Bad Credit Car Loans: 4 Bad Credit Car Loan Myths (and the Facts) Revealed

There are numerous myths about bad credit car loans. They are used to put people off getting an affordable deal and the car that they need. Let’s talk about four of those main myths here.

Myth #1: There is no way you can get a car loan if you have problems paying off other loans.

Fact: Bad credit used car loans are readily available from many different lenders. Given the recent financial crunch, more and more banks and credit unions have started offering more affordable financing options to people with problems in their credit history. We have our in house APG Financial, as well as competent outside lenders who work with you to get adequate financing for your used car purchase.

Myth #2: A short term bad credit car loan is more expensive.

Fact: Actually, the shorter the term of the used car financing, the more affordable the deal is. When you are able to repay the entire sum plus interest more quickly, you save on interest that would be charged if you have a deal with a longer term. Now, a short term deal may not be more beneficial for a person with bad credit, as the monthly repayment installments are higher.

Myth #3: There is no way to negotiate the interest down.

Fact: There are borrowing programs, with extension and refinancing options, which give you the opportunity to renegotiate the interest after a set period of time. If you have managed to improve your credit score by this time, you will be able to lower the interest, at least to an extent. Many of our used car buyers have interest rates at or below 20% APR.

Myth #4: You cannot do anything to improve your credit score when having such a loan.

Fact: This form of financing (as long as you may payments on time), can only boost your credit score. However, it takes more effort to get a major improvement. You need to repay all of your debt on time. This includes credit card and utility bill payments.

These facts will give you a better understanding of the options you have when looking for and using bad credit car loans. You may realize that things are not as bad as they may seem. Just be prepared for the challenges ahead.

At West Valley Auto Plaza, it does not matter what your credit history reveals:

• No Credit
• Bad Credit
• Less than perfect credit FICO scores
• Late payments
• Repossessions

Using our "Quick Qualify" program to get you approved (in minutes) can allow you to purchase great used car or truck vehicles-without needless hassles from finance institutions

Come out to our dealership-3899 South Redwood Road, West Valley City. Visit us online at WestValleyAutoPlaza.com, or call us at 801-886-1700.

West Valley Auto Plaza’s goal is to get you back on your feet in a good reliable pre-owned vehicle that you can afford at a fair price regardless of your credit situation. This is what we’ve done for over 11 years now, and this is what we’ll do for you. Feel free to shop around and see what others have to offer. We know you’ll end up choosing us, because we are the best out there, and we won’t jerk you around!