Bad Credit

What is a bad credit auto loan?

A bad credit auto loan is for people that cannot get pre approved for an auto loan through traditional lending sources such as local banks, credit unions or the lending arms of car manufacturers such as Ford Credit, and GMAC. These lending sources normally do not lend to people with low credit scores, recent bankruptcy, low income, zero down payment, or previous vehicle repossession. Bad Credit Auto Loans are normally initially funded by the automobile dealer and later assigned / sold to a finance company. In the case of Buy Here Pay Here car lots, a third party payment processor may service the loan for the dealer.

How do I Qualify for a bad credit auto loan?

The basic qualifications are:

  • A monthly provable income of at least $1,500 per month.
  • Currently reside in the United States or Canada.
  • American or Canadian citizens or legal residents.
  • Able to obtain automobile insurance.
  • Full time employment or guaranteed fixed income for the length of the loan.
  • Most lenders require a working phone number and proof of residence such as a utility or credit card statement.

Who does not qualify?

  • People with seasonal or temporary employment.
  • People that are paid "under the table" and cannot provide proof of income from their employer.
  • People with a recent repossession that was not include in a bankruptcy. Exceptions are made with considerable down payment.
  • Military personnel currently stationed outside North America.
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