Is your credit score holding you back from purchasing your dream car? No doubt, many of you have searched far and wide for a guaranteed bad credit auto loan. Usually you are greeted with a firm no and the door slammed in your face! However, it appears more lenders are now aware of people's finances and are now able to offer guaranteed bad credit auto loans.
The economy has been in a downward spiral for a number of years and this had adversely effected people's finances. More and more of us now have a dreaded bad credit rating and this will usually stop you from borrowing money.
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I guess something had to change! Numerous specialized lenders have now flooded the marketplace and are able to help you get car finance no matter how bad your monetary situation seems. The main criteria that you need to be eligible for an auto loan will be:-
- You must be able to prove that you have a regular source of income
- You must be 18 years of age or over
- You must have a bank account from which your lender can automatically take payments
You can expect your interest rate to be slightly higher than when you have a good credit rating, but your loan should still be affordable. The majority of these lenders can be found online and will usually walk you through the application process. You should be willing to borrow less than you initially wanted as your approval will be based on your current financial circumstances.
Your lender will base their decision on what they believe you can afford and how secure your current job is. If you have been with your current employer for a number of years and have some excess cash available every month for your repayments there should be no reason that you can't secure a guaranteed bad credit auto loan.
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