Trying to find a great car loan when you have bad credit can be a struggle for anyone in that situation. The good news is many lenders are offering online solutions that allow you to apply and get the approval you need right from the comfort of your home or office. Listed below are steps on the best way for you to get a loan for a car with less than perfect credit.
Do Your Research
With the invention of the internet almost two decades ago now, the consumer is in the driver’s seat when it comes to finding the best deals. That goes for things like electronics, music, etc., but also includes big ticket items like a car or car loan. Spend some time finding the lender that looks most appealing to you. There are a lot of websites out there but make sure you are dealing directly with a lender. They will be able to offer the best auto loan for bad credit.
Apply Online
Once you have landed on the lender you want to do business with, complete the online application. In most cases, it’s a simple process where you will be asked information about where you live, where you work, your income, date of birth and social security number. Understand that the lender will be accessing your credit report to review how you have paid your accounts in the past. If you are looking for a new car loan, used car financing or even a refinance car loan, be honest with the lender about everything on your application. Lenders like OpenRoad Lending and others specialize in car loans for people with bad credit so be truthful and you will stand a better chance of getting that car loan you are looking for.
Complete the Paperwork
Since you are dealing directly with the lender, you will need to sign all the necessary paperwork needed for your loan to be complete. It is usually 7-10 documents that you will need to sign with the lender. Many lenders now offer the ability to sign those loan documents through an eSignature process meaning everything is completed on the computer. Others will ask you to download your loan package, sign all of the documents and return them to the lender via fax, scan through email or US Mail. The lender may also require you to submit additional document such as proof of your insurance, a utility bill showing your physical address and proof of your monthly income.
Go Shopping and Drive Away!
Congratulations! You have completed the financing of your vehicle. Now you are empowered to shop for a car like a cash buyer and get a better deal on that purchase. You no longer have to ask yourself how to get a car loan with bad credit because you already have that behind you. Now you can use online tools to search dealer inventory and pricing and hone in on the vehicle you are looking for.