If you count yourself among the millions of people here in the US who have either lost their job or been forced to take a job at a lower rate of pay, one of the first things to suffer beyond your family is your finances.
Chances are good that what once was a stellar credit rating you worked very hard to achieve has gone away, only to be replaced by one that has settled into the depths of bad credit.
Now that you need to replace your old car, you are probably wondering if anyone offers bad credit car loans.
Despite the fact that your credit rating has dipped below the 600 mark and is now considered very high risk, there are car loans for bad credit still available if you know where to look for them.
These loans tend to come in one of two ways, you can go to one of the many buy here pay here used car lots that have been around for many years or you can look online.
Here you will find a new generation of lenders that offer car loans to those who can prove that they have the income to support the payment.
Before you run off to your nearest buy here pay here lot and grab up on the first car that catches your eye, you should know that you may not be getting the best possible deal for your money.
While these lots will indeed finance anyone with a job, what you are spending your hard earned money on, is more often than not worth the price.
These lots tend to cater to slightly older models that have very high mileage and often not in the best of condition.
So what you end up doing is paying full Kelly Blue Book top condition prices for a car the in all reality barely meets their low end price.
On top of this, the average lot charges the maximum amount of interest allowed in your state and expects you to pay off the loan in three years or less, in most cases you have only two years.
There is a much better way to secure bad credit car loans today using your computer and the Internet.
In many states there are companies that will offer those with less than good credit a car loan based on their current employment status, their ability to make the payment and the value of the car they wish to buy.
As these are car loans for bad credit, you can still expect to pay more interest for the loan, but this type of loan has some major advantages.
Among these are the fact that you have the ability to go shopping for the vehicle you really want, not just those that are on the one specific lot.
You can pick a newer model car with low miles; in fact most lenders require this.
As opposed to the two year payoff time frame, you will find that these bad credit car loans have the same terms as the average car loan in terms of duration, making them far more affordable for the average person.
These loans are intended to make it possible for anyone in need of a car to get what they need at an affordable loan rate.