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Your Bad Credit and Its Impact in Getting a Car Loan Some people are interested to get an auto loan but have a bad credit. If you have a bad credit record, this could affect your chances in getting an auto loan. Do not be dismay because you can still get auto loans even if your credit is bad provided you meet some requirements with this regard. There are some information about this kind of loan and some pointers so that you can avail of it. Let us define first a car loan for people with bad credit standing. An auto loan for bad credit is for people who cannot secure a loan through the conventional means. The criteria for you to be able to obtain a bad credit auto loan are that you should have a low credit score, have filed bankruptcy, you have a low income level, no funds to pay down payment for a car, and had a history of a car repossession in the past.
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Be informed also that you cannot obtain a bad credit auto loan for the following reasons, and these are if you do not have a permanent job, if you are unable to show proof of income, and if you underwent recently a repossession.
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Getting a bad credit auto loan would require you of the following, like you must be at least 18 years old, you have a monthly income at a minimum of $1,500, you are at present residing in the U.S. as a citizen, and you have a full time employment that will assure of a fixed income that can cover the term of the loan. Other requirements would be a working phone number and proof of residency that can be presented using a utility bill or a credit card statement. In a bad credit auto loan, you are usually asked to show a proof of income based on some situations. For example, you can show the lender of your payment slip if you are employed, or your past tax return to validate your income. If you are self employed, you can make your proof of income the tax returns in the past years, and you can ask a professional tax preparer to do it for you, and the person will make a document showing the profits you made. Generally, dealers will not assist funding an auto loan if the car is beyond seven years old. Your bad credit auto loan can be funded through franchised dealers, since they usually are the ones who can give at a higher standards. Be aware that loans that are granted by these dealers will usually forward it to a finance company. Be aware also that a third party payment processor will service your loan if you buy your car from a so called buy here/pay here car dealer.