Bad Credit Car Loans / What Not to Do With Bad Credit Auto Loans
Bad credit auto loans happen when a subprime borrower applies for an auto loan with limited or bad credit. The difference between a bad credit auto loan versus an auto loan is the interest rate. Bad credit auto loans tend to come with higher interest rates, since you are a higher risk to the lender. So what can you do to get out of your bad credit auto loan and into a better auto loan rate? Follow these steps:
1) Make payments on time. Every time you make a payment on time, your credit score improves and qualifies you for a better auto loan interest rate. Keep paying off your bad credit auto loan consistently, and in a few months talk to your lender about readjusting your interest rate or with another lender about refinancing the auto loan.
2) If the lender asks you to close a few of your credit accounts to get a better interest rate on your bad credit auto loan, go ahead and do so. Otherwise, try to avoid closing accounts; this in fact hurts your credit score.
3) While paying off your bad credit auto loan, try to avoid opening new accounts or consolidating all your credit card balances onto one card. This means transferring balances from high-limit cards and low-limit cards onto one single card. This will hurt your credit score and efforts to refinance your bad credit auto loan.
4) Do not apply for more credit to increase your available credit. Although having more available credit to debt is a great way to increase your credit score, you are just adding to the problem. Instead of getting more credit, pay off your existing debt. This will increase your credit score and help you get a better interest rate on your bad credit auto loan.
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