You can shop for a van online with a damaging credit rating--buying the motorcar with cash or getting an auto loan. Bad credit auto loans usually require a high down payment and have very high interest rates. They may also have additional fees that prime auto loans don't usually have. When purchasing a car or taking out an auto loan, make sure you're dealing with reputable businesses. If you're buying the car online, be sure that you have the option of inspecting the vehicle before you purchase it. The vendor may be deceptive.5.
Consider purchasing a used or new car online with cash if you have a bad credit rating. Bad credit auto loans are more difficult to gain approval for and come with very high interest rates and fees. Buying a car in cash may be more expensive up front, but you'll spend less money in the long run. Purchasing a car online is usually cheaper than buying one from a conventional retailer because of lower costs and greater ease of comparing prices.
2. Document your income and existing assets as extensively as you can. Pay your bills on time and make at least minimum loan payments every month. This will increase your chances of being approved for a bad credit auto loan.
3. Apply for bad credit auto loans online. Send in applications for multiple lenders to get the best rates. In most cases, bad credit auto lenders will only provide loans for certain makes and models of vehicle up to a certain price limit. You will likely have to provide a down payment between 20 percent and 50 percent of the value of the car.
4. Choose a car that fits your needs approved for the loan that you secured. Check the company's listing with the Better Business Bureau before signing any contracts or sending payments.
Instructions
1.Remain current with your loan. If you fail to do so, your car will be repossessed and your credit rating further damaged.
