Right now, in this very moment you have many needs. You need to buy a new car as your old clunker is heading towards a landfill, and you need an auto loan to help finance the purchase. One of your other problems is a low credit score. Luckily there are auto loans available for people with bad credit. This is similar insurance companies that offer high-risk auto insurance to people with poor driving records.
Bad credit auto loans are specifically designed to help finance car purchases for people who have bad, low or damaged credit histories due to any number of reasons. If you have been struggling to get pre-approved for an auto loan through traditional lending sources like banks, credit unions or directly through car dealers, a bad credit auto loan can help.
You may qualify for a bad credit auto loan if you can prove your monthly income (varies from lender to lender), secure auto insurance, verify either employment or prove you are guaranteed a fixed income, provide your full name, working phone number and proof of residency. Although your rates will be higher than those with good credit, a bad credit auto loan may be possible.
Those with bad credit will have significant difficulties qualifying for an auto loan if they cannot prove they have stable employment (either because the work was seasonal, temporary or paid under the table), or have had a recent repossession that was not included in bankruptcy. However those two may be forgiven if a large down payment can be put down on the vehicle and only partial financing is needed.
There are many lenders who specialize in the business of bad credit auto loans. If you find that you don’t succeed in finding one at first, keep exploring, as there are many sources that can assist you in your quest for the best auto loan rates.
I need a car finance and my credit record is very bad.