Filed Under (car loan) by bad-credit on 22-06-2010
Having a car is a necessity for practically everyone, except perhaps for those who live in large urban areas like New York City. Shopping for a car is a stressful experience for most people who need auto financing. Fortunately, lending companies tend to cater for almost all types of credit, even to those seeking a bad credit auto loan. The trick is knowing how to navigate the system and make sure you get the best deal possible considering your personal financial situation.
People with bad credit tend to have a more difficult time, as fewer companies are interested in working with high risk customers. The good news is that there are lenders who are willing to extend a bad credit auto loan to people with bad credit. Don’t lose hope!
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Lending criteria have changed during the past two years making it a bit tougher for customers to obtain financing for homes or vehicles. If you have bad credit and you are looking to get financed for the purchase of a new or used vehicle you should take a minute to review what lenders currently look for in an applicant.
Below are minimum requirements for a bad credit car loan approval in today’s market:
- Minimum Income: Minimum of $1,900-$2,000 (Buy Here Pay Here lots and Rent to Own car dealers will typically have lower income requirements)
- Bankruptcy: The 341 meeting of creditors must be completed before you can be approved following Chapter 7 Bankruptcy. For Chapter 13, an Authorization to Incur Debt is required from the trustee before approval can be completed
- Repossession: No repo’s within the last year unless it was included as part of a bankruptcy filing.
- Credit Scores: Most mainstream lenders and dealers will work with credit scores above 600, though many Buy Here Pay Here Dealers and Rent to Own dealers may not run a credit check.
Yes, it is a bit tougher to get approved for car loans in our new economy, but it is not impossible. Don’t let tougher credit guidelines scare you away.
Filed Under (Car Loans) by bad-credit on 19-06-2009
I’m happy to announce that we are adding a new source that should help our visitors identify and secure bad credit car financing in the United States (and Canada in some cases). The site is called Auto Loan ATM. They contract with a network of lenders and dealers that specialize in challenged credit situations.
Like the sites we’ve previously recommended, Auto Loan ATM will distribute the loan application you submit to lenders who fit the appropriate credit guidelines.
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