If you have a credit score of only 500, then chances are that you have some significant blemishes on your credit report. These typically include past due payments, bankruptcy, repossessions, or a host of other ailments that can significantly bring down your credit score.
If you are looking to get a car loan with a credit score of 500, then your options are limited. There are however online lending sources that can give you a car loan with minimal hassles and the best part is, this can be done without the need for a down payment if you do your shopping right.
Many people are not aware that car dealerships are not the end all authority when it comes to car loans. Car dealerships are in the business of selling cars and car finance helps them to do that by outsourcing their lending to loan companies.
All a car dealership can do is submit your information and credit application to a lender along with the information about the car that you are wanting to buy. Contrary to popular belief, a car dealership has absolutely no power when it comes to getting you approved with a lender.
Car lots act more as a middleman for car loans, than anything else. As they are responsible for submitting applications to the lenders, car lots actually make a commission based upon the interest rate that you pay. The higher the interest rate you pay, the more money that the dealership makes.
You can save money and get an easier approval with an online lending source.
Find Legitimate Lending Sources Here: BuyingCarswithBadCredit.com.
(http://www.BuyingCarswithBadCredit.com)
Jason Lanier, Expert Author.
Article Source: http://EzineArticles.com/?expert=Jason_Lanier
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