For car buyers with problem credit it’s important that they understand that how their income is reported can affect an application for credit for an auto loan. This is especially critical if all or even a portion of their income comes from working for one or more employers as an independent contractor.
Auto loan decisions, even for car shoppers with poor credit, are at least partially based on credit scores. But especially for those with less than perfect it can help to first check out all three credit reports before beginning the application process.
It may not happen too often, but when an applicant with poor credit either forgets to or brings in the wrong type of identification sometime during the car loan process or, worse still, at the time of delivery it can bring everything to a halt.
Car buyers with problem should know why dealers advertising rent to own car loans could care less about their credit situation while dealers that offer higher risk car loans view this situation differently.
We are often asked by car shoppers with poor credit, “How hard is it to get a car loan?”
While the best things in life are not always free at least in this case it happens to be true even for car shoppers with problem credit that want to know where they stand before applying for an auto loan.