Bad credit is known by everyone as a way to get short-changed. While it can be tougher to get car loans in Houston TX, it isn’t impossible. Likewise, scores that are under 620 are considered sub-prime, and you don’t have to be in massive debt to have a lower score. Getting a loan depends on the current market for lending, as well as how much income you have, how long you’ve been working and how much debt you currently owe.
Your Score
If you don’t know your current score, it’s best to find out before trying to get a loan. Many people are taken advantage of during the loan process because they didn’t know how bad or good their score was. Likewise, you can check the score and report to ensure that there are no mistakes. Even one missed payment that isn’t true can lower your scores, so it’s important to check.
Those in the 620 to 650 range aren’t likely to be considered sub-prime and may have multiple lending options. Those with a score of 550 to 620 will have to do their research, but will still find options that aren’t too high. If, however, you have a score lower than 550, you can expect higher interest rates and will likely have to go to sub-prime lenders only.
Quotes
The next step in getting car loans in Houston TX with bad credit is to go to as many lenders as possible and get quotes. Lenders who specialize in subprime loans are the best option, and most will let you know instantly whether you’re approved and for how much.
You can also go to the dealer to try and get financing or contact local credit unions/banks. However, don’t be upset if they tell you no.
Bad credit car loans in Houston TX are tougher to find, but not impossible. Visit Business Name Online at to learn more.
