Buy a Car, Restore your Credit? Here is how?An affordable bad credit auto loan can offer a second chance to people who would like to start out fresh, make timely payments, and rebuild a strong credit score (FICO). Our network of lenders believes that bad credit and affordable interest rates can go hand in hand. Your rate may be a bit higher than average, but they will be affordable. Will you need a cosigner if you have bad credit? Sometimes.
Our lender network and dealerships almost always has bad credit auto loans with options available. It will really depend on your own circumstances and how low your credit rating really is. The lender and the dealership will do a credit check, look at your credit score and give you more than one option. These options could involve a cosigner, a down payment, or neither if your income makes up the difference to make the lender feel secure.
What is a Bad Credit Auto Loan?
Bad credit auto loans are specially designed for individuals who can't get pre approved for an auto loan with customary lending sources; for instance credit unions, local banks, or the lending arms of auto manufacturers. These lending sources generally don't lend to individuals with low or bad credit history, recent bankruptcy, low earnings, low down payment, or previous vehicle recovery. That being said, we offer a special finance department in place to facilitate auto loans for bad credit for people that have a less than perfect credit history.
How do I Get Eligible for a Bad Credit Auto Loans?The essential qualifications are:
- Monthly provable earnings of minimum $1,800 per month.
- Presently reside in the United States.
- American citizens or legal residents.
- Capable to get automobile insurance.
- Permanent employment or guaranteed fixed earnings for the term of the loan.
- Most lenders need a working phone number, current pay stub and proof of residence for instance a utility or credit card statement.