It seems pretty silly when you think about it – car dealerships offering excellent credit terms, but followed by the statement "only for well qualified buyers". People who are well qualified are not looking to finance with the dealership, since they usually have their own resources and get preferred rates at banks and other places.

But for the average consumer and the consumer with bad credit or less than perfect credit, the options are entirely different. Many people with bad credit think that they would not qualify for a new bad credit auto loan anywhere, but nothing could be further from the truth. Let me explain.

A consumer's credit rating is determined by their credit score. There are three major credit bureaus and each of them maintains a record of everyone's credit history. Since not all lenders report to each of them however, anyone's credit score is probably a different number at each of the credit bureaus. If you have missed or late payments in your credit history, or even charged-off loans or a bankruptcy, your credit score is going to be significantly lower than someone else's who does not have those negative items on their credit report.

There are several ways to approach it, and in order to get the most favorable terms possible, you should investigate all your options before moving forward with your bad credit car loan. Yes, that will delay you getting the car, but in the long run, it can easily save you hundreds of dollars in a more favorable interest rate on that car loan.

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