Understanding Guaranteed Auto Financing

Understanding Guaranteed Auto Financing

Understanding guaranteed auto financing is key to getting a loan when bad credit or other financial problems would make a traditional loan impossible. Guaranteed lending arrangements through online auto finance companies can help many people who don't qualify for traditional loans afford a used car. Consider a guaranteed loan if you have bad credit or no credit history and can't get a standard car loan.

Most companies that offer auto financing with a guarantee have a simple work history and income stipulation that they use when guaranteeing a loan. Understanding guaranteed auto financing and what you will need to get a guaranteed loan can help you provide the right information when applying. Guaranteed loan offers will generally tell you what income you need to bring in and what work history you need to have to get the loan.

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What Variables Do Guaranteed Financing Work With?

  • Down Payment - The first thing a lender offering a guaranteed car loan will do is work to decide a down payment amount that covers enough of the cost to make the risk worthwhile. The down payment may be high for someone with serious credit issues, though lenders can usually work to come up with a down payment number that will work for both parties.
  • Interest Rate - Interest rates on guaranteed loans designed for people with bad credit can be higher than traditional loan rates. Second chance lenders will raise the interest rate to accommodate people with serious financial problems who wouldn't be able to get a loan through other means.
  • Loan Length - Loans that seem expensive due to high interest for short term repayment can be lengthened to stay within the means of someone struggling with both credit issues and a high total debt load. Guaranteed loans for people who can't afford a short term schedule can be lengthened to create a payment both sides can live with.

Why Guaranteed Car Financing?

If you have bad credit or no credit, a guaranteed car loan is a great way to get the car you need with as little hassle as possible. All you'll need for a guaranteed loan is a steady work history and a minimum amount of money that lets the lender know you'll be capable of paying back what you borrow. Understanding auto financing that is guaranteed can help you qualify for quick loans no matter what financial problems you face.

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