Can I Get A Car Loan With Bad Credit - Q and A
Here at Auto Credit Express.com, some people have asked the question: Can I get a vehicle loan with bad credit while receiving child support as my primary income?
Before I answer that, please understand we give advice based upon our experiences, and as part of out services we choose to inform our valued customers of some options they may have with their particular credit situation.
We realize opinions may very so we try to provide the best information possible. With that said, yes you can get a vehicle loan with child support as your primary income.
As long as the child support amount is $1500 or greater, you can qualify for a vehicle loan at autocreditexpress.com.
Unlike regular employment income, child support income cannot be garnished.
What the means is most lenders take extreme caution when approving a person with dependency on child support income.
The reason for this is if the borrower misses a payment, the lender cannot access the child support income.
Your chances of getting approved for a vehicle loan while receiving child support will significantly increase if the borrower has additional income such as that from a job.
If you have other sources of income, on top of receiving child support, this will help you get more approval options.
If you are claiming child support, you will need to be able to prove it. You will have to provide the lender with copies of the court order decree that verifies the amount and duration of the child support payments.
Having this information ready will prevent any speed bumps at the dealership. and will show the special finance manager that you are serious about obtaining a car loan.