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.