Published on 24 August 2013 Hits: 3134

Auto Loan Services & Benefits

Poor Credit History Financing Information

Auto Credit Financial ®

Poor Credit History Auto Loans

Our auto financing options are specially designed for individuals who have a less than perfect credit rating.  This allows them to obtain their car with affordable rates, while re-establishing their credit.

An affordable auto finance loan can offer a second chance to people who would like to start out fresh, make timely payments, and rebuild a strong credit score (FICO). Our national network of lenders believes that bad credit and low interest rates can go hand in hand. Your rate may be a bit higher than average, but they will be affordable.

Will you need a cosigner if you have bad credit? Sometimes, but nevertheless, there certainly are plenty of no cosigner car, auto & truck loans available. How, you ask?

Our lender network of more than 400 auto lenders and dealerships nationally almost always has auto loans with no co-signer options available. It really depends on your own circumstances and how low your credit rating really is.

The lender or dealership will do a credit check, look at your credit score and give you more than one option. These options could involve a cosigner, a down payment, or neither if your income makes up the difference to make the lender feel secure.

 What is a Bad Credit Auto Loan?

Bad credit auto loans are specially designed for individuals who can't get pre approved for an auto loan with customary lending sources; for instance credit unions, local banks, or the lending arms of auto manufacturers. These lending sources generally don't lend to individuals with low or bad credit history, recent bankruptcy, low earnings, low down payment, or previous vehicle recovery. That being said, many dealerships have a special finance department in place to facilitate auto loans for bad credit for people that have a less than perfect credit history.

How do I Get Eligible for a Bad Credit Auto Loan?

The essential qualifications are:

  • Monthly provable earnings of minimum $1,800 monthly gross income.
  • Presently reside in the United States.
  • American or Canadian citizen or legal resident.
  • Capable of getting automobile insurance.
  • Permanent employment or guaranteed fixed earnings for the term of the loan.
  • Most lenders need a working phone number and proof of residence, for instance a utility bill or credit card statement.
     A Mark Hergert Company 2016

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Information You Need Before You Buy

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After years of delays, the credit industry finally agreed to give consumers access to their personal "credit scores." This is important, because lenders use credit scores to determine who to give credit to and at what rates. Knowing your credit score can be empowering,If it's low you can take steps to improve your credit worthiness and if it's high you may be able to use it as leverage when shopping for your next car loan.