together? No! As it turns out, there are a wide variety of companies offering auto loans with bad credit and no cosigner.
This company specializes in aiding those whose credit scores have suffered from the tough financial times of recent years. While many places would simply give you a flat out high rate, Auto Credit Express will present you with a wide variety of options that feature lower rates than you will find anywhere else. They are so dedicated to aiding those in a bad credit situation that they even offer loans for those who have already declared bankruptcy!
There are no restrictions on applying based on your credit history, even with loan amounts or the age and mileage of the vehicle you are looking to finance. As for their track record, this company holds an A+ rating with the Better Business Bureau. While you won’t be able to purchase from a private seller, the rates they offer will make all the difference.
While this company is best known for their credit card commercials featuring Samuel L. Jackson, they are actually one of the top names in helping those with bad credit obtain reasonable auto loan rates on new and used cars alike. You will be able to finance a vehicle up to 10 years old with under 125,000 miles, which can really help to make your monthly payments affordable. They’ll help you to get pre-approved, so you know exactly how much car you can buy when heading to the dealership.
Capital One also offers various online tools, such as loan calculators, to help make the process as smooth as possible. They have an Auto Navigator to help compare payments on specific cars, helpful FAQs, and useful tips to aid you when buying your car at the dealership. The only downside is that you will not be able to buy from a private seller.
Those us with less than perfect credit scores can see APR rates jump up over 10% from the national average, raising monthly payments and making it nearly impossible to get our scores back on track again. Thankfully, there are companies out there who have our best interests in mind. Capital One and Auto Credit Express are just the tip of the iceberg, and two fantastic places to start your search.
Why let bad credit hold you back? There is absolutely no reason for you to deserve anything less than a reasonable auto loan. Find the right lender, and you will see your score raise in no time as you make your new monthly payments.