Bad Credit Car Loans Made Easy

PRLog (Press Release) - Sep 17, 2009 -
It's a great time to purchase a new or used vehicle. Car dealerships are reducing their inventories and offering attractive pricing. Used vehicle prices are beginning to drop due to the sheer numbers of cars available. There is only one problem. It seems that lenders can't or won't provide car financing unless you have a sparkling credit rating. Bad credit car loans (http://www.consumercarloan.com) are available for those individuals that have been denied auto financing by traditional lenders.

Don't let bad credit car loans throw you off. While these lenders specialize in bad credit car loans, they also provide competitive rates of interest based on your credit score. If you haven't had to access your credit score recently, now is the time to get a handle on it.

Bad Credit Car Loans and Your FICO Score

There are 5 factors that FICO uses to determine your credit score. Where you fall in this ranking will determine whether you can approach traditional lenders or apply for bad credit car loans. The 5 factors and how they affect auto financing (http://www.consumercarloan.com) include:

Payment history affects approximately 35 % of your score. If you make all of your payments in a timely manner, you should be able to secure vehicle financing through a bank, credit union, or dealership. If you have been a bit lax in making your payments on time, bad credit car loans (http://www.consumercarloan.com) may be a reasonable alternative for you. Recent late payments will have a negative impact on your score while those from the past have less effect.

How much do you already owe to creditors? Your current debt load will affect about 30 % of your FICO score. If your credit cards are always maxed out and your revolving credit is at the top of your limit, it will have an adverse affect on your rating. Even if you are applying for bad credit car loans (http://www.consumercarloan.com), it is prudent to reduce the levels of debt that you carry to improve your score. The higher your score, the lower the interest rates will be on bad credit car loans.

Approximately 15 % of your FICO score is impacted by the length of your credit history. If you are just starting out and have little or no credit history, you may find it difficult to obtain auto financing. Bad credit car loans specialists can help you re-establish a good credit report. If your credit history includes a few or many financial transgressions, bad credit car loans are an effective way to re-establish your credit worthiness.

Recent credit applications impact your score by about 10 %. If you are constantly applying for new credit whether for loans, credit cards, or other financing, your credit score will be adversely affected. Use bad credit car loans (http://www.consumercarloan.com) for fast and easy approval without impacting your rating.

The types of credit you are carrying impacts your credit score by approximately 10 %. Finance companies, credit cards, mortgages, and all other financing are included.  

Bad credit car loans (http://www.consumercarloan.com) are available for those who have experienced financial problems in the past. They are fast and easy to apply for and approval is normally given within 24 hours. Use bad credit car loans wisely and improve your credit rating.

Consumer Car Loan is your best source for car loans or bad credit car loans online. If you have really bad credit, bankruptcy, poor credit or a low credit score we can get a car loan for you and provide financing with low interest rates that will help you buy the car you really want at payments you can afford. More information about Consumer Car Loan can be found at http://www.consumercarloan.com.

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