A bad credit auto loan is an option for those who fail to qualify for financing with traditional lending institutions such as credit unions, financial institutions, and banks due to their below the mark credit scores, previous vehicle repossession, recent bankruptcy, low income, or inability to produce a specified down payment. What will take place is the automobile dealers fund the bad credit auto loans at first. The loan is then sold or assigned to the particular car company.
A bad credit auto loan is relatively easy to acquire unlike the regular auto loans where borrowers need to have strong credit records for eligibility. To apply for a bad credit auto loan, you will need the following:
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