5 Common Questions and Answers to make you ready for Instant Bad Credit Auto Loans

Magazines and newspapers publish car loan research studies daily. Each study tries to provide an instant solution to bad credit problem. Few studies may suggest you to seek help of a consultant while other smay advise you to pay off all your debts. But, freedom from bad credit problem is not very easy. It takes time because there are no instant results. However, there is an alternative for getting a car loan with bad credit history. It is called “Instant Bad Credit Auto Loans.”

What are the Benefits of Instant Bad Credit Auto Loans?

Here’s why instant bad credit auto loan program is beneficial for car buyers with bad credit problem:

• You can obtain quick car loan approval without any trouble of credit history

• You can get affordable interest rates and enjoy a fair chance of improving your credit score

• You can fulfill your car dream easily because the loan program is available across United States of America

Now that you have understood the benefits of getting instant bad credit auto loans, it is time to move ahead. Let’s get answers to the most common questions that you may have in your mind.

1. How to get instant approval on bad credit auto loans?

It is very simple to get instant approval on bad credit auto loans. You need to be at least 18 years old for submitting the loan application. Your gross monthly income should be $1500 or more than that. Also, there should not be bankruptcy or repossessions in your recent past.

2. What should I do if my credit score is very poor?

Don’t take tension if you have a very poor credit score (i.e. your credit score is below 580). Instead, you should focus on convincing the lender. You can show copies of recent pay-slips or provide Employment Verification Letter to the lender. It will help the lender in judging your current financial situation. You can even get a co-signer or down payment to strengthen your loan application.

3. How much down payment is required for instant bad credit auto loans?

Down payment lowers the loan amount and so, it is ideal for car buyers. It is even better for a bad credit borrower because it manifests his/her stable financial condition to the lender. If you have bad credit score, you must manage a minimum of 10% down payment. Remember that if you increase the down payment amount, your approval chances will also increase.

4. Do I need to bring a co-singer for signing the auto loan contract?

A co-signer is not compulsory for getting approval on instant bad credit auto loan program. But, it is advisable to have one. If you have someone with a good credit score as your co-signer, the lender will have no tension of getting back his/her money. So, he/she will approve your loan request easily.

5. Will a dealer or lender approve my loan application?

Lenders and dealers have different approval criteria. Traditional lenders are very strict in approving loan applications. They don’t approve loan requests of bad credit car buyers. But, dealers have no problem in providing loans to people with troubled credit history. So, usually a dealer will offer you a bad credit auto loan quote.

Don’t worry if a dealer approves your loan request. It shouldn’t matter who approves your car loan application. You must focus on the loan details like the loan amount, interest rates, fees and penalty. It will help you in choosing the best instant bad credit auto loan program.

So, this is what you need to know about instant bad credit auto loans. I hope this article solves all your doubts.

If buying a car is your priority, let Car Destination help you in fulfilling it. Get low rate bad credit auto financing with instant approval. Don’t worry if you have no money to make a down payment. Bad credit no money down car financing program is available for you.

All the best for your loan! Hope you get instant approval!

Factors that determine Instant Bad Credit Auto Loan Approval

“I want to buy a car quickly but have no money saved up for down payment. Oh! And I have bad credit as well.” - Jesse, Everett WA

“I desperately want to buy an automobile. My car spends most of its time at the mechanic. Can you help me get a car with bad credit? I need it quickly. Also, I don’t have the cash for down payment.” - Adam, Bronx NY

“My daughter is looking for a car loan. She has bad credit because she was unable to pay student loans. But, that is in the past. She got a good job and paid off all her loans. Plus, I can co-sign her loan. Can you help her quickly?”- Catherin, Texas

These are just a few people who are troubled by bad credit history. There are many Americans who are fighting bad credit every day. You can be like them and manage to get a car loan despite bad credit history. And, the good news is that you can get instant approval on your bad credit low rate car loan application. Don’t think this is a dream. It is a reality.

To get instant approval on bad credit auto loan program, you must concentrate on the factors that determine your approval. If you can strengthen the factors mentioned below, getting a car loan will be a piece of cake for you.

• Your Income

Your income helps the lender in determining your loan repayment ability. If you earn a good income, you can make easy payment.

It is okay if you are earning a part-time income. What matters is that you should earn gross monthly income of at least $1500.

• Your Job

A regular job is very important for a bad credit buyer. If you can make regular monthly payments in the present, the lender won’t be worried about your bad credit history. So, before applying for a car loan, make sure that you have a stable job.

• Down Payment Amount

Down payment is a crucial factor for getting instant approval. It lowers the loan amount and ensures the lender of your solid financial condition. So, even though it is not compulsory, it is advisable to make down payment. It is okay if you have trouble finding cash for making down payment. Here are ways in which you can make down payment without any savings:

1. You can sell your old car and use the money for making down payment.

2. You can trade-in your old car.

3. You can ask the dealer to use your incentives and rebates as the down payment amount.

4. You can even use the equity from your home or other property and get a loan for making down payment.

5. You can apply for a small personal loan as well.

• Co-Signer

If you can manage to find someone with a good credit score and lower debt-to-income ratio as your co-signer, the lender will have no problem in providing you with instant approval. You can ask your parents, partner, friends or children to become a co-signer.

