Get Approved for Tire Financing Even if you Have Bad Credit

Are looking for tire financing? Be sure you can find a solution to financing your tires even if you don’t have good credit scores. With bad credit, you may be required to pay higher rates and the rates will definitely go up if you miss a payment, but there are lenders who take into account things like your earning potential at work and your job history when making a decision to approve you or not for a loan.

So, poor credit can make it difficult for you to find a loan with a low interest rate or even a high interest rate. One of the options to try is to ask someone to co-sign on your loan. Lenders are more likely to give their approval to those who have someone with good credit to help out. If you have bad credit, you’ll see interest rates ranging from about 30-80%. There are some lenders that require even higher interest rates.

Another option is to use property as collateral if you have bad credit. This is also a way to improve your chances of getting a loan. Remember that if you fail to make your payments and have a co-signer, the latter person must be on the hook for paying back the money to the lender.

The most important thing to remember is that little or no credit or even bad credit doesn’t mean you have no chances of getting tire financing. All you need is just to look in a few more places before getting the best for your business needs.

Consider turning to a reputable business loan provider and award-winning high risk processor like First American Merchant for tire financing. Bad credit isn’t a problem for FAM. First American Merchant boasts an A+ rating with the BBB and offers exceptional business funding opportunities to merchants of any type. With FAM, you won’t be required to provide lots of paperwork and you’ll get approved without major difficulties.

The higher your credit score, the lower your interest payments and the more chances you have to get approved for larger amounts for a loan. Average or low credit means your interest rate will be higher and the amount of the loan will be for less money upfront. Proving yourself to a lender will increase your chances of enjoying a better rate on future purchases or lower your rates for the terms of the loan. With First American Merchant, you can get the best rates and terms in the industry.