Monday, August 1, 2011

Auto Loan - Obtaining an Auto Loan With Bad Credit

Many people with low credit scores or a bad credit rating assume that they are automatically denied when it comes to obtaining financing for a new or used car. While that might have been the case a few years ago, obtaining an auto loan when you have bad credit is possible. With a little research and work, people with bad credit can obtain a car loan that can be used to finance the purchase of a new car. If you have a low credit score or a bad credit rating, the following tips can help you obtain the financing you need.

When applying for an auto loan with bad credit you should first obtain all your information from the credit reporting agencies. Federal laws require that all three major credit reporting agencies must provide you with a copy of your profile for free. Your credit reports will show you what debts are being reported, if you are delinquent in any bills, and exactly how low your credit rating really is. Obtaining your profile will allow you to see exactly what your credit rating is, and how you can improve it.