So, if you can take care of these factors, you can get quick approval. Remember that bad credit is not a curse, it is an inconvenience. And, you can get rid of it with proper planning and patience.

All the best for instant approval on bad credit auto loans!

Bad Credit Auto Loans – Lowering your Loan Rates – Is it possible?

“Lowest Rates for Bad Credit People”

“Bad Credit Okay”

“Got Bad Credit? It’s OK”

“Cheapest Rates for Poor Credit”

“2.44% Auto Loan Rates for everyone”

Such myths are propagated by lenders. But, don’t get fooled by these marketing gimmicks. Getting lowest market rates on auto loan is not possible with bad credit history. Even though lenders market otherwise, credit history is an important factor for determining your credit score.

So, forget lowest rates. The lowest prevailing rate in the market is reserved for people with perfect credit history. Most lenders offer cheapest rates to car buyers with credit score more than 680. So, what should you do when you are not desired by the lending community?

Well, it’s simple. Don’t get lured by these advertisements. Even though lowest market rates are not available for you, you can certainly get affordable rates. You can improve your loan application and get better rates in comparison to other bad credit borrowers. Here’s your low rate guide when bad credit history seems to be your constant partner.

Be Realistic

Don’t think you can buy your favorite Lamborghini or your BMW now. You must take baby steps when you have bad credit history. Buy a reliable used car that can take you places and is low on maintenance. After your score improves, you can increase your car budget.

Remember that a bad credit buyer gets higher auto loan rates. And, if you opt for an expensive car, your loan amount will increase exponentially. So, choose an affordable vehicle and make your loan affordable.

Be Prepared

It doesn’t make sense to plunge into the auto financing world without thorough preparation. If you do so, your credit score may end up more bruised than before. So, learn your finances. Know how much monthly payments can be made by you.  It will help you in staying on top of the loan deal.

*Note- If you are not in urgent need of an automobile, you can start improving your credit score. This can be done by ordering your copy of credit report. Check it and remove errors (if any). Also, pay off few debts to better your score. Remember that this strategy will take at least 6-7 months as improvement in credit score takes time.

Only work with the Expert

You are facing constant rejection because you are applying with wrong people. Even though they advertise “Easy Approval Criteria”, most banks and credit unions check every aspect of your finances. They don’t approve auto loans of people with blemishes on their credit reports. So, stop wasting your time with such lenders. Instead, go for sub-prime lenders.

Also, don’t be in a hurry to submit the application form. Ask the lender about ways in which you can increase the probability of getting affordable approval. Here are a few common things that will get you lower rates on bad credit auto loans:

Down Payment – Most lenders ask for down payment to lower the loan amount and the risk factor. If you do not have ready cash, you can opt for trade-in/sell your old car to generate money.

Co-Signer - Lender will have the assurance of regular payments which will definitely help in reducing rates.

So, this is how you can manage relatively lower rates on auto loan. Be strong. Don’t get conned by deceits. All the best for the best of rates!

Car Destination is your perfect destination for bad credit car loans. The company has been working with sub-prime auto buyers for several years. It has a competitive edge in the field of bad credit auto loans. Apply now and avail better rates.

Simple Ways for ensuring Lower Rates on Bad Credit Auto Loans

Buying a Car – EASY

Buying a Car with Lowest Auto Loan Rates – IMPOSSIBLE

It is the story of every bad credit buyer in the nation. Today, every buyer with credit problem can get a car loan but getting cheapest rates is still a difficult task. Lenders and dealers will promise you lowest rates (as low as 2.49% for 6 year car loan) but provide shocking rates while signing the contract.

Here’s why

Lenders offer lowest rates for people with incredibly high credit score. Also, lenders charge higher rates from bad credit buyers because of the high risk factor. It means bad credit buyers should forget getting lowest market rates on auto loans. Instead, you should focus on lowering the loan rates that are available for you. You can still manage affordable rates. And, to get those rates you have to work hard. This way you will not get minimum rates but at least your loan will become much more affordable.

Here’s how

After years of experience in the sub-prime market, I have compiled the list of things that can help you get affordable bad credit car loan rates.

1. Make a car buying budget. Ensure that you don’t go overboard.

2. You will need down payment and co-signer as additional support.

3. In case of no down payment, you can sell your old car or opt for trade-in.

4. Always, always and always search for a sub-prime lender and not a bank/traditional lender.

Here’s what you should not do

Few bad credit buyers commit these mistakes and end up ruining their credit score. Make sure you don’t fall prey to such blunders.

>> Choosing an Expensive Car

Never buy an expensive car with bad credit history. It will increase your loan burden and cause harm to your credit score as well. Instead, opt for used cars as they are available at a lower price. This way you will be able to keep the loan amount under control.

>> Not considering your DTI Ratio

If you don’t consider current debts before buying a new car, you are inviting trouble. It is because you may end up increasing your debt to such an amount that it will become difficult to repay. And, when you cannot make regular payments, your score will further deteriorate. So, do calculate your DTI and ensure that you don’t have unmanageable debt.

So, this is how you can manage better rates despite your bad credit score. I understand that it looks hard but remember the words of Beverly Sills:

“There are no shortcuts to any place worth going.”

Car Destination gets you low rate bad credit auto financing in minutes. Get ready for lower rates on auto loans despite bad credit history. Apply now and enjoy 0 cost loan quotes.

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