When you have a bad credit rating and cannot get loans easily, even used car prices would seem very high and a daunting task to surmount. However, it is not as if people with bad credit rating cannot buy cars – new or used. It is just a question of approaching the right lenders for this and you are sure to find the required finance support for buying that used Daewoo car for sale albeit at a higher interest rate.
What you need to do to instill confidence in the lender is to take along somebody who can co-sign for you. This will increase the chances of approval and you might also get a lower interest rate from the lender. Another option that you can try out is to offer the car as collateral for the loan taken and as long as the loan tenure is not very long, the lender would be willing to advance a loan to you, knowing that he can get some of the loan back through the vehicle itself. You must however ensure that you do not take this casually and default on any monthly repayments since you stand the risk of losing possession of the car altogether and also suffer a very bad credit report rating.

published: 19/05/2010