“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!
