The best used car loans for problem credit

The best used car loans for problem credit

If you are in the market for a new car, finding the best used car loans is essential to get you into the right vehicle. If you have a few issues with your financial history or you are trying to rebuild your credit, it is understandable that you may not qualify for a conventional loan from a local bank or credit union. Meeting a loans requirements for special financing at some car dealerships can prove to be difficult. Some of the best used car loans can be found at your local used car dealership that specializes in problem credit.

It can be confusing knowing if you will qualify for a loan or not. So what sets these types of lenders apart from the others?

  • Your credit score is not a major factor in loan determination
  • Fast approval
  • Easy qualifications

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Making a low down payment can also be used to get easy auto financing, even if you're making a $500 down payment.

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If you are looking for manageable monthly payments you should consider applying for an 84 month auto loan term to help expand your payments today.


Find the Best Auto Loans for Bad Credit

Unlike going through a bank or credit union, a buy-here-pay-here dealership does not often look at your credit score rank. Your credit score is a score that is based on a collection of data from your credit report. The payment history of your past credit card payments, account balances and any accounts that have gone to a collection agency are listed on your credit report. Any outstanding debts and their balances also appear on your credit report. The score is created based on the results of your merged credit reports. Choose a lender who bases your credit worthiness from your income and down payment on the vehicle.

Most in-house financing dealerships will offer fast approval on an auto loan. This means once you fill out the application and bring in the required proofs you will know if you are approved or not. In some cases you may get approval the same day and be able to drive away in the used car that you want.

Since the lender is looking past your credit history, you will have to verify some information before getting the loan. Proof of residency, a valid driver's license and income verification are important factors in getting the loan. This is an advantage as opposed to a traditional lender where the bank underwriters require strict verification's of employment and past creditor references before granting approval. While you may need references before approval of an in-house financed auto loan, in some cases you can use personal references for the verification process.

Taking all things into consideration, you shouldn't let a few bad credit experiences ruin your ability to get behind the wheel of a used car. Having everything ready to go before you visit the lender will make the process much smoother.

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