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Posts Tagged ‘bad credit car loan’

The Criteria for a Bad Credit Car Loan

Sunday, September 23rd, 2012

A bad credit car loan can improve your credit score.Before you jump into any financial commitment you should always know what the requirements are and a bad credit car loan is certainly no different. Before we get into explaining what the lenders are looking for please understand that it’s just a term used to describe a credit score range and has nothing to do with you as a person or consumer. Generally speaking a bad credit car loan would would have a credit score below 650 based on current lending guidelines. Also please understand it is just as easy to buy a new car as it is a used car. In fact there are manufacturer rebates and dealer cash that can be used as down payment.

The information below is an excellent all around guide for what you can expect.

Get A Car Loan With Bad Credit

The first of these conditions is that your income, and this only applies for regular employees, should be at least $1800. This amount should be the monthly gross income, which is your income total before any deductions. Your gross monthly income and not your net income is what lenders consider, because lenders want to be sure that the vehicle repayment plus its insurance coverage is affordable to you in addition to your other bills.

When it comes to bankruptcies, lenders insist on discharging all Chapter seven bankruptcies, though some lenders give consideration if your 341 meeting has been finished. Make sure you check the lenders in your state as the rates in particular to fluctuate based on state laws. You will have to pay a higher interest at least for about 18 months to 2 years so you can then refinance at a much lower rate. 

Here’s an example below of a local car dealer in Harrisonville MO that offers financing for a car loan with bad credit. Dealers have access to far more lenders who specialize in this area so it is important to check with your local car dealer.

Bad Credit? Get a New Car Loan at Jim Falk Motors – Harrisonville MO
Are you looking for a dependable car but have poor credit? Not sure where to go? Let us help! Before you go to a buy-here-pay-here dealership and get a high mileage vehicle with a high interest rate, educate yourself and … 

You can see how things vary from the more national view of the first article above and down to a more local level with a new car dealer. To ensure you end up with the right dealer just give them a call and ask to speak to the special finance manager. Let them know that you are considering visiting their dealership to possibly buy a car, this will allow you to ask questions about numbers of programs they have to offer.

Now I have a little treat for you. I happen to know this guy and he definitely has a different persona in person when he isn’t Reverend Rob. I hope you like it.

All is not lost and don’t take it personally when you hear getting financing for a bad credit car loan. It is an industry term referring to the lender process. Honestly there has not been a better time to buy in the last 5 years and there are more lenders now willing to finance a car for you than ever before. When you do decide to apply there’s no better way than using the Internet. Typically you can get approved the same day and actually ride home in your brand new car.

We work hard to try and bring you the most current information available for your situation. If this post has helped you or you just enjoyed reading it, thanks Reverend Rob, please share it with your friends and family through our links below.

What You Must Know About A Bad Credit Car Loan

Friday, January 13th, 2012

No one can ever be sure of having the required cash all the time he needs a new or used car. You can also some day find yourself in such a situation where you have the will to buy a car but lack the necessary finances. You really have to consider getting loans that might help in the purchase. You can probably go for a bad credit car loan and refund the amount later but at a little interest. Read More…

The Many and Varied Types Of Bad Credit Car Loans

Thursday, December 22nd, 2011

Buying a car using a bad credit car loan is now the best option for any aspiring car owner. As it is, the prices of cars are somewhat too expensive for many people and thus the need for financial assistance in the quest to purchase a car. This assistance is often got through the car loans which have been availed by a number of lenders. There are only two major categories of auto finance, that is, business and personal finance. Read More…

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