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Bad Credit Auto Leads – How to Qualify

Posted on: December 2nd, 2011 by credit

 Bad credit auto leads, or sometimes referred to as special finance leads, are lists of applications of people with bad credit.  Their bad credit does not necessarily mean that they are irresponsible payers.  The economic crisis has just affected them more than others, resulting in their inability to fulfill financial obligations.  They are applying for an auto loan to purchase a car, which is a necessity.

 

If a borrower is really serious about purchasing a car, he or she should make sure that his or her application gets noticed among many others which may even be more qualified than his or hers.  A borrower should present his or her application well by doing the following tips.

 

The most crucial part in any type of loan application is the credit report.  It is by which lenders evaluate a borrower.  Traditional lenders would not approve a borrower with bad credit.  For bad credit auto leads, they should prepare and study their report well to get approved in a bad credit auto loan.  There are two important things that a borrower should do upon receiving the report. He or she should check the report for any possible errors which can still be corrected by the report bureau.  The second thing he or she should do is settle all debts reflected on the report.  It is highly risky for someone to take a loan while having debts at present.  Besides, even bad credit auto loans might not take interest in extending their offer if there are still existing debts.

 

Also, the borrower should be able to first know the basics of a bad credit car loan application.  There are two important things to take note of before jumping in.  The first thing is the interest rate. Borrowers should not just keep on submitting applications to various lenders and lead companies.  They should be able to discern which offer is the best and most practical based on the interest rate and payment schedule.  Because of the bad credit, lenders would offer high interest rates.  However, this can be negated by knowing their schemes in charging extra fees which are not really necessary.  Another wise move is to compare interest rates.

 

The second thing is the down payment.  It should always be remembered that putting down money is always better than putting none at all.  Some lenders would offer no down payment schemes.  It may seem convenient at first sight but it does not actually work!  Borrowers would end up paying more than the value of the car.  This is because they would pay more monthly installments at a higher interest rate.

 

Lastly, bad credit auto leads should fill out all required information, most especially full name, residency and contact details, in the application form.  It is also better to provide some current car details.  This helps the dealer to evaluate the type of car and offer that are suitable for the borrower. This makes the job easier for the lead company and the dealer

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