Consumer Car Buying Advice Blog

Before filling out a bad credit car loan application, it’s important to know if you’ll qualify for a loan. If you don’t fall within the guidelines, you could be risking a loan rejection and a lower FICO score.

Auto Credit Express and Subprime Lending

Before you fill out the loan application, you need to know about our basic loan requirements. Unlike many web sites that guarantee you a car loan, here at Auto Credit Express we won’t shower you will false promises. Our goal is to give you a realistic expectation based on our twenty plus year’s experience in subprime auto finance.

Loan Requirements

If you are applying for a bad credit car loan, here is what these requirements look like:

Age and Residency – you must be 18 years of age and a resident of the United States or Canada. It’s not that banks don’t like younger borrowers, but anyone under 18 cannot legally enter into a contract, so lenders won’t consider you until you’ve reached your 18th birthday. You must be a resident of the U.S. or Canada, since the lenders that we work with are only licensed in these countries.

No repossessions in the last year outside of bankruptcy – If you’ve had a car repossessed in the last year, it must’ve been included in your bankruptcy. A repossession either before or after a bankruptcy has to have happened more than a year ago.

$1400 minimum monthly income – You must make, and be able to prove (with pay stubs or a tax return) a monthly income of at least $1400 dollars. For regular employees (that have taxes withheld), a current pay stub showing current and year-to-date earnings is usually all that you’ll need. For self-employed individuals, the requirements are 3 years of tax returns (prepared by a professional) with corresponding Schedule C’s showing a profit.

Don’t fudge on the details

Complete all application information – Submit a complete application. By including all the necessary information, the dealer can get you your loan more quickly. By completing the application accurately, the loan process can proceed more smoothly and you won’t run the risk of having your approval reversed.

Just one more thing – and this is definitely good news – none of the lenders our dealers work with will finance a car that is over 7 years old. For many of them, the vehicle has to be even newer than that. The lenders, as well as the dealers, want you to be driving a quality, reliable car.

Auto Credit Express – your subprime car source

Once you submit your bad credit car loan application, our job is to match you with a nearby car dealer that is an expert on helping customers with bad credit get “back on the road” with a dependable, reliable car and a new start towards better credit. Our finance calculators, found on our web site, will guide you through the loan process. If you are serious about getting your credit back on track, visit us at www.autocreditexpress.com. If you have any additional questions, feel free to contact us by phone or email us directly from our website.

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