Auto Loan Calculator for Poor Credit Buyersby Steve Cypher on Friday, January 18th, 2013
Car shoppers with less than perfect credit can use the car loan calculators on our website to compute everything from monthly car payments to determining if they qualify for subprime auto loans
A user friendly web site
Back when we first created our website we wanted it to be more than just a place where buyers with car credit problems could find new car dealers that could arrange financing for approved auto loans.
The reasoning behind this was simple: we didn’t want to waste the time of car shoppers if they couldn’t meet the basic requirements of most subprime auto lenders. At the same time we didn’t want dealers receiving applications from individuals that couldn’t qualify for high risk car loans.
As a result, our website includes a number of useful calculators for auto loans. By using our car loan calculators, car buyers can determine everything from qualifying for a loan to what their actual budget for it might be.
Auto loan calculators for credit challenged car buyers
While an applicant’s FICO scores will determine the type of car loan they’ll get, their income when compared to their expenses will determine whether they’ll qualify for a loan as well as the payment range where they’ll be placed.
Once this is known, most car shoppers should be able to estimate the selling price of the vehicle they’ll qualify for. And while every car loan site will have a credit application, only a few, such as ours, will help buyers understand the ins and outs of the bad credit auto loans process.
How loan calculators work
(Quick tip: opening www.autocreditexpress.com in a second browser window will allow you to do everything while following these directions.)
If your credit scores are above 640, this step can be skipped. If they fall below 640, click on the RESOURCES button either at the top of the home page or in the left-hand column. This will take you to the Auto Loans Resource Center. Here you can read and view a series of articles and videos on subjects such as BHPH dealers while learning about the higher-risk car loan process.
After becoming familiar with how subprime auto lending works, go back to the RESOURCES page and click on the Loan Estimate Worksheet link. It’s located just below the Loan & Down Payment Estimator header and will take you to a worksheet.
Begin with the Income Factor section. Once you’ve filled it out, move on to the Debt Factor section and list your monthly expenses. After you’ve finished entering the information you should know your available monthly income as well as have a rough estimate of the maximum loan amount you might qualify for.
While you’re visiting the Resource section you can also research your credit profile and calculate a home equity loan versus an auto loan. You’ll also be able compare the total interest you’ll pay with different loan terms by using the Auto Loan Early Payoff calculator.
Once you’ve finished, there’s a good chance you’re ready to take the next step.
Let us take over from here
There’s no time like the present to begin credit repair process by reestablishing your auto credit. Here at Auto Credit Express we match applicants that have auto credit issues with dealers that can offer them their best chance at auto loan approvals.
So if you’re ready, you can start now by filling out our online auto loans application.