Tempe, AZ -- (SBWIRE) -- 05/21/2012 -- To most people, having a car means having freedom. A car gives a person the ability to quickly commute to their job, run errands, meet up with friends and family and take fun road trips.
Unfortunately, the unsteady economy and tumultuous job market has had a major impact on a large number of Americans’ credit scores, making it extremely difficult for them to qualify for auto loans. In fact, a recent report from FICO Labs showed countless Americans are currently in poor or average financial standing. The study revealed approximately one-third of U.S. consumers have FICO Scores between 550 and 699, the largest number with a score in this range since 2006.
For the millions of Americans with non-prime or subprime credit scores, finding a car loan with a low interest rate can be quite a challenge. This is in part due to the fact many of them typically seek out traditional lenders, such as car dealerships, who usually charge exorbitant interest rates.
However, there are lenders who specialize in bad credit auto loans. But most people are not aware how to find them.
According to bad credit auto loans review site, BestBadCreditCarLoans.org, the Internet is one of the best places to find a wide range of lenders offering good rates for people with poor credit or no credit.
BestBadCreditCarLoans.org states, “Lenders online are not only specialists in who they lend to, they are also cheaper. So, by using an online lender you get not only the benefit of higher approval chances, you also get the benefit of lower interest rates.”
In addition to choosing an online lender that specializing in bad credit auto loans, there are also a variety of other ways drivers with poor credit, a bankruptcy or no credit can qualify for a loan with a good interest rate. Drivers should make sure they are able to put a down payment on their car and be able to prove they have a steady stream of income. To lenders, a down payment and proof of income helps minimize their risk of having a borrower default on their loan. Additionally, drivers should take into consideration the type of car they would like to buy. Purchasing a more affordable car will be looked at more kindly by lenders, thereby possibly equating to a loan approval.
In the end, it is possible for people with no credit or bad credit to qualify for a car loan with a good interest rate. It simply takes a bit of online research to find the right lender.
BestBadCreditCarLoans.org provides visitors with independent reviews of the best auto loan providers. The online resource has narrowed down the top three services, sure to help drivers get the bad credit auto loan they need, at the lowest possible rate. Quotes provided by these three services are all absolutely free and customers are under no obligation to accept the terms. For more information, visit http://BestBadCreditCarLoans.org