These two simple words apply for a loan can cover such a large spectrum of situations. if you have bad credit can be as simple as a missed payment on utility bills such as electricity or water etc. The phone has been as bad as declaring bankruptcy. If you are somewhere in-between and are looking for a bad credit car loan then here are some very useful information to help you understand if you will be successful or not with a particular lender.
TIP ONE
Bankruptcy If you have ever been lucky enough to have declared bankruptcy you need to be prepared for knock backs constantly. Almost no lender will consider lending to you if you have entered into bankruptcy in recent months. Find out the exact date you declare bankruptcy this can be done by obtaining a copy of your credit report through Veda advantage and make a note of when it will be a full year. Only then should you consider apply for a bad credit loan, and obviously you must have made many changes to the way you handle money / finances. You can contact a bad credit lender shortly before the anniversary purely to find out what their policy surrounding the bankruptcy. This way you can start getting organized for what you will need to give as you have to be ready for a very transparent and forthcoming with all information.
TIP TWO
Security Security is what you intend to provide to ensure your bad credit loans. As a guideline the worst credit lenders will insist on the security of a car you are trying to buy if you apply more than. If you already have a car and just want to get a bad credit loan you should understand that if you already have a loan secured by your car you can not use the car again for a second loan. This is important - you can only have ONE car loans for every ONE. If you are applying for less than the lender can not require you to provide a safety car, but just be aware that by offering a car as collateral generally means interest rates will be lower.
TIP ONE
Bankruptcy If you have ever been lucky enough to have declared bankruptcy you need to be prepared for knock backs constantly. Almost no lender will consider lending to you if you have entered into bankruptcy in recent months. Find out the exact date you declare bankruptcy this can be done by obtaining a copy of your credit report through Veda advantage and make a note of when it will be a full year. Only then should you consider apply for a bad credit loan, and obviously you must have made many changes to the way you handle money / finances. You can contact a bad credit lender shortly before the anniversary purely to find out what their policy surrounding the bankruptcy. This way you can start getting organized for what you will need to give as you have to be ready for a very transparent and forthcoming with all information.
TIP TWO
Security Security is what you intend to provide to ensure your bad credit loans. As a guideline the worst credit lenders will insist on the security of a car you are trying to buy if you apply more than. If you already have a car and just want to get a bad credit loan you should understand that if you already have a loan secured by your car you can not use the car again for a second loan. This is important - you can only have ONE car loans for every ONE. If you are applying for less than the lender can not require you to provide a safety car, but just be aware that by offering a car as collateral generally means interest rates will be lower.
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