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Find Cheap Car Finance with Affordable Rates

Finding cheap car finance has always been a challenging task especially when your credit score is bad. Apart from credit score, factors like type of car to be financed and the lender that you are working with also come into play in determining overall affordability of auto financing loans.

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Tips for Availing the Cheapest Car Finance

Just because you have bad credit, it doesn’t mean you cannot get approved for cheap car finance. There could be ways to save money on interests which you need to know before you start exploring various available options online.

Besides, for enhancing of finding cheap car loans, you may take into consideration the below mentioned aspects.

Shop Around Extensively
Get and compare free quotes provided by several different top rated local lenders in terms of features, interest rates and repayment terms to secure the best quote.
Contact Bank/Credit Union
You can talk to the bank where you have a checking account or local credit union to know if you can get help for financing a car.
Negotiate with Dealership
Car dealerships arrange for loan finance programs and there is room for negotiations particularly with regards to the interest rates and terms for securing the best deal.
Secure Discounted Package
Banks, credit unions as well as local lenders may offer you special discount on interest rate if you select automatic monthly payment schedule through bank account.
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Factors To Consider Obtaining Cheap Car Loans for Bad Credit

At the time of comparing multiple cheap car loans proposals, the following factors are likely come into play.

  • Interest Rates

    Auto loan interest rates can be fixed or variable depending on the type of loan you are trying getting. It is important that you choose the right option.

  • Loan Duration

    Most lenders provide auto loan terms up to 8 years time period but it is always advisable to opt for a shorter term to repay the loan quickly.

  • Penalty Clauses

    For saving money on interests, you can pay some extra money every month on instalments even if lender charges some fee as you will be repaying dues early.

  • Origination Fees

    Lenders charge origination fees to cover up for application processing costs and these charges are likely to be in the range 1-2 percent of the overall loan amount.

  • Insurance Policy

    Some loan dealers may require applicants to get the car under finance insured since it will serve as a collateral against the loan so compare insurance premium rates.

Keep 3 Documents Ready To Obtain Cheap Auto Loans

To approve cheap auto financing, lenders will ask you to submit some specific documents as under:

  • Valid ID Proof

    Copy of government issued ID card, driver’s license, non-driver ID card or passport can be accepted as valid ID proof from applicants.

  • Income Proof

    You will have to give copies of some very recent paystubs, last 3 years’ income tax returns as well as latest bank statements.

  • Proof for Job

    Employment certificates from current and past employers can be submitted to strengthen your case if you have been a stable employee with a steady and enough income.

Frequently Asked Questions

Get the answers you need to common car financing questions

How to Get a Cheap Car Loan?

For approving your car loan application most of the lenders will ask you to give some basic personal information, details of car to be financed, credit report and income documents.

Can I get approved for a car loan if I have bad credit?

We have nationwide network, so you have fair chances of being approved for cheap auto loans and a solution that works best for your budget.

What type of interest rates can I expect for my car loan?

Car loan interest rates depend on a number of factors the most important of them being your credit status. Besides, down payment and loan term can also influence interest rates.

Is it possible to finance new and used cars?

Once you get approved, you can decide whether you want to get new or used car financed. We will help in determining the right option for your situation.

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