Author Archive: Steve Cypher
Getting a Car Loan with Poor Credit and Disability Income

Both private and SSI disability income is usually an issue with any car loan but it’s an even bigger problem if the buyer has tarnished credit. For most borrowers in this situation, the only alternative is a buy and pay here, tote the note, dealer that offers in-house financing.

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Car Leasing with Credit Issues

Credit-challenged borrowers currently in a Chapter 13 bankruptcy typically won’t qualify for a new car lease (and they will have to petition the court, through the trustee, in order to purchase a vehicle). The good news is that there are programs out there that will allow them to reestablish their car credit.

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Income Requirements for a Bad Credit Car Loan

Subprime lenders set minimum income levels to give borrowers the best chance to reestablish their auto credit by creating a realistic budget for their car payment.

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Getting Ready for a Subprime Car Loan

The first thing borrowers should do before applying for a car loan is to check their credit reports (and correct any errors) and find out at least one of their credit scores. In addition, if they have poor credit and are self employed, they will need at least two years of professionally prepared tax returns showing after-expense proceeds from the business that meet the minimum requirements of subprime lenders.

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Using a Postdated Check for a Down Payment

A postdated check is not an acceptable down payment on a car loan and can result in the lender rescinding the deal and cancelling a dealer’s contract. The only way to avoid this, if the dealer is agreeable, is to wait until those funds are available before taking delivery.

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Getting a Car Loan with Poor Credit

Since most lenders that work with credit-challenged applicants only loan indirectly, what we do is match them to dealers in their area that represent their best chances to get approved for an auto loan.

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Buying an Older Car with Bad Credit

To offset the increased risk, most subprime lenders will compensate by reducing the loan term as a vehicle’s miles increase. Likewise, the loan term will also be shortened as a vehicle’s age rises.

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