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Guaranteed Approval on Bad Credit Auto Loans with Low Rates and No Down Payment - RSS feed - Add to Google

Fri, Aug 30th - 11:13PM

Ways to get Easy Approval on Poor Credit Used Car Loans

Smart auto buyers shop for used cars. It is because their value doesnít depreciate quickly. Donít think used vehicles have passed their sell-by date. Many used cars that are available in the market are in a really good condition. And, with the introduction of certified pre-owned cars, used cars are as good as brand new cars.

Buying a used car becomes all the more important if you have poor credit history. Lenders often deny new car loan applications of poor credit auto buyers. But, as a used is cheaper, they donít have much problem in offering Poor credit used car loans.

Most poor credit car buyers worry about getting approval on car financing program. If you are feeling jittery about your car loan request, donít worry. This article has been written specially for poor credit auto buyers who are interested in used car loans. Understand what factors will get you stress-free approval and fulfill your car dream easily. Letís begin.

Boring but Beneficial

There are few things which are crucial for getting approval on used car loans. Even though they may seem dull and uninteresting, these factors ensure trouble-free approval process.

A. Budget

The most boring thing about every financing deal is the numbers. Most people avoid everything related to numbers and just apply for a car loan program. This is hazardous for a poor credit car buyer because you can end up with a bad deal. So, you must calculate your budget. You must ascertain a monthly payment amount which would be easy for you. Also, decide on a down payment amount. It may seem a mundane task but it will definitely help you in choosing a poor credit auto loan program thatís comfortable for you.

B. Crsedit Score

Even if most lenders and dealerships have informed you about your terrible credit score, you must find your current ratings. You will require your credit score while submitting the poor credit auto loan application form. Mentioning an incorrect credit score can lower your chances of approval. Also, there are chances that your credit score may have improved.

Make it a point to check your credit score before filling bad credit car loan application forms. You must also go through your credit report and work on removing errors from it.

C. Paperwork

Get together your documents. Most poor credit lenders want poor credit borrowers to have a regular income. They will ask for a proof of your income and employment. You can use your recent pay stubs for it. Also, Employment Verification Letter can be useful. Lenders want to know about payment behavior and thatís why; you will have to present your recent Utility Bills.

D. Co-Signer

Co-signers are a blessing for poor credit car buyers. Lenders are always happy to see a co-signer because co-signing lowers the risk factor. So, ask someone to co-sign your car loan contract because it will ensure easy approval.

Begin the Application Process for Poor Credit Used Car Loans

Now that you have a clear idea about your financial position, begin the car loan process. Apply only with sub-prime lenders who are experienced in providing poor credit auto loans. You can use the online mode for getting a poor credit used car loan. Internet provides extreme ease in completing the auto financing process. You can apply with several lenders without leaving your home. Also, you will receive approval via phone call which means online car loans ensure 100% comfort.

When you receive auto loan quotes, compare it with your budget. Choose the quote that will ensure easy loan pay-off. Donít sign the auto financing program without understanding each and every term of it. Avoid car loan contracts with exorbitant fees and penalties.

Choosing the Car

Car selection should be in the end. This is because your lender may ask you to choose a car from a specific dealer only. So donít choose a car before getting approved for such auto financing program.

While choosing the pre-owned automobile, ensure that it doesnít have a Salvage Title. Check the Vehicle History Report and invite your trusted mechanic to inspect the car. Remember that most States donít have a two-day cooling period on the sale of automobiles. This means you will have to keep the car even if it has problems. So, choose properly.

If you follow the tips mentioned in this article, you will be able to make an easy car purchase. Also, it will help you to make payment much more affordable. So, remember them and ensure a trouble-free used car shopping!


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Wed, Aug 28th - 7:06AM

Poor Credit Auto Loans - 4 Cs for Quick Car Loan Approval

For some people, finding a poor credit car loan is harder than finding Waldo. Constant rejections and high rates dampen the spirits of poor credit car buyer. But, donít think that your credit score will make it impossible to get auto loan approval.

With the recession, poor credit history has become very common. Today, lenders cannot ignore car borrowers with credit issues because they represent a huge market opportunity. So, donít think that auto loans are not made for poor credit people.

To get quick approval on your poor credit car loan application, here are 4 Cs. Easy to remember and essential to follow, make sure that you work on them before starting your car loan quest.

Credit Score

Seeing is believing!

Never believe what others tell you about your credit score. Check it yourself before assuming any financial responsibility. By knowing your credit score, you can know the average rates that you will receive. This way you can stay away from lenders who offer exorbitant rates on bad credit car financing programs.

Also, donít forget to analyze your credit report. Credit bureaus are infamous for making errors in credit reports. You certainly donít want any erroneous entry to reduce your approval chances.

Cash

Even if you are getting a poor credit auto loan for your car, you need to know how much money you can direct towards monthly payments. You must remember that loan programs are good only when you can make on-time payments.

You must also consider down payment. Paying cash and reducing the loan amount can decrease your loan rates. Also, down payment will show your financial capacity to the lender. This will reduce the negative effect of your poor credit score.

Co-Signer

Most people consider co-signing a pain. But, having a co-signer can actually improve your chances of getting poor credit car loans. A co-signer ensures the lender that his money is safe. So, it is important to convince someone to become your co-signer. It can be anyone with a good credit score and a debt-to-income ratio below 40%.

Car

A vehicle provides convenience. It shouldnít become a burden for you. Opt for a car by keeping your budget in mind. It is important for a poor credit car buyer to keep his car cost in control. If you opt for an expensive car model, your car loan will be higher. This will make monthly payments difficult for you. So, make sure that you choose an economical automobile.

So, these are the 4Cs which can help every poor credit car buyer. These factors have been designed after considering the car loan approval factors. If you take care of them, instant approval on poor credit auto loans will become totally stress-free.

Best of Luck!


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