Whatever you do, do it carefully. There are many offers for auto loans on the internet from a wide array of companies that promise you the moon and the stars to go with it. In this day and age, you’ve got to be cautious about anything that you do online. There are reputable companies ready and willing to help those that have credit problems to get good car loans with reasonable terms. Finding them can be a challenge.
Even with the waters being murky, there are some reputable companies that are willing to help. Most of these are secondary or sub-prime lenders that lend indirectly through car dealerships around the country. Some stretch into Canada, as well. In order to get approved through one of these auto loan outfits, you’ll have to have an income and credit profile that falls within any number of situations.
Your income has to be at a minimum of $375.00 per week. That’s gross before taxes. Most companies that offer lower interest rates are going to require more, but it can be based on your debt to income ratio.
Bankruptcies are easier to overcome than one might imagine. Having it simply over with is all that’s needed to get a fresh start with auto credit. If it’s not discharged however, well it’s probably not going to be happening.
Repossessions are “iffy”. If it’s a recent repo, then it has to have been within the scope of a bankruptcy. Otherwise, it must have happened a year ago or more. Expect to pay a high interest rate if you have a fresh repo on your credit report.
Credit score requirements vary. Some secondary lenders base their approval decisions on other factors, rather than you beacon score. Depending on your situation, this may be a significant help. It’s always a good idea to at least know what your credit score is so you’re not throwing darts in the dark when applying for a bad credit car loan online.
See what http://www.BuyingCarswithBadCredit.com can show you.
I’m Jason Lanier – Thank you for reading!
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