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Tue, Apr 7th - 5:00AM

The New Car Loan Manual for People with Bad Credit History

We Americans are a tough lot. We donít give up easily. So, why lose against bad credit without a fight? You can obtain a new auto loan without worrying about your bad credit history. Donít think is a midsummerís night dream. It is a possibility. And, to make it a reality, I can help you.

Letís us learn everything about buying a new car with bad credit history. After reading this auto financing manual, it will become easy for you to obtain your favorite new car. So, letís start.

The Market is in your Favor

Bad credit history is difficult to tackle but it is not impossible to defeat it. It is definitely a challenge but donít consider it a curse. For coming out victorious in the car financing process, you must have a positive attitude. Also, remember that the market is opening up for sub-prime credit buyers. In Q4 2013, the market share for new vehicle loans in the non-prime, sub-prime and deep sub-prime credit tiers increased to 34.1 percent of all new loans, up from 32.8 percent in Q4 2012. This means consumers are getting access to several financing options with improved rates.

Create a Favorable Situation for yourself

Now you know that market situation is favorable for bad credit car buyers, you must take steps for making it even more promising for yourself. And for that, you must plan for getting easy approval on bad credit new car loan financing.

Step 1 - Plan your Car Budget

It is very important to create a car budget for buying a new automobile. It will help you in staying away from expensive car models. If you make a budget, you will avoid costly loan deals and reduce the chances of ruining your credit score.

Making a car budget is simple. List down all your incomes & expenses and calculate your savings for every month. After that, ascertain the amount of savings that you can spend each month on the car loan payment.

Step 2 Ė Review your Credit Report

Credit reporting agencies commit mistakes while providing credit reports. So, it is important that you check your credit report for errors. If you find any unwarranted transactions in your report, you must inform it to the respective credit agency and get it removed. It will help you in improving your credit score.

You must also check your credit score before applying with a new car loan lender because your credit score may have improved over time and you may be unaware of it.

Step 3 - Solve the Dilemma of Down Payment

To pay or not to pay the down payment Ė that is the question. Down payment is a really confusing aspect of new car loans. It reduces the loan amount and saves you from spending your money on interest amount. But, it doesnít make sense to make down payment by taking a high rate personal loan. So, what should you do about down payment? Well, the answer is different for every car buyer.

If you have an old car, you can sell it and use the money as down payment. You can even trade the car and ask the dealer to deduct the old carís value from the total cost of the new car. Another way to put money down is to use rebates and cash incentives of the new car as down payment.

Step 4 - Seek help of a Sub-prime Lender

When you have bad credit history, it is important to take help of a sub-prime auto lender. It is because they have the accurate idea of dealing with your situation. Also, they will be able to understand your situation in a better way and provide affordable loan solutions for buying a new car.

Donít even commit the mistake of going to a bank because traditional lending agencies like banks consider bad credit score as a red flag. They wonít risk their money on someone with a sub-prime credit history. So,it is ideal to apply with an online sub-prime lender like as you will have the benefit of completing your car financing process even without leaving your home.

So, next time you dream of buying a new car, make it a reality with this car financing manual. And, do remember to take help of a reputed sub-prime auto lender.

Your search for an experienced and reputed sub-prime car financing company ends here. Car Destination is an online auto financing company that will help you in getting quick new car loans with bad credit history. Donít about your poor credit history. Simply visit the website and get ready for fast auto loan approval.

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Tue, Apr 7th - 4:59AM

Factors that Guarantee Instant Bad Credit Auto Loan Approval

ďI want to buy a car quickly but have no money saved up for down payment. Oh! And I have bad credit as well.Ē - Jesse, Everett WA

ďI desperately want to buy an automobile. My car spends most of its time at the mechanic. Can you help me get a car with bad credit? I need it quickly. Also, I donít have the cash for down payment.Ē - Adam, Bronx NY

ďMy daughter is looking for a car loan. She has bad credit because she was unable to pay student loans. But, that is in the past. She got a good job and paid off all her loans. Plus, I can co-sign her loan. Can you help her quickly?Ē- Catherin, Texas

These are just a few people who are troubled by bad credit history. There are many Americans who are fighting bad credit every day. You can be like them and manage to get a car loan despite bad credit history. And, the good news is that you can get instant approval on your bad credit no money down auto loan application. Donít think this is a dream. It is a reality.

To get instant approval on bad credit auto loan program, you must concentrate on the factors that determine your approval. If you can strengthen the factors mentioned below, getting a car loan will be a piece of cake for you.

ē Your Income

Your income helps the lender in determining your loan repayment ability. If you earn a good income, you can make easy payment.

It is okay if you are earning a part-time income. What matters is that you should earn gross monthly income of at least $1500.

ē Your Job

A regular job is very important for a bad credit buyer. If you can make regular monthly payments in the present, the lender wonít be worried about your bad credit history. So, before applying for a car loan, make sure that you have a stable job.

ē Down Payment Amount

Down payment is a crucial factor for getting instant approval. It lowers the loan amount and ensures the lender of your solid financial condition. So, even though it is not compulsory, it is advisable to make down payment. It is okay if you have trouble finding cash for making down payment. Here are ways in which you can make down payment without any savings:

1. You can sell your old car and use the money for making down payment.

2. You can trade-in your old car.

3. You can ask the dealer to use your incentives and rebates as the down payment amount.

4. You can even use the equity from your home or other property and get a loan for making down payment.

5. You can apply for a small personal loan as well.

ē Co-Signer

If you can manage to find someone with a good credit score and lower debt-to-income ratio as your co-signer, the lender will have no problem in providing you with instant approval. You can ask your parents, partner, friends or children to become a co-signer.

So, if you can take care of these factors, you can get quick approval. Remember that bad credit is not a curse, it is an inconvenience. And, you can get rid of it with proper planning and patience.

All the best for quick approval on bad credit car loans!

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