Getting Auto Financing the Alternative Way

Getting Auto Financing the Alternative Way

When it comes to finding the best alternative auto financing, there are certain things to consider when choosing this type of lending. If you have been faced with bad credit or have had a few problem credit issues in the past 12 to 24 months, you may benefit from alternative auto financing.

What is Alternative Automobile Credit?

Alternative automobile credit separates you from the harsh qualifications of traditional bank financing. It allows for a more lenient credit application and approval process. Not every bank or financial institution offers this type of alternative financing for a vehicle loan. Car dealerships often offer a program to help you get into a late model car or truck that fits into your monthly budget. These types of loan programs are offered as a buy here pay here program where the lender has their own methods to front the capital for each vehicle without having to seek approval from a financial institution loan program. While these types of programs are attractive to those with problem credit, there are some qualifications you must have before you can get approved for a loan.

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How do you qualify?

With traditional lenders, your credit or FICO score is strongly taken into consideration. If a lender offers in-house financing, there may be some stringent qualifications you will have to meet before being considered for approval.

  • Proof of residency
  • Consistent employment or income source
  • Down payment

Being able to show that you reside in the county or area near the dealership may be a requirement for some lenders. This assures that you are established within a residence and the vehicle can be easily located at the address should you default on your loan.

Making sure you have a reliable income coming in on a monthly basis is key for getting approval. If you have been at your job for 6 months or more, your chances of getting the loan are good. If you receive disability or some type of residual income or retirement fund, be sure to share proof of income with the lender as well as frequency of payment.

Having a down payment on your auto loan term will increase your chances of getting loan approval. This means you have a vested interest in the vehicle and show the dealer that you are less likely to default. Putting a down payment of at least 5 or 10 percent also helps to reduce the life of the loan. This will lower the monthly payments and possibly lower your overall interest rate.

While you may have a higher payment than what you would have through a traditional lender, you don't have to worry about a difficult approval process. This makes alternative lending a great choice if you have a rocky credit history.

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