Home >> Auto Loan
Bad Credit Auto Loans
Bad credit auto loan is the type of loan given to the borrower in a bad credit situation to buy auto like car, two wheeler or other four wheelers. Local banks, credit unions and other lending institutions sometimes hard on giving the bad credit auto loan to the borrower because of the risk involved in it. Mostly the traditional lending source for auto loan is the associated lenders with car manufacturers. If you have bad credit history then it is really difficult to get autoloan from these sources. Even if you have the history of any recent bankruptcy, previous vehicle repossession or low income then the auto loan lender will refuse the lending of loan. In these cases you will have to rely on third party lender that comes under bad credit auto loan lenders. At present there are many such lenders who can provide you will this loan.
Type of Bad Credit Auto Loan
- Prime
- Near-prime
- Subprime bad credit autoloan
Bad Credit Auto Loan Qualification
- You monthly income or combined family’s monthly income should be at least $1500 per month for the bad credit car loan qualification.
- You are able to get automobile insurance.
- Must have the fixed income or full time employment for the tenure of the bad credit auto loan period.
- Must have the proof of residence
- Credit card statement
Bad Credit Auto Loan Process
- In first stage your credit history and your credit score is checked that is called Beacon or FICO score. These scores will tell you the type of bad credit car loan you will qualify for.
- After determining the type of loan, the type of vehicle that you can purchase can be investigated. Here the size and performance of vehicle plays the role as it should be according to your said loan amount.
- Then check the retail price and dealer invoice price. Check the rebate or customer cash programs.
Bad Credit Auto Loan Lenders
- Auto Credit Express www.autocreditexpress.com
- City Auto Loans www.cityautoloans.com
- After BK www.afterbk.com
