Consumer Car Buying Advice Blog

Part of the research process for most consumers applying for auto loans for bad credit should include using web sites that have a resource section that includes the different types of bad credit car loan calculators

Our experience

Companies such as Auto Credit Express work with individuals who have bad credit and help them raise their credit scores and reestablish their car credit by filling out an online bad credit auto loan application and financing a vehicle using car loans with bad credit. Along the way, these web sites try to provide their applicants with the information they need in order to understand this type of loan, since the wrong selection can trap them in a loan they can’t afford which could result in a repossession that could lower their credit scores even further.

What you need to know

Unless this is the first time that you’ve shopped for a new or used car, you should know by now that it’s important to know your FICO score. This score, along with the information that appears on your credit report, will tell you if you’re qualified for a conventional loan or if you have to obtain a loan through a subprime lender or even a tote the note dealer. The dividing line for regular financing is generally a FICO score of 640. Above this credit score, you can usually get a conventional loan. But if you score below it, you’ll find that most conventional lenders will not approve you and you’ll need to secure financing with a subprime lender. In addition to your score, however, you need to look at something else.

Your budget

While your credit score will tell you what kind of loan you need, your budget will tell you what kind of payment you can afford. Once you know this, you can calculate how this payment translates into the price of the car. And while many web sites will let you research different vehicles, only a few will let you study the real nuts and bolts of car finance.

How to use our web site as a research tool

Copy the url http:// www.autocreditexpress.com and paste it in a second browser window before following the directions below.

Step One. The first step in your research is to determine what kind of loan you qualify for, given your FICO score. If you score is above 640, you can skip this first step. If you score is below 640, go to the web site and click on the RESOURCES button either at the top of the page or in the left-hand column. This takes you to the Auto Loans Resource Center. Here you can learn about the bad credit auto loan financing process. You can also view a series of videos that explain buy here pay here dealers, offer loan advice and educate you on the different types of bad credit auto loan websites.

Step Two. Now that you’re familiar with the loan process, once more go back to the RESOURCES page and click on the Loan Estimate Worksheet link just below the Loan & Down Payment Estimator header. This will take you to our Loan Estimator Worksheet.

Begin by filling out the Income Factor worksheet. The object of this particular worksheet is to determine the maximum loan amount you might qualify for. To begin, go to the Debt Factor portion of the worksheet and list your monthly expenses. This will tell you the disposable income that you have each month and give you an estimate of the maximum loan amount that this income qualifies you for.

In addition to these two sections you can, among other things, research your credit profile, calculate a home equity versus auto loan and also compare the interest you would pay with different loan terms using the Auto Loan Early Payoff calculator – all vital resources if you want to calculate auto loans.

Finally, you’re ready for the last step.

Give us a chance to earn your business

Here at Auto Credit Express, we have helped thousands of customers with bad credit buy cars and reestablish their auto credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans and the automotive professionals working there have the experience and expertise to work with situations such as yours.

Unlike many other services, we belong to the Better Business Bureau and our online bad credit car application is SSL secured, ensuring the privacy of your personal information. Since our inception, we have processed over 1,000,000 online bad credit auto loans and closed over 1 Billion dollars in auto loans.

So if you are serious about getting your credit back on track, you can begin the process right now by filling out our secure online bad credit car loan application.

Tags: auto credit, Bad Credit, car credit, car loan calculators, credit, credit report, credit score, fico, FICO score, loan calculators, repossession, tote the note

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