Auto Loans - Bad Credit Auto Loans

Used Auto Financing - How To Get The Best Used Auto Financing

Are you in the market for a used car and you need financing to make the purchase? Do you know your credit so that you know what type of deal you should be getting? Since used auto financing is based on credit, income, vehicle, and down payment it is necessary that you know your credit. Here are some other things you should know when it comes to used auto financing.

First, you need to know what to expect. If you have great credit, which is a FICO score over 700, then you can pretty much get any deal out there. Your rate should never make it over 5% and if it does you need to be talking to a different lender because it is too high.

If you have good credit, which is a FICO score of over 650, then you can get a pretty good rate, but it will not be the best. You might have to put a bit more down, but getting used auto financing will not be a problem.

If you have ok credit, which is a FICO score between 580 and 649, then it will be a bit more difficult. You will probably need a substantial amount down of at least 10% of the value of the car and your rate is going to be in the double digits.

If you have bad credit, which is anything below a 580 FICO score, then you are going to struggle to find financing. You will need a couple thousand down, a buy here pay here lot, or some type of special lender to help you out.

If you also have repossessions, then skip everything else and head right to your buy here pay here lot because they will be the only ones that will help you with used auto financing, most likely.