If you are thinking of buying a car by taking an auto loan, then your credit history plays a major role in getting it approved.
Irrespective of whether the used car registration is in Bangalore or Delhi, it is tough to get a loan on bad credit score and often you might have to pay a slightly higher interest rate for it.
A bad credit score happens if you have a history of late payments or have high debt and even if you have a short history of credit. Here’s what you should do if you have a bad credit score.
Be at your best behaviourduring the months leading up to your loan application. Try not to have any new credit obligations.
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Generally, if you have a good credit, you qualify for the interest rate that is average or even below average. Bad score works just the opposite way. So, while you will have to pay a higher rate of interest, make sure that it is not more than double the average.Or else you will end up paying too high a cost for the car.
You should have a clear idea of how much you can afford to pay each month. So, do your own math and see how much extra money you are left with each month after paying for all your liabilities. Just go for that amount of instalment only, even if you can get a loan for a higher amount.If you can afford to go for a bigger down payment,it will help in offsetting the higher interest rate.
The most important thing is not to fall for any predatory loans because people with bad credit are often the target audience of such scams.
