One of the questions we get asked frequently is, “What are the basic requirements to get a car if you have bad credit?”

Income
You must have at least $1,500 per month gross income for credit scores less than 625. Gross income means the money you make before taxes are taken out of your check. Even with a score higher than 625, the monthly gross income has to be close to this so that you can afford the car payment and full coverage insurance. If you are self employed, the situation gets more complicated. You will need to prove income from the previous three years with income tax statements that have been professionally prepared. In some instances, lenders will require bank records in addition to tax statements.

Bankruptcies

All bankruptcies must be discharged. If you are not almost finished with a Chapter 13 bankruptcy, you will need to obtain an order to incur additional debt from the court.

Repossessions

No repossessions in the last year unless included in a bankruptcy. This includes voluntary or involuntary repossessions.

Age Requirements

You must be at least 18 years old to apply for a loan.

Other questions regarding High Risk Car Loans

These are the requirements that all lenders require for High Risk Car Loans. (Individual requirements may vary such as time on the job, time at residence, etc). If you have any additional questions, please visit our page about High Risk Car Loans. There you will find additional information on Bad Credit Loans as well as an application that you can fill out in the privacy of your home. At Auto Credit Express, we have helped thousands of people with bad credit get a new car and reestablish their credit at the same time. If this is your situation, we look forward to helping you out.