It doesn't matter how your credit went from good to bad. It could have been from missed payments, late payments, collections notices, loan defaults, repossession or bankruptcy. But unfortunately, it happens to a lot of people and it can make getting new lines of credit like a home or car loan difficult.
If you're currently suffering from poor credit, you may not be able to obtain a "standard" loan on the car you need to purchase. This is where AutoCreditExpress.com can help with our special financing auto loans. We work with a network of lenders and rent to own car lots throughout the United States and Canada, that offer these programs to buyers, and have helped more than 1.5 million people with a low credit score get into the vehicle they need.
Special finance companies are becoming more popular, as more and more people are experiencing credit problems, and looking to get into a new or used vehicle. Car loans for people with bad credit are usually very difficult to obtain from a traditional lender such as a bank or credit union. Unlike tote the note places, with these types of lenders your credit score is the first and most important aspect to an auto loan approval, because it determines your likelihood of default.
Special finance companies, or subprime dealerships, don't care about your credit score. In fact, certain dealers won't even run a credit check when you apply with them. These places are referred to as:
All of these car lots work in a similar way. They believe that "your job is your credit", meaning as long as you can prove a steady income and residence, you will be approved for an auto loan.
There are also new and used car dealerships that don't help people get in-house financing, but will still accept your low scores. These types of companies use a third party lender that knows the ins and outs of subprime auto financing and will get you approved. Typically, these loans are given with slightly higher interest rates and shorter loan terms due to the risk the lender is taking on you.
You may have gone through a big struggle trying to find a subprime automotive lender that will work with you and approve you for a car loan with bad credit, but your struggle is finally over. Because Auto Credit Express' dealerships will find a way to approve you, not deny you, for the car credit you need, you will benefit from these loans tremendously.
Auto financing is one of the best ways to rebuild your credit score back up to a prime level. Originally your loan may come with high interest rates that you may see as a big downfall, but over time as you pay each month on your loan your payment will be reported to the credit bureaus:
The payments will be recorded to your credit report each month, and by the time you have the loan paid off your credit score will have improved drastically. This will help you to find a conventional lender to work with you for your next vehicle purchase, which will ultimately have a lower interest rate and monthly payment.
Another big benefit to these auto loans is that you have an opportunity to refinance the loan down the road. If you make each payment on time and in full each month, then once you have had the loan open for a few months, you can apply for a refi. If your credit score has improved, you may be eligible for a lower interest rate, which will lower your monthly payments and the overall cost of the car. So, not only do special finance companies give you a guaranteed auto loan approval, but they can also help you save money over time.
"They really helped me get into my new car, something I didn't think was possible." Linda M., Trenton
Get pre-qualified online in about 3 minutes with little or no money down.Click to Drive
Many people that are in the market for a bad credit auto loan believe they will only be able to afford an old, beat up, unreliable used car with high miles. This is simply not true. AutoCreditExpress.com works with thousands of car dealerships across the country and Canada that offer special auto financing on new cars and pre-owned like-new vehicles.
As with any auto loan, whether it is conventional or not, there are minimum requirements that must be met to be approved. These tend to include, but are not limited to:
Down payments play a big role in a car loan approval or denial, when it comes to special financing. Bad credit scores raise a red flag to all lenders and dealerships, except buy here pay here lots, that you have a higher risk of defaulting on the loan, resulting in a loss of profit for the dealer. Therefore, more money put down on the vehicle is a bigger personal investment, and shows the lender that you are committed to the loan and vehicle. Down payments also help you lower your monthly payment and total finance amount of the vehicle, helping you save money over time.
Driving from dealership to dealership to find one that will work with your credit situation can be a big hassle, waste of gas, and embarrassment when you are turned away once they pull your credit report. You can avoid all of this by starting your search from the comfort of your own home. You can use the internet to do all of your research in finding the best lenders, discovering what their rates are, and if they will work with you.
In fact, Auto Credit Express has eliminated half the battle for you. All you have to do is take three minutes to fill out our fast, easy, and secure online auto loan application, and we will find a lender near you offering special auto financing. Once you have been contacted by one of our representatives you should gather the information that will be needed at the dealership:
Once you have all of your paperwork in order, you can visit with the dealership finance team and you could be driving your new car home the same day!
Let us take the hassle out of financing.
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