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Article 5: How to Get an Auto Loan (Traditional vs. Subprime)
devider Poor credit history, insufficient income, or both? Relax, you're not alone! Obtaining an auto loan can be tricky. Most consumers fall under one of two categories: traditional or subprime. To determine which type of loan you qualify for, lenders evaluate the following: credit history, income, debt, number of credit cards and their unpaid balances. With good credit and sufficient income, financing options should be readily available. Be aware that the best rates may not come from the dealership itself, so you may need to shop around. Check with your loacal credit union, bank, or search for an online lender. Nowadays, you can compare pricing and financing options from the comfort of your home!

How to Get an Auto Title Loan:
  1. Review your credit history. Experts suggest that you check your credit report at least once every 12 months. Under federal law, consumers are able to request and obtain a free credit report from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). Order your free credit report

  2. Determine how much you want to pay. You should have an idea of how much you want to put down as well as the monthly payment. You may find a budget worksheet to be helpful.

  3. Shop around. Research your local area lenders as well as online lenders. Often times a multiple lender like MoneyNowUSA offers higher loan amounts at lower interest rates.