A less than average credit rating or credit score need not be a barrier to obtaining automobile financing. Every day, people find they can get an auto loan with bad credit or no credit. There are plenty of car dealers and specialty lenders that will work with you to get you into the best possible vehicle with a loan rate you can afford.
Most of the advertised car deals seen on TV and through the internet are tantalizing in that they promise 100% qualifying. Unfortunately, many individuals find out that while they will be accepted for financing, the rate they will be paying is much higher than they expected, resulting in car payments that are beyond their budget. This is no reason to give up on obtaining an car loan; if you truly need a vehicle, there are many services available that allow you to get an auto loan, even if your credit is much less than perfect.
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Lenders are generally interested in your income above all else; they want to see if you have a stable work history. Also, the longer you have lived at your current residence is important, because it signals to the lender that you intend to remain at your job and are not in the habit of relocating to find a new one. Many dealerships have a special "bad credit" department that is overseen by finance managers dedicated to approving loans for people with a poor credit score.
When trying to get an auto loan with bad credit, do not expect to wind up in a vehicle for a minimal down payment. Lenders will usually ask for a higher cash outlay than they normally would for a person with an established credit history. Putting down as much money as you can afford will increase the number of financing opportunities, and also lower your monthly payments. New and used car sales personnel may not be interested in your income or ability to repay, but finance managers certainly are.
Bankruptcy does not bar you from getting financed, assuming that the bankruptcy has been finalized. Everyone needs a fresh start, and bad credit lenders are open to applicants who have this black mark on their financial history. The best bet for those who want to get an auto loan despite a poor credit score is to talk to a finance manager who specializes in this area. He or she will give you all the options available for your individual situation.
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