Bad Credit Auto Loans
With personal bankruptcies, credit card debt, and divorce at an all time high, health care costs and lack of medical insurance on the rise, and corporate downsizing or labor disputes affecting millions, nearly fifty percent of buyers do not qualify for conventional loans.
Most franchised dealers ignore this segment of the market. Most independent dealers do not have the lenders or inventory in place to satisfy special finance customers. The process of sub-prime auto financing is very delicate and entails complete attention to detail.
The application process for a bad credit auto loan is simple, and privacy is assured. You can be behind the wheel of a new or used auto within a day. You can get the auto financing you need even if you have poor credit, no credit, bad credit, bankruptcy, repossession and/or foreclosure. You can get all types of cars and trucks even if you currently have judgments, garnishments, tax liens, bankruptcy, slow payments or divorce.
If you have a job that can be verified then your loan application is virtually approved. It is not uncommon to have been turned down by your local bank or credit union and then be approved by agencies that offer auto loans for bad credit even if you had a past bankruptcy or repossession. Once you have been approved for you auto loan you will receive a cash voucher that can be used at any licensed auto dealership to purchase your vehicle. The voucher works just like a check. Simply fill in the amount you need to borrow for your purchase and sign it over to the dealer.
No money down is required for bad credit auto loans. Some of the guidelines for an auto loan if you have bad or no credit are given below:
* subject to dealers terms and agreement
· You must be 18 years or older
· Bankruptcy must be discharged for 2 years * varies
from state to state
· Repossession 12 months or older
· Your combined gross income ready
· You should be currently up to date on your other loan/credit payments
· You must be currently residing in the USA
· No vehicles used primarily for commercial purposes.
· Refinance only after you have made at least 3 payments.
· Vehicle must be registered in the same state in which you live and registration must be valid for 30 days or more (60 days in California).
· Be prepared with 2 years of residence and employment information for yourself and your co-applicant (for joint applications).