Second Chance Car Loans for People with Bad Credit - Guaranteed Approval With No Credit Check

Second chance car loans bad credit is a lot like cars, themselves. They are in many different makes and models. If anyone have spent any time at all looking at daytime or late night TV commercials, he can't miss the "not a good credit, or no credit, or no money down, everyone's approved" advertise coming from everybody from "Uncle Bob" to the "Credit Doctor." 

Second chance car loans for people with bad credit or subprime loans can be separated into two categories - dealer financed loans and bank financed loans. Dealer financed loans, known as "buy here pay here", are the type of loans in which the borrower makes the payment directly to the car dealer. The typical car at a "buy here pay here" lot is an older, high mileage used car. 

These guaranteed auto financing car dealers rarely report his payment history to the credit bureaus. It's this type of loan that he will encounter in the "guaranteed financing" commercials. The dealer can "guarantee" support because the down payment will be unrealistically high in relationship to the value of the car.  Please visit www.carloansbadcredithistory.com for more information.

Most bank financed subprime loans are made through dealers. This is called indirect lending. While anybody buys the car through a dealer, he makes his payments to the bank. Since these banks realize that he is more apt to make payments on a reliable vehicle, cars sold on this type of program are generally newer, low mileage used cars. Many of these banks will even finance new cars. 

Finally,to get second chance auto loans for people with bad credit he should remember to be realistic in his expectations. He is not looking for his dream car. He should wait until his credit is repaired for that one. For the time being, he should look for good and reliable transportation. He must pick a car that has the lowest monthly payment possible for the shortest term. The shorter the term, the less time he will spend in negative equity land, and the sooner he will be able to either re-finance or get into a loan with a lower interest rate.