There are plenty of options for people looking for good and bad-credit car loans. You can approach either a bank or a credit union, but both of these lenders come with their respective catches. For one, banks have some strict conditions when it comes to lending to people with bad credit. Credit unions aren’t too generous either. You can also obtain a loan from a dealer. However, not all bad-credit car loans are the same—here are a few things to remember when choosing one:

  • Not Knowing Your Credit Score Can Be Bad

Loan terms and interest rates vary, and sometimes just a few points on a credit score can make a huge difference. Do not assume your credit score is poor just because you have missed a few deadlines. Before you start shopping for cars, it’s important to know your credit score. You can always get a free credit report through Equifax or TransUnion. Dealers who know you aren’t aware of your credit score may take advantage of you; they may try to sell you a high-interest loan.

  • Don’t Just Pick the First Lender

There’s stiff competition in the bad-credit car loan industry. There are dozens of lenders offering plenty of options. For example, at Maritime Car Loan we promise cash-back on loans. We also offer discounts to both people who are new to the country as well as students. Additionally, we promise free delivery and a free detailing. There are also referral programs for clients. Getting multiple offers helps you pick the best offer—you can get the best APR and better terms on the loan. APR is especially important if your credit score is bad, for even small point fluctuations can make a huge difference.

  • Give Accurate Information During the Application Process

Buy-here-pay-here dealers like us are happy to ignore poor credit scores, but the information we’re provided needs to be accurate. Two main pieces of information we need are details about your income and address details. Inaccurate information affects your application process.

You will also have to choose the right vehicle—think long-term. Vehicles that seem reliable at first may become a burden in the future because of repairs and maintenance. And if you are looking for a Maritime auto loan, call us!