If you have repeatedly made mistakes of not paying past loans in time that does not mean that you can not buy a car through a fresh loan. in the loan marketplace still you can locate a lender who understands your circumstances and if willing to offer you very bad credit car loans.
are meant for people who repeatedly failed to make timely payments, have arrears, defaulted on payments and have cases of county court judgments. On FICO credit score such borrowers' credit score falls to low levels. So if you have a credit score way below 600 then it indicates increasing risks for the lenders and they take you as very bad credit.
In offering very bad credit car loans, the lender asks for a property to be pledged as collateral. This cuts borrower's risks substantially. You can pledge your home or any property or even the very car you are going to buy as collateral. Secondly, the lender will charge interest at very high rate. This obviously means that if you are willing to fork out high rate of interest then getting very bad credit car loans is easier.
You are also required to make a good amount of down payment in order to take very bad credit car loans. So, be ready for the sizeable down payment. There are many lenders who have very bad credit car loan for you. Better first take their rate quotes for extensively comparing them. Go through their terms-conditions for a suitable deal. Buy a car from reliable dealer for quality concerns. Also ensure that your each loan installment payment is reported to the credit rating agency so that your credit score gets improved and loan availing becomes lot easier in future.
