If your credit rating is fair or poor, you may have trouble getting approval for a classic car loan. Even if you manage to find a lender who provides financing for people with bad credit, you have to be prepared to pay steep interest. Here are some useful tips on how to get a reasonably-priced classic car loan with bad credit:
Check Credit Report
Errors can occur in credit reports, and your bad credit history may just be a result of incorrectly entered information. Check your credit report thoroughly to make sure that all the information is correct. If you happen to find inaccurate information in your report, send a letter to the credit bureaus to let them know about it.
Access Credit Score
In the past, credit scores were only accessible to lenders, who needed to use them to evaluate prospective borrowers. Now, consumers can find out about their credit scores by visiting the websites of the three credit bureaus, which are Trans Union, Equifax, and Experian. If your credit score is poor, it is best that you know it beforehand, so that you will have a better idea of where you stand when you are searching for a classic car loan provider.