How to get approved for an automobile loan with bad credit?
How to get approved for an automobile loan with bad credit
?So you have bad credit. That does not mean you cant get a new vehicle. You could have Previous Rep's, Foreclosures, Bankruptcyor any other Charge offs and there are lenders that will get you approved no matter what your credit history. The main thing you need to remember is that you will be in a rebuilding credit situation( so you need to be flexable). Understand this when your buying this vehicle This will probably not be your dream car, you are going to used it to rebuild so it is a vehicle that you will have for the next 2-3 years. It will be good transportation for you and your family, but you do not need to do 72 mth financing because this will cause you to be upside down when your ready to trade. Really you need to finance this car for 48-60 months thats really the best, be prepared to have a high interest loan like 18-21%, I know that seems high but remember your now sub prime.
There are some things that you will need, In the car business we call them stips, they are stipulations that most subprime lenders will ask for 1) proof of income and for thaty you will need you most recent pay stubs, two of them within the last 30 days.(if your self employed you need your last 3 months bank statements 2) copy of your phone bill again one that you have received within the last 30 days 3) either a bank statement or utility bill within the last 30 days. 4) 6 references with names address and phone numbers.5) You need to have a down payment of at least 1000 dollars.
Ok!! now your know what you need, next, you need to find the lenders that will be able to get you approved!!!!Thebest site i have found to help you get approved is www.everydayautoloan.com it is simple go there go to the apply now section and fill out the credit information, and they have dealers in every state to help you so you wont have to try to find them they will call you. Once you fill out the application you can expect to be approved within 48 hours. Everyone will be approved because at least they can send your information to a buy here pay here lot and get you a vehicle.
Well i hope this article will really help you get the financing that youneed, this should definately point you in the right direction.
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