If you have bad credit, applying for a car loan might be a frightening experience. Before applying, you should be prepared to help your chances of getting approved. There are a few things you can do to attract lenders, but you need to give yourself enough time to gather the information you need to help your cause.
The first thing you should do is obtain a copy of your credit history. You should do this a few months before applying for the actual loan. This way, if you find any errors on your report, you will have time to correct them.
You should also try to pay account balances down so it does not look like you owe so much, as well as build up a considerable down payment. The better you can make yourself look to lenders will increase your chances of getting approved for a loan.
Using CARCHEX.com as a loan broker might also help your chances of getting approved because your application will be seen by more than one lender at once. If one lender won’t approve you, another might.
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Published in by CARCHEX on April 8, 2015