Many lucky folks have no trouble getting the car they want. These people have a steady-paying job and a strong credit score. They can basically walk into any auto dealership and drive away a couple of hours later with a new or used car, paid for with a low-interest auto loan.

However, qualifying for car financing is not quite so easy for a big part of the adult population. The reasons for it being hard to qualify for a car loan vary from person to person. Usually, it boils down to two things: being unemployed, having a poor credit score, or both.

When a person simply wants to get behind the wheel of their own car so they can go about their business, it can be very frustrating to be turned down for any reason. This is especially true if the loan applicant knows that he or she is a responsible person who is good for the monthly payments.

That is why so many people today are looking for car financing with no credit hassles. Nobody likes being rejected for a loan, and it is frankly a bit embarrassing to be rejected like that.

The Relationship Between Your Credit Score And Car Financing

The truth is that, whether any of us likes it or not, our credit score tells most lenders pretty much everything they need to know about us. A “fair” or “poor” score may get our loan application rejected, or at least make us ineligible for a competitive interest rate.

Basically, the better your credit score, the more cheaply you are able to borrow money from the lender to finance your new car.

Why You Should Not Give Up On Car Financing

After having been rejected for car financing one or more times, you may be feeling a bit fed up with the whole thing. You may even be considering just buying a bicycle, taking the bus or just walking everywhere you need to go.

Fortunately, there is a very good reason why you should not give up on the idea of car financing. Many people with very low credit (FICO) scores have successfully qualified for an auto loan.

Tips For Securing Financing

If you are looking for car financing with no credit hassles, here are 3 tips that can help:

1. Do your homework: You are going to want to research at least 5 or 6 auto lenders before accepting an offer. Make sure you research in detail about each one. What you are looking for is reviews by other people who have used them before. If you can, find their financial credit rating – especially if they are a smaller bank or credit union.

In addition, you are also going to want to research and print out a copy of your current credit report. Be sure to contact all three of the major agencies, including TransUnion, Equifax, and Experian. Each agency uses the same formula (provided by FICO) to calculate your score, but because each one has access to different information, your score will vary slightly from one to the next.

2. Find an auto lender who specializes in poor credit individuals: Not all auto lenders are the same! Many are prepared only to do business with people with a strong credit score (sound familiar?). However, there are lenders who specialize in helping people who are credit-challenged.

3. Walk in the door prepared: If you have a low credit score, be sure to contact 5 or 6 of them via phone first. However, when it comes time to actually trying to get a signed auto loan offer, it is a good idea to physically visit their location. Walk in the door prepared to tell them about the reasons for your poor credit score (if asked). Basically, there is always some wiggle room, and if you can show that you are a responsible borrower, they are much more likely to extend you an offer.

By following these tips on car financing with no credit hassles, you will have a much better chance of landing the auto loan you need.

Author Bio: Get access to bad-credit car loans – some requiring no money down – at: www.Best-Car-Financing-Deals.com.

Category: Finances
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