Getting Measured for an Auto Loan with a Bad Credit Score

At Auto Credit Express®, we do our best to educate bad credit car buyers with daily blog posts and our consumer education videos hosted on the Official Auto Credit Express You Tube Channel.

We're amazed that we still see online gimmicky advertising campaigns designed to lead consumers with credit problems, to believe there is a one-size-fits-all solution to buying a car with bad credit. This is simply not the case. Finding a car dealer that can get you approved to purchase a vehicle you want to own is kind of like shopping for a pair of pants. If you have average body type, finding a pair of pants that fit is pretty easy; since every retailer has your size, you're able to shop at several stores for the best price.

The same holds true for auto shoppers with high credit scores. Almost every car lot has an auto loan lender for their size sitting on the shelf, so car buyers with good credit are able to shop by price. On the other hand, if you are too skinny, big, tall or short, finding the perfect pair of pants that fit is much more difficult.

Buying a Vehicle with Poor Credit

Shopping for a Vehicle with Poor Credit

Shopping for a brand new or pre-owned automobile, truck, suv, or minivan with a poor credit history is very similar to finding a clothing store that has the perfect pair of pants to fit your funky body type. It takes most people, with special pant fitting needs, several shopping trips before they find the right store, with slacks that fit. If you have a bankruptcy, bad credit or no credit, most used car dealerships will have less than a handful of new or pre-owned vehicles on the lot, that you can get approved for, and sign and drive the same day.

It even gets more complicated if you have bad credit, special vehicle needs, an abnormal income stream, little or no money down, low disposable income, or a high debt ratio.

At Auto Credit Express, we match people who have special credit needs with the best car dealer in their extended neighborhood, get approved and understand auto loan terms. Our approach is similar to a tuxedo and bridesmaid rental shop. To find the perfect fit, we ask for a little more information than most online services for people with less than perfect credit. With us, one size does not fit all. Like the clothing retail and rental shops, we need your auto finance measurements prior to recommending a local car dealership with the best car financing for your specific situation.

To locate the best car loan dealer with auto financing in your area we may need the following information:

Your Special Vehicle Needs - Most Americans have specific transportation must haves to support their life style.

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  1. Any Automobile
  2. Coupe / Sports Car
  3. Sedan / Family Car
  4. Truck / or SUV
    • 2WD for warmer climates
    • 4X4 for colder climates
  5. Luxury Car
  6. Size / Seating Requirements
    • Compact / Economy
    • Mid-Sized
    • Full-Sized
  7. MPG Requirements
    • Over 20 Mpg
    • Over 25 Mpg
    • Over 30 Mpg
    • Over 35 Mpg
    • Over 40 Mpg
  8. Used Car Price Range
    • Under $3,000
    • Below $5,000
    • Less than $10,000
    • Around $15,000
    • Near $20,000
  9. Desired Monthly Payment
    • Under $200
    • Below $250
    • Less than $300
    • Around $350
    • Near $400

You're Credit Score Range / Rating - Nearly every car lot has funding options for people with 625, 600, and 575 Scores. Fewer are able to get people with 550, 525, and 500 scores approved. Even fewer auto sales outlets have finance choices for consumers with 450 and 400 Scores.

  1. Terrible Credit | 400 to 425 Score
  2. Awful Credit | 425 to 450 Score
  3. Bad Credit | 450 to 500 Score
  4. Poor Credit | 500 to 525 Score
  5. Subprime Credit | 525 to 550 Score
  6. Below Average Credit | 550 to 575 Score
  7. Slow Credit | 575 to 600 Score
  8. Less Than Perfect | 600 to 625 Score

Where Your Income Comes from - W2 or 1099 incomes are preferred by car financing companies and auto loan lenders. Why? These wages are attachable. If you become delinquent or past due on your monthly or weekly car loan payments lenders can garnish your wages. With fixed income borrowers, lending institutions have no recourse.

  1. W2 Employment
  2. 1099 / Self Employed
  3. Fixed Income such as alimony, child support, SSI / disability, or government foster care

Available Cash On Hand - Getting an auto loan with no money down, having zero money down or a small down payment has little or nothing to do with getting a yes from a lender. Your cash down payment, however, will affect your ability to buy any car on the lot.

  1. Money Down
    • 0 Down
    • 500 Down
    • 1000 Down
    • Trade In Value
    • Negative Equity
    • New Car Rebates

Disposable Income / Debt Ratio - If you have bad credit, funders pay special attention to the monies you have coming in each month compared to what you have going out to pay your bills.

  1. Rent or Mortgage Payment
  2. Credit Card Payments
  3. Collection Account Payments
    • Medical Bills
    • Tax Liens
    • Utility Bills
  4. Auto Insurance Payments

There are several things we consider when you apply for an auto loan with bad credit. To find the best auto loan and poor credit car dealership for you, we have to take your measurements and evaluate your expectations.

  1. Cars you want to own
  2. Your credit situation
  3. Your source of income
  4. Money down
  5. Debt Ratio

Since 1999 we've measured over 5,000,000 car buyers for an auto loan. More often than not we are able to find a local new or used car lot with the perfect fit, one that has a vehicle you want to own with affordable monthly payments and reasonable money down.

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