Having Late Payment should not stop you from applying for Car Loans
When you apply for a car loan knowing you have prior late payments you must prepare yourself as to what to expect. Depending on how frequency of late payments and how your bureau is overall, the outcome can still vary. If your late payments are at a minimal and your credit is still looking good, you can expect an ideal approval with a slight increase of interest rate. If there are multiple late payments showing on your bureau and your credit holds more negative traits, you can expect a subprime level approval with higher interest rates. At the end of the day, the objective is to gain an approval to not only obtain the vehicle you need to use every day, but also to re-establish your credit. When you have secured your auto loan, ensure that no further late payments scar your credit, especially on the car loan as it would hurt your credit further rather than rebuild.
People often find themselves in a less than idea credit situation and it can do to circumstances or a simple mistake; that does not mean that all doors and opportunities are closed to you. If you are in need of a vehicle and have had late payments on your credit bureau, give Autorama a call at 1(866) 979-2947 and speak to one of our finance specialists or fill out an online finance application to find out what options are available to you.