When you apply for a car loan, the first thing that most auto loan lenders ask is, “What is your credit score?” The reason for this is simple: they want to know just how likely it is that you are to pay back their loan. In other words, they want to know whether you are creditworthy.

This is a fair question. After all, if you were an auto lender, you would want to be darn sure that the people to whom you are lending money are going to pay it back.

The trouble is, most car loan lenders go about it all the wrong way. They try to take a short cut by only looking at your credit score without really taking a deeper look at your credit report as a whole. This practice of looking solely at the borrower’s credit score works out pretty well for those folks who have excellent credit scores. However, if you have a bad credit score, you are almost always ushered to the back of the credit line – or maybe even out the door.

Fortunately, some auto lenders actually look past your credit score. Sure, they glance at it, but they are more interested in analyzing the report itself, line by line. These lenders are sometimes called bad credit auto lenders. And, they can be a real lifesaver if you have a credit score below 650 or even 600.

If you are looking for 100 percent financing bad credit car loans, here are 5 tips for qualifying for a loan:

1. Learn what it takes to find bad credit car loan lenders:

When you are searching for auto lenders, make sure that you only add to your list those lenders who call themselves “bad credit auto lenders” or “bad credit car loan lenders.” These are the ones who are willing to look at your financial and credit history as a whole, not just your credit score in isolation.

2. Create a list of 5 bad credit auto lenders:

Make sure that your list contains at least 5 such lenders. It’s a numbers game, and you do not want to sell yourself short by only applying to 1-2 of them.

3. Research the website of each lender before adding it to your final candidate list:

Before you start applying for an auto loan online, in person, or on the phone, make sure that you check out the reputation of each lender on your list. Find out, in particular, what other customers are saying about them. Check out online discussion boards and chat rooms, in particular.

4. Apply to more than 3-4 lenders:

Now, be sure to apply to at least 3-4 of these lenders, and push yourself to follow through in doing so. You will thank yourself later when you land a lower interest rate, which could save you hundreds or thousands in interest charges.

5. Remember that it is okay to haggle:

Haggling – or hard negotiating – is a lost art. Most people do not do it anymore because they believe that companies have no room to haggle. This is simply not true! Be sure to haggle with each company that makes you an offer and see if they can offer you even better loan terms, such as a lower interest rate.

Take these 5 tips into account in order to qualify for 100 percent financing bad credit car loans.

Author Bio: Get access to more bad credit auto loan tips and lending resources at: 100% Financing Bad Credit Loans.

Category: Finances
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