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Too Good To Be True -- Don't fall for the bad car loan deal!

You've hit a few bumps in the road with your credit. But, you need a new, or newer, car to get you to work so you can keep paying your bills. And, you need a car loan to buy that car. Having poor credit can make it difficult to find a loan at reasonable rates making it awfully tempting to fall for some of those miraculous car loan deals that scream at you from late night TV ads -- deals that are too good to be true.

Jumping into the first car loan that comes along can put you into more financial hot water than you bargained for. Some lenders offer ridiculously low interest rates or 0% financing to get you in the door. But, once you're there and you find out you don't qualify for one of these deals, you might end up getting talked into a bad car loan. Some lenders might squeeze you into a long-term loan to soften the financial blow with lower monthly payments. But, after 60 to 84 months, you'll feel the pain of all that interest you paid with a car worth less than what you owe on it. Some will set you up with a variable-rate car loan that starts with a low-interest rate for the first year, but jumps up to an inflated rate for the remainder of the term.

With poor credit, you might feel you have to take whatever you can get in a car loan. But, you really don't have to take the first deal that comes along. Start with your bank or credit union. If you've been a customer there for awhile and have accounts with them, you're more likely to find help with your car loan. You won't get the best interest rates possible. But, if you can get approved for a loan, you can get reasonable interest rates over standard loan terms, say 36 or 48 months. If you meet your monthly payments and remember to stay on budget with your car choices, you come out the full term without being upside-down on the car.

There are also lending institutions that are in the business to get you into a sensible car loan that will aid you in getting your credit on track. If you can show that you're being responsible with your debts, they can offer good auto financing in spite of your poor credit rating. Some of these are non-profit institutions established to get people back into the economic mainstream. They even have relationships with car dealerships to put you into a reliable car and get you reasonable car loan deal.

It all starts with you. If you have poor credit, fix it. Pay down your debts, close credit accounts you don't need, and learn to live within a budget. Know what your credit score is and get your credit report before you start looking for a car loan. Although there are lenders who will help you with reasonable auto financing, there are some who will prey upon your desperation and happily drain your finances leaving you deeper in debt and stuck with a car that's not worth what you owe on it. Take control and take your time -- you'll find a car loan you can live with.