Individuals who are struggling to find an online car loan because of bad credit are not alone. In the wake of the recession, many consumers are experiencing harsh treatment from certain lending companies.
The New York Daily News reports that even people with strong credit ratings have been penalized during these difficult economic times. For example, Gary Goldstein, a Manhattan editor, recently had his debt limit slashed by one of his credit card companies. Despite his track record of paying bills on time, one late payment led to a reduction in his spending ceiling from $18,000 to $2,700.
Goldtsein's dilemma is proof that some credit card companies have become less reliable to individuals who wish to finance large purchases. Thus, an increasing number of consumers have sought out car loans through online lenders who do not discriminate based on their credit histories.
However, those individuals with a poor credit history can take several steps to improve their standing. According to AZFamily.com, financial expert Jacob Gold recommends that consumers should limit the amount of credit cards that they own and use. In addition, card holders should not exceed 50 percent of their available credit because additional debt leads to lower credit scores.