Thursday, 29 May 2014

Applying For a Bad Credit Loan: Have You Got a Co-Signer and Made a Down Payment?

When you apply for a bad credit auto financing you must be careful about the credit transactions. Well, in that case when you have a poor credit score you must have a co-signer and must make a large down payment to get an easy approval against your loan.

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Why should you make a large down payment?

If you are thinking to buy a car with bad credit, then you can ease your lenders fear by putting up a sizable down payment on the transaction. A cash down payment will help your lender to understand that you have a strong commitment to the deal.

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Even if you buy used car, the down payments need not to be substantial to impress the lender. In most cases, 10 to 20 percent should be what you need to get a good free auto loan quote at an affordable rate.

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Why should you carry a co-signer?

It is always an uncomfortable task to ask a friend of a family member to be a co-signer against the car you are going to apply or applied a loan. It is better to have a co-signer who is comfortable with your ability to pay the loan and who will not have second thoughts while signing the papers.

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