Guaranteed Car Loans For People With Bad Credit

Jan. 7, 2014 - PRLog -- Consumers in need of a car loan should know one fact "There is no legitimate lender that will guarantee them a car loan without checking their credit rating and debt to income ratio". However, this should not scare away consumers with bad credit from trying to borrow money to buy a new or used automobile because there are still subprime lenders willing to give those people a second chance with a car loan.

The consumer should be aware that with poor credit, auto loans will come with a annual interest rate than can exceed 20% and require a higher down payment.

The free consumer organization "Bad Credit MD" understands that sometimes it may be necessary to finance a new or used car at a higher than conventional interest rate because a car is a very important aspect of some families livelyhood and it could mean the difference between getting to and from work to earn a paycheck or being stuck at home and unemployed.

The organization has listed one particular lender on their website at http://www.badcreditmd.com/car-loans/, that even though may not be guaranteed, it may be one of the easiest subprime lenders that will qualify them for a new or used car loan.

Before leasing or financing a new automobile, sonsumers should make sure they have enough income to pay their current living expenses every month. Then, finance new purchases only when one can afford to take on a new monthly payment.

The only time a consumer should consider taking on more debt is when they are spending less each month than taken home. The additional debt load should not cut into the amount a person or family has committed to saving for emergencies and other priorities or life goals. Trading in a automobile and saving money for a down payment can reduce the amount a consumer needs to finance. In some cases, a car or truck traded-in will take care of the down payment on the new automobile.

Bad Credit MD, is a free On-line consumer information guide that helps people with credit problems in Arkansas, California, Delaware, Colorado, District of Columbia, Connecticut, Florida,  Georgia, Hawaii, Indiana, Illinois, Idaho, Kentucky, Iowa, Kansas, Maryland, Louisiana, Massachusetts, Michigan, Maine, Mississippi, Missouri, Wisconsin, Minnesota, Nebraska, Nevada, Montana, New Jersey, New Mexico, New Hampshire, North Dakota, New York, North Carolina, Oregon, Ohio, West Virginia, Oklahoma, South Carolina, Pennsylvania, Rhode Island, Texas, South Dakota, Utah, Tennessee, Virginia, Washington, Vermont, and Wyoming.

Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. This self-help site has over 500 pages of credit advice and articles. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.