How I Got A Poor Credit Auto Loan, You Too Can Do This

You can get poor credit auto loans, even after foreclosure and bankruptcy, they can be expensive, and I will explain this and show you how you can get a better deal if you clean bad credit.

2 years ago I was let go from my job and had to foreclose on my house. With repossession of my auto coming close I looked into bankruptcy and since I could not afford to pay for it I lost my auto. Upon receiving a new job I filed for bankruptcy to stop the constant calls and nagging and try to get a fresh start. A few months after the bankruptcy I was able to get a poor credit auto loan. I will let you know how you can get yours also.

Our history of making payments on time has the most affect on our credit so I applied for and got a credit card. I used it sparingly and made payments on time to assist in rebuilding my credit. Having even a short history of on time payments is very helpful in obtaining a poor credit auto loan.

Reduce balances; by making payments on time and refusing to keep charging you will acquire a better debit-to-credit ratio. For me, with only 1 account was easy, but it holds very true no matter how many accounts.

Showed financial responsibility; I saved money for a down payment, this helped show I was responsible with my money.

Get referrals; My landlord gave me a good referral upon my request saying I paid rent on time despite rough times. Utility and Phone Companies are good referrals also in getting that poor credit auto loan.

After only 5 months of rebuilding my credit I went to a well know established dealer that has a special department the works with customers to get poor credit auto loans. I explained my situation and was granted my loan. As I expected the interest rate for my loan was 19%, but I had my car.

Something I wish I knew that could have saved me some explaining is I could have put that explanation in my credit report in 100 words or less.

Make payments on time, pay accounts down, be responsible financially, get referrals and be prepared to explain credit problems and you can get your poor credit auto loan.