Getting an auto loan with bad prestige is practically as easy as getting a loan with good credit. In fact, any loan associates only offer bad prestige loans. While this is good for individuals in need of a new vehicle, there is a downside to getting a bad prestige loan. Here are a few tips you should think before agreeing to a bad prestige loan.
Lenders that Offer Bad prestige Automobile Loans
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If you are seeing for a bad prestige auto loan, you will need to bypass your neighborhood banks and find an auto loan broker. While banks and other financial institutions regularly offer vehicle loans, they are not eager to lend money to individuals with a low prestige score. In most cases, your prestige score must be at least 640-620 to receive bank financing.
There are two types of lenders that offer bad prestige auto loans: sub prime lenders and hard money lenders. Both lenders work with high risk applicants. However, sub prime lenders are more reputable. Nonetheless, an applicant must meet basic requirements before a loan is approved. For starters, auto loan applicants must have verifiable employment and income. Sub prime lenders also want applicants to be at least 18-years-old.
The requirements for a hard money loan are less stringent. Because of more lenient guidelines, hard money lenders payment applicants ridiculously high interest rates on auto loans. On average, a good prestige applicant may secure a car loan with a rate of 5 percent. A hard money lender will payment a rate 5 or 6 points above this.
Most sub prime lenders that offer bad prestige vehicle loans do not take advantage of people. They are eager to help you. While the interest on sub prime loans is typically 7 to 9 percent, these lenders will not payment inordinate rates in order to increase their profit.
Getting a Bad prestige vehicle Loan
Bad prestige vehicle loans are good for any reasons. One, they afford the opportunity for you to get a new or used vehicle. Two, these loans help you reestablish or build credit. If you have recently filed bankruptcy, a new auto loan is exquisite for boosting your prestige score. If you are considering a bad prestige auto loan, avoid shady or hard money lenders. To locate a trustworthy lender, submit an auto loan application through a broker site.
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