Help! I Need Money to Buy a Car Fast

With the challenging state of the global economy and the tight credit markets, obtaining credit and money to buy a car has been and continues to be very difficult. Buying a car is hard enough without the handicap of bad credit, past bankruptcy, repossession or credit card default in your history.

If you’re one of the millions of Americans whose credit falls in the low end of the rating scale you’re facing a difficult challenge. For one thing, the interest rate on your loan is going to be dramatically higher than the rates enjoyed by customers with good or great credit. Fortunately there is some good news if you’re looking for money to buy a car and good information to receive auto loan help.

This article will arm you with the knowledge you need to get the best car finance deal and even a fast approval auto loan for your credit situation. Before you approach a lender or dealer finance office, you need to know just how bad your “bad credit” really is. Otherwise, you simply don’t know what you’re facing when working with lenders. And auto dealers often add several points in interest to the loan rate the finance company offers, and then keep the difference for themselves.

Most lenders rely on your FICO score, a number between 300 and 850 which is supposed to predict how likely you are to default on your bills. Generally speaking, scores above 700 are excellent, scores in the 600 to 700 range are okay and scores between 500 and 600 are considered low or bad. You can obtain your FICO scores by visiting http://www.MyFICO.com.

If your score is at the bottom of this range, don’t be too concerned. Even with the tight credit markets, it is possible to find money to buy a car. There are banks and finance companies willing to issue your auto loan for buying a car with bad credit. Auto manufacturers and dealers are struggling to stay afloat and want your money as much as anyone else’s and that gives you leverage and bargaining power. There are very few dealers in good financial condition, so all are hungry to strike deals and move cars off of their lots. Therefore you can walk away and almost certainly get a similar or better deal somewhere else. But beware, if your credit score is toward to low end of the scale be prepared to pay interest rates in the low to mid teens, but don’t ever drive off the lot until your financing terms and contract are complete.

So once you’ve gotten your loan, do you settle in for three years or more of sky-high payments? Not necessarily. The silver lining to these clouds is that there’s an active and growing refinance market for auto loans. Once you’ve established six months to a year of on-time payments, experts say, you’re likely to find lenders who will refinance your remaining auto loan balance at more reasonable rates.

Believe it, or not there are actually government and private foundation grants that American citizens and small business owners can obtain for personal use. This is money that never has to be repaid, and applying for car grants are just one of the ways you may be able to receive some of this free money.

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