Easy  Tips To Get Hassle-Free Bad Credit Car  Loans in 2022

The interest rate on the auto loan determines the total cost of your bad credit car loans and the EMI payments.

Check Current Car Loan Interest Rate

Volunteer for a Higher Down Payment

When you make a hefty down payment on your car, the total cost of the car loan goes down. A higher down payment also means lower interest payments and processing fees.

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Borrow based on your ability to repay

EMI payments should not exceed 50%  of your salary. Keep a low debt-to-income ratio. A high debt-to-income ratio  means a greater  chance of defaulting  on loan  payments.

Go for a car model that fits your budget

Go for a car model that fits your budget

Applicants with a bad credit rating may not get a large car loan.

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Rent a car instead of buying one

Lease payments are comparatively lower. This is an option only if you don't get too many miles in the car.

Choose wisely when raising funds from NBFC or other lenders

Car dealerships will recommend few financing options, but you need to be careful when ruling them out.