auto

9 steps to a car loan on damaged credit

2. Shoot high
2. Shoot high © mangostock/Shutterstock.com

2. Shoot high

Keep in mind: Because auto loans involve less money over a shorter period of time -- and a car is easier to repossess than a house -- the same credit score that might have put you in a subprime mortgage loan could bring you a prime or near-prime auto loan. If you actually have good credit and apply for a subprime loan, it's likely that you will get less favorable terms than you deserve.

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