Dreaming about a new car? A lot of people all over the country want to get their hands on a new car. Their reasons vary. For some, getting a new car means that they will finally be able to achieve a higher level of independence. On the other hand, some people want to get a new car because their old car is really on its last legs. There’s no reason to live in fear of getting stranded on the road and not being able to actually get anything accomplished.
Yet if you’ve just tried to apply for a car loan and gotten denied, you can really start feeling like the world’s against you. After all, if everyone else around you seems to be able to qualify for a car loan and you can’t, you might think that it really has to b that way. The good news is that it really doesn’t have to be this way at all. Indeed, if you really think you can’t get a car loan, it’s time that you really rethought that mentality in a serious manner.
You see, most lenders realize that people cannot get cars without car financing. Car financing is a source of income for them. The riskier you are credit wise means that they will be able to charge you some extra interest when compared to their “top” customers who have better credit scores and close to flawless credit history. Someone with a credit score of 775 isn’t going to have to worry about car loan rates the way someone with a credit score of 520 would have to.
If you’re the person with the 520 credit score (or something close to it) you might think that such a low credit score means that there’s no way any lender is going to give you a loan. But this isn’t the case anymore — lenders are realizing that there are a lot of great people that just have some credit issues that they need to work out.
No, the new measuring tool isn’t credit history, but actual income. If you have stable employment, then lenders will feel more comfortable lending to you because you can at least pay it back. Unlike other types of loans, lenders know that you will not risk having your car repossessed, and if that means that you might have to skip another bill, you will definitely do so.
If you’re ready to apply for a car loan, you might think that your next step is to go to the dealership. However, this really isn’t the case either. You will actually want to make sure that you go online for a car loan. This will let you actually force the lenders to compete for your business and give you a good car on your next car loan.
If you’re trying to rebuild your credit, you’ll actually find this is a great way to do that. Not only will you get a great car loan and a great car, but you’ll also be able to lift your credit score by making good payments over time — what could really be better than that? Make sure that you apply online for your next car loan today!