Let’s say you walk into a car dealership and find the car that you want to purchase. The car salesman then asks you for some key information regarding your credit history and income. Maybe you have no credit and no income. Maybe you have a very low credit score or even a recent bankruptcy. Chances are that if you are using a traditional lending source, like a bank or a lender through a car manufacturer, you will not get pre-approved for your car loan. Do not fret!
It is possible that at a Buy Here Pay Here car lot, the car loan could be funded by the car dealer and then sold to a finance company at a later date, allowing you to get into that new vehicle you want, or a third party payment processor could service the loan on behalf of the car dealership.
Typically to qualify for a Bad Credit Auto Loan you need to meet a few requirements. First, you should be able to prove that you are a resident of the U.S. or Canada. You will probably need to prove this by providing a working phone number and proof of address. Then you will need to prove that you have a monthly income of at least $1500 with full time employment or at least guaranteed fixed income for however long you have the car loan.
If your employment status is only seasonal or temporary, you cannot prove your income legally or you had a recent repossession not included in a bankruptcy you will not qualify for a Bad Credit Auto Loan.
Think you fit the qualifications for a Bad Credit Auto Loan? Give Creative Finance a call today at (877) 254-6855!
