Car buyers who are responsible for or receive child support income need to know, beforehand, how this might affect their chances for a car loan
approval, especially if their credit is less than perfect.
For consumers with questionable credit choosing not just the right vehicle but also the right kind of vehicle can be critical to accomplishing the goals of
completing a car loan while reestablishing their auto credit.
We frequently get questions from consumers with questionable credit about whether or not it’s possible to get a preapproved car loan.
Even with all the information available on our web site and elsewhere we continue to come across car shoppers with questionable credit that don’t understand why the credit score used for their auto loan approval isn’t the same as the one they have.
Unlike the older cars sitting on BHPH car lots, the vehicles that subprime auto lenders generally finance are newer and require higher levels of insurance coverage. In addition to that, car buyers with problem credit should also include in their budgets all the other expenses involved before signing on the dotted line for an auto loan.
Finance managers at car dealerships refer to it as “protecting a loan” and the fact is that even if you have poor credit it’s always a good idea to have an understanding of the basics of how credit life insurance works with auto loans.