Any loan requires proper documents and a good credit background to get processed. Car loans are quite easy to access under normal conditions, but if the applicant is a bad credit holder, then it becomes complicated. There are chances of rejection by financial institutions that normally dig deep into the credit history of all their clients. This certainly a grave issue faced by a lot of applicants. Such individuals with a flawed repayment history need not feel dejected because there are several alternatives available. Here we discuss some of these options.

First let's consider the online option. This is one of the simplest ways available. Just log onto the internet and search for car loan suppliers. There are several registered on the net. The only formality is to fill out an application with all necessary information. Approvals come quite easy quite often before you even decide on what car to purchase.

Another option is to approach used car dealers who project their attractive deals to lure potential customers and even have arrangements to procure car loans for them. You can identify these people through their catchy slogans and colorful advertisements. The hitch here is that they demand large sums as down payment so that they stand to gain from the plan. As long as the initial sum is substantial, they are happy to process the loan provided they get the details of your salary account. Every month a fixed amount is withdrawn from this account.

Such dealers who go out of the way to arrange a car loan in spite of a bad credit history will know also how to extract their pound of flesh. They will insist on heavy down payment and sometimes exorbitant interest and further insist that the monthly payment be authorized direct from your employer to substantially reduce his risk exposure This system is known as Rent Your own Car Facility.

One other option to buy a car cheaper and with lower down payment is to check with various auctioneers about the cars they have put up for sale. Many of these cars may have been seized from the original buyers for non payment of installments or insurance or some other reason.

You may hook on to these auctions, many of which are on line and get valuable information about your prospective car. This search will also yield results off line. An important key in obtaining a car loan is to familiarize yourself with the tricks of the trade in finance planning vis-a vis the car dealers. Most lenders prefer to be approached directly by the borrower when they process the loan faster.

The car loan providers also find this system advantageous because here, collateral security is important. If the applicant fails to meet the installments the car is seized and resold to meet the loss. Such loan providers demand a direct loan application whereby you obtain your funds without further delay.

Thus your need for procuring a car loan in the simplest of ways is realized here. Such a facility is quite a luxury for many people who otherwise would probably have to abandon their dreams of owning a car.