Who do you think benefits from car loans? If you are like a lot of people youâ€™re probably thinking of folks who have good credit score and plenty of surplus cash at their disposal to cover their car loan payments each month.
But while this covers some of us, a lot of people donâ€™t fall into this group at all. In fact since the recession came along, more and more of us are struggling to make ends meet. Even if you are managing on a daily basis you may have debts and arrears gleaned from those recessionary times that are hanging onto you and only gradually being paid off.
Lots of things can cause your credit score to take a hit, and there is no doubt that a lot of people went through this very experience during the rough times. But even when you come out the other side and you are firmly on your feet again, it can take your credit score a little while to catch up.
Now letâ€™s suppose the car sitting outside your house right now is a little beat up and on its last legs (or wheels). You know you canâ€™t do without a car, but your credit score doesnâ€™t seem to be looking healthy enough to allow you to buy another one.
So what do you do?
Perhaps surprisingly you can still go out and apply for an auto loan if you need one to finance your next car. Lots of people assume that because they have bad credit they canâ€™t get the auto loan they need. All the doors will be slammed in their face and theyâ€™ll just have to save for the long term and buy one whenever they can afford it but this isnâ€™t necessarily the case.
There are companies around today that specialize in providing auto loans for people in your kind of situation. They know that not everyone has a spotless credit record and they cater for just those people who may not come up with the scratch elsewhere. The interest rates will vary of course but they could be more reasonable than you think.
The fact is that some of these companies have a 100% acceptance rate, provided you meet a few simple and straightforward conditions beforehand. For instance if you donâ€™t have any form of income, you obviously wonâ€™t be able to apply for your loan. But if you have a minimum level of income youâ€™ll be accepted provided you meet those other conditions as well.
This opens up the car buying market for those people who probably need it the most. It would be superb to just be able to go out and buy a brand new car whenever you needed to, but after the recession, â€˜savingsâ€™ is a word that is alien to most of us who are simply trying to make ends meet.
So donâ€™t discount the idea of getting another car today. Even if you have bad credit you can still make it happen.