Tuesday, July 8, 2014

When You Can't Qualify for an Auto Loan

English: Refinance auto loan when needed
Are you trying to buy a car? If you’re like most people, you can’t just pull enough cash out of your wallet to pay for a vehicle. Cars are expensive, which is why many people go to their banks and take out auto loans.

Unfortunately, however, auto loans, which typically come with fairly low interest rates, are not always an option. If you have less than perfect credit, then your bank may not approve you for an auto loan. Similarly, banks don’t like to give loans for older cars. These cars have a lower resale value than newer models, and most banks feel the loan isn’t really worth the potential risk.

Whatever the reason, if you’ve been turned down for an auto loan, know that personal loans are your best bet. Regardless of credit, just about anyone can qualify for a personal loan, and they are a great option when auto loans aren’t available.


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