Regardless of your Location you have Options to Finance Cars with Bad Credit

by Kyle Ralph
 
A lot of people are looking for financing options for vehicles other than going into dealerships, especially if they are in tricky financial situations that have left them with bad or damaged credit. SmartCarFinder.com can help you with getting great auto finance regardless of your location.

What are my options for financing?


Options to Finance Cars with Bad Credit The options available to you depend on your credit standing. If you don't have any idea of what your credit history looks like, or you want a clearer idea you can go to AnnualCreditReport.com and get your Equifax, Trans Union and Experian credit reports. You can get one of each annually for free. Once you have those, you can go to www.myFICO.com, where - for a small fee - you can obtain your Equifax and Trans Union credit scores.

Once that you have your credit history, you have information that gives you a better idea of where you're at credit wise. When you've applied for your loan you will be provided with finance options that best suit your situation. And if you are having difficulty choosing an option, the associates at Smart Car Finder can help you with that as well.

That all sounds great, but what are the finance options?


Depending on your credit history and score, the finance options available will be Prime, Subprime and a No Credit option. The difference between Prime and Subprime will be the interest rate you are offered. Prime is considered the best kind of credit, and usually starts with a credit score of 720. You can qualify for very affordable finance and optimum terms and conditions. With Prime credit, you may qualify for options like zero down financing and sign and drive type deals.

Since Subprime loans are considered to be a greater risk to the lender, they are subject to higher interest rates and stricter terms and conditions than those of the Prime loan. For instance, your monthly income may become a larger factor in this process.

Hmm, what about the No Credit option?


The no credit option is an avenue one can take if they have no credit history or need to start rebuilding their credit. Typically the type of people who are in need of this type of financing are new college students and those who are fresh out of bankruptcy. You may need to provide a down payment and have a cosigner for your loan. Once approved, you will begin to build or rebuild your credit history.

So those are the options. You can start looking into which one is right for you right here are Smart Car Finder. Once you've applied you could have several options available from dealers within 24 hours. The application process is fast and simple, and you'll be off to a great start in your quest.