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Knowing your credit score and the average rates to expect and applying for preapproval are just a few of the many ways you can secure a budget-friendly car loan. 1. Know your credit score
The final step to prepare yourself to get a car loan with bad credit is to research different lender options. This way, you can find the best deal to match your financial situation.
If you're in the market for a car and your credit history is shaky or worse, you'll see plenty of dealerships with signs proclaiming "no credit, no problem," "buy here, pay here," "no credit check
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
Key takeaways. Many alternatives to bad credit loans may come with lower costs and save you money in the long run. Secured options may help you get the financing you need, but will put your ...
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