4 Alternative Ways To Buy A Car When Big Banks Turn You Down
Posted on May 5, 2016
There’s nothing worse than setting you sights on the car of your dreams only to discover that the big banks have turned you down for an auto loan. Since you are on this website, you are likely wondering how you can go about getting that personal loan as a down payment on a car.
Here are four alternative ways in which you can get it done.
- Don’t Borrow the Full Amount
Car dealerships are increasingly making it clear that you don’t have to pay for the full amount of the car in one. You can simply place a down payment on the vehicle and then pay back the money over a longer period of time.
Instead of trying to borrow the full amount for your car, ask for a smaller amount. A few thousand dollars as part of a loan is far more likely to be accepted. This will make it easier for you to secure the funding you need.
- Bad Credit Loans
Loans for people with bad credit are specifically designed for people who have been turned down by the big banks. These bad credit loans, such as the ones on this website, are simple to use and understand because all you need is proof that you are earning a regular income. Submit your proof of income along with your application and that will be enough to prove that you have the ability to pay the amount back.
Make sure you take time to find the right lender for you. Price comparison websites are perfect for this and will make it far easier for you to choose the lender offering the best deal.
- Payday Loans
If you only need the money in the short-term, a payday loan is ideal. These are loans characterized by exceedingly high interest rates. It’s true that you can get into financial difficulty if you fail to make your payments on time. This is why you have to be sure that you will be able to pay the money back in good time. There’s no room for error.
The big benefit of these loans is that you can receive the money in your account within 24 hours. It’s the fastest form of loan and there are no credit checks, so it doesn’t matter that you have a poor credit score.
- Get a Family and Friends Loan
Sometimes you need something less official. One way to get the money you need is to approach family and friends. They will likely provide you with the money on more favorable terms, and they most certainly won’t care that you have a bad credit score.
Just make sure that you have some written terms and conditions so there are no disputes later on. Remember that written agreements crafted between family and friends are legally binding. These can be used in a court of law, so don’t take your family and friends for granted if you opt for this type of loan.
Make sure that you can actually pay the money back before proceeding.