Bad Credit Car Loans: Feasible Finance to Drive Your Dream Car

By: Robin Gatting

In life, you are bound to make some decisions and some of them might go wrong. These critical decisions can disrupt your financial standing to such an extent that you might not be able to avail any financial assistance. Only because of these reasons you should not stop fulfilling your dreams. For instance, you have an ambition of owning a car but due to bad credit, you are not in a position to access the financial assistance required. However there is nothing to worry now as, is exactly what you need to fulfill your dream.

You are tagged as a bad credit borrower when you credit score according to the FICO scale is less than 580. It would be prudent if you pay off some amount of the debts. This way, you will be able to improve the credit score and in turn will be able to access the loans in a convenient and easy manner.

These loans are offered to you basically in the form of secured and unsecured. Secured option of the loans is collateral based where in you have to pledge any valuable asset such as home, real estate or the car as collateral. By pledging collateral, you will be able to access the loans at competitive rates .On the other hand, unsecured option of the loans can be obtained without pledging any collateral.
A total of 90-100% of the amount is offered under these loans, which enables you to purchase car of any car or model. In fact you can also use the amount to purchase a used car provided it should not be more than 5- 6 years old. The repay term for the loans is not that large and lasts for a period of 5- 7 years. As you are having a bad credit score, try to make a down payment. This will prove your capability to repay the borrowed amount in time.

You can avail these loans from traditional lenders as well as online lenders. Nowadays, most of the lenders are coming forward and providing these loans through the online mode. By comparing the quotes, you will be able to get the best offers on the loans. Besides, on timely repayment of the amount you can improve the credit score.

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