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February 18, 2019
If you’re one of the millions of Americans who have bad credit, it’s important to know that you still have options when trying to find money to buy a car. You won’t be able to skip the down payment with bad credit and you’re likely to pay a lot more in interest than a borrower with good credit, but you don’t have to be stuck in a bad credit loan forever.
Let’s take a look at your available financing options, and then how to get out of a bad credit car loan.
Keep in mind that when you have good credit, you have the luxury of focusing on the car first and the financing second. Unfortunately, when you have bad credit you’re seen as high risk. This means you may have to discuss financing with a dealer before selecting a car so they can find a lender willing to work with you.
You may already know why it’s important to have a good credit score. But life happens, and when you need a car now but have poor credit, here are your options.
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Posted in Car Buying Tips, Car Finance |
Tags: bad credit
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