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If you have had previous credit problems on your record and need to buy a car, you may need to apply for a so-called used car loan for bad credit. A bad used car loan will allow you to buy a car, but you will usually be expected to pay it back in a shorter period of time and at a higher interest rate.

Many traditional auto lenders today offer extended repayment terms; Some allow you up to seven years to pay off the car. Bad credit used car loans usually have to be paid off within 48 months. Since the car you are buying is already used and the amount being financed will be less, lenders expect to pay off the loan in less time.

Find used car prices

Before bidding on a used car, you should first check the average price value. By doing this, you will know if the trader has raised the price to make an excess profit. You will need to make sure that you purchase the vehicle from a reputable dealer.

There are many companies that do most of their business with clients who have less than perfect credit scores. Some of these merchants may try to take advantage of customers. Just because you’ve had credit problems in the past doesn’t mean you have to pay exorbitant amounts in interest rates or other fees.

Online shopping for lenders

Online car loan lenders make loan applications quick and convenient. By applying online, you will have access to many lenders and their rates. Online auto loan applications can be filled out in just a short time, and approval is almost always given on the same day.

An important point to remember when applying for a used car loan with bad credit is that the bank has an age limit for the car you can buy. Most banks will not offer auto loans with a term of more than four or five years. You should also try to pay a large down payment when buying a used car. This will reduce the interest rate charged to you and the term of the loan.

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