Having poor credit history can be a real obstacle especially when applying for financing. For instance, if you’re planning to buy a car soon, finding an affordable car loan deal will be more difficult if you have an undesirable credit score. Does this mean you can never get approved for a car loan if you have bad credit?
The good news is that it is possible to get a car loan even with bad credit. In fact, many lending companies and some reputable car dealerships offer financing especially for people who are credit challenged. Indeed, through research and preparation, you should be able to get the financing you need. Consider the following tips:
Check your report and clean up the errors. Errors in your credit report will pull down your score but you can have these corrected by sending a letter to the bureau that issued your report. Upon receiving your letter, the bureau will conduct an investigation which can take up to 30 days.
Read more How to Get a Car Loan with Bad Credit
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