what bank is good for approving people with bad credit for a auto loan?
Question by ga91606: what bank is good for approving people with bad credit for a auto loan?
Best answer:
Answer by luisa_mapacha
Go to a credit union, be prepared to make a large down payment.
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Tags: bad credit auto loan, Bank, Credit Union
Capital One, H.S.B.C and Wells Fargo.
Both Ford and GMAC have relaxed their standards. I’ve had customers (I’m an R.V. salesman) come into my lot, fall in love and fill out a credit application, only to find out they have credit scores just short of 500. I couldn’t find anyone to finance them out of our 20 national lenders. These very same customers came back less than a week later with a $ 40,000 1 ton dually truck that Ford financed them on at $ 0 down and 2% interest on a 10 year loan. If I were “credit challenged,” I would go to them 1st. Hope this pertains to your situation. Good luck!
Try Bar None….not a bank though.
Try WFS Financial. They approved me with horrible credit. The interest rate was 16%, which was better than the 24% (yikes) other banks were offering me. I am now on my second vehicle with WFS and because of a good payment history, they gave me a smoking hot interest rate on my second vehicle.
Good luck…:)
Most large banks have an Alternative Lending Division. Try USBank. Lots of rules and a higher interest rate, but will not require a large down payment.
HSBC does bad credit car loans. I listed a free consumer information site below that has a list of finance companies that issue auto loans to people with poor credit.
I hope this help you. Good Luck.
Yes there are many Car Loan Financers.
I have a list of some good websites offering Loans with low Interest rate and fast approval. Its a policy voilation of yahoo if i post any link here.
Just mail me at solidoffer11@yahoo.com with subjet- Car Loan . I will send a link of best website where you can find best Loan offers,tips and resources.
best wishes
If you have bad credit, there are better options than going to a bank for your car loan. You can check out credit union rates, but they may also be prohibitively high. I would try someplace that specializes in auto financing for people with bad credit, like http://www.mortgageous.com/noriskcredit
I’m quite familiar with them, and I know they do whatever they can to find you the best rates available to someone in your situation.