The Bad Credit Auto Loan: Helper or Hustler?

The Bad Credit Auto Loan: Helper or Hustler?

For anyone looking to purchase a vehicle with less than stellar credit, opportunities may seem available. You’re bombarded with offers from “Buy Here, Pay Here” lots and dealers saying, “It Doesn’t Matter” what your credit score is – they’ll get you into a car in no time.

The truth is, they are preying on desperate buyers who feel they have no other options.  Don’t be fooled by their stretched truths and empty promises. Sure, they may get you into a car, but you’ll no-doubt pay the “poor man’s tax.” Even worse, you’re most likely getting scammed.
These poverty pimps are out to take advantage of your situation in more ways than one.

When Credit Score is Low, Be Prepared For:
Dishonesty about your credit situation
Untrue lender rules, needs, or obligations – they’re lying to you
Much higher interest rates than an average customer will pay
A focus on the monthly payment, instead of the total cost

Getting into business with a bad credit auto loan dealer could not only cost you double the amount you thought you were paying, but it can wreak havoc on your financial future. They assume that your poor credit score means you’re uneducated, desperate, and will most likely take their bait like a panda in a bamboo store. Be Informed!

Don’t Prove Them Right!

They’ve designed a business on taking advantage of those in need and are often compared to the likes of cash advance companies, rent-to-own appliance dealers, and even the lottery - all businesses that are geared for and marketed toward those with low incomes or bad credit.
The interest rates on these loans is abundantly higher than a standard loan. They also have extremely strict rules for missed or late payments that can cause the amount per month to be much more than you expected – and much more than you can afford.

Some dealers may even call you days or weeks after you’ve driven off the lot to say your financing didn’t work out and are raising your interest rates! You run the risk of having the car repossessed and having an extremely negative item on your credit report for years to come.

There is a Way

The best, most affordable way to get into an auto loan with bad credit is to get it fixed and avoid using the loan-shark type model. You’ll save money on interest, qualify for a nicer vehicle, and do it all on your own! You’ll feel much more confident entering into an agreement you know you can afford than an agreement setting you up for financial failure.

If you have bad credit, there is hope!

What To Do:
Obtain a copy of your credit report; everyone gets one  Free Annual Credit Report
Dispute & Remove negative items that don’t belong
Bring your score to at least +600. Remember, the higher the score, the lower the interest
Save!  A down payment is almost always required and can get you into a nicer vehicle
Start practicing smart financial habits ASAP
Be Patient! Dealers can sense desperation. Wait until your situation is ideal for YOU, not their shady terms

If you don’t qualify for auto financing due to bad credit you have options. With the right team behind you, those negative items don’t have to be the reason you aren’t behind the wheel.  Avoid being hustled and call the experts at today for a free consultation, 877-335-9043 or visit

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