subject: Pre Approved Auto Financing Tips [print this page] Pre Approved Auto Financing Tips Pre Approved Auto Financing Tips
When it is time to work with lenders and dealerships to get pre approved auto financing there are two different types of categories a person can fall into. The first type looking for car loans may contain people with a 525 to 575 credit score, all with over two years on the job, over $2,500 monthly income, and less than 110% loan to value. The second may contain people with 475 to 525 credit scores with over one year on the job, over $2,000 monthly income, and less than 120% loan to value.
The first is better than the second you that's where you want to be When you apply for car financing with most online sites that work with dealerships that can get you into cars after bankruptcy, you will be matched with a local car dealership that's likely to have the lending program, and used cars on the lot for you.
Getting approved through a bankruptcy car dealer can be easier than you think when you do the proper research needed to find car dealers in your area. When people with bad credit apply and meet the following criteria given by lender, their likely to get approved for a car loan at a local car dealer partner through a national auto finance or regional finance company. Another option would be is to apply for some type of in house financing. When people with bad credit apply with us and have the following credit situations, their likely to get approved for a car loan at local car dealer partners with an in house car lot financing program.
The following are common bad credit situations that we many dealer see everyday and the car loan program that is the best fit for these certain situation will be discussed with you once you find a dealer. If you have a recently discharged chapter 7 bankruptcy with stable employment. Buyers that have a long history of good credit prior to bad credit
First time buyers with only un-applied for bad credit items such as medical and utility bills on their credit report can be considered bad credit buyers. Last but not least is you are self employed with 2 years tax returns professionally prepared by a third party you could be eligible for bad credit auto financing.
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