How To Get The Best Poor Credit Auto Loans

Poor credit auto loans are among the most wanted loans in the USA. Statistics show that almost 7 in every 10 Americans have suffered at one time or other from poor credit and had to apply and accept poor credit auto loans in spite of hostile terms and conditions. Here are three tips that can get you better deals next time:

1. Use collateral. Do not agree to pay higher interest. Instead, offer collateral for the loan. This will eliminate the risk factor to a large extent, allowing for lower interest rates.

2. Have a co-signee. Ask your friend or family member to co-sign for the loan. They should have good credit standing. When they agree to be a co-signee they provide live collateral to the creditor, which in turn offers you better leverage.

3. Do without poor credit auto loans altogether; buy from auctions. These are A1 quality vehicles sold at police and bank auctions. These are vehicles seized for some or other reason, and often are in excellent condition and available at throw-away prices.

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