Many of our applicants and potential applicants want to know what the approval amount of their subprime auto loan will be before even visiting a dealership. We aren't able to tell them.

We Won't Be Able to Give You an Exact Approval Amount

It's natural to wonder how much you'll be able to get approved for if you are applying with Auto Credit Express. But that is a question that we cannot answer.

The truth is, only a lender will be able to give you the final answer to that question. They make the loan decision and they will determine how much your approval amount will be.

approval amount

We don't speculate about what you can qualify for because lending happens on a case-by-case basis. Each applicant is evaluated individually, and many factors and extenuating circumstances are considered during the subprime auto loan process.

The Subprime Auto Loan Process

When you apply with Auto Credit Express, we will locate the dealership nearest you that stands to give you your best shot at an auto loan approval. Without using our service, it can be extremely difficult for somebody with bad credit to locate a dealership that can accommodate their situation.

You'll meet with the finance manager at that dealership to discuss your needs, credit background, and financial situation, among other things. After they collect the necessary information, they will determine which of their lending partners they will send your application to.

Lenders have basic requirements that an applicant must meet, and they may also take special circumstances under consideration. They will evaluate your application and see if you qualify for one of their loan programs. These programs are tiered, and which tier you fall under will determine the approval amount of your loan.

Factors that Will be Considered and Evaluated

For starters, subprime lenders have basic minimum requirements that must be met for an applicant to be considered. While they vary from lender to lender, Auto Credit Express lists these five that typically must be met:

  • A monthly income of at least $1,500 gross
  • Are employed full time or have a guaranteed fixed income
  • Are 18 years of age or older
  • Are a current resident of the United States or Canada
  • Are a current legal American or Canadian citizen or legal resident

Additionally, many other factors will be considered and evaluated. Specifically, these factors can be grouped under three basic categories:

  • Ability
    Lenders will look to an applicant's ability to pay back a loan. This can include many things, including where your income is coming from and what your monthly recurring debt looks like. They will analyze how a monthly car and insurance payment will affect your finances using a formula known as a debt-to-income ratio. Your income and debt levels will directly affect the loan amount you may be able to qualify for.
  • Stability
    With these higher-risk loans, subprime lenders look for stability in an applicant anywhere they can find it. They'll want to know how long you have been: Working at your current job, working in your current field, living at your current residence, living in the same area, etc. Basically, they are trying to get perspective on how stable your employment and living situations are and have been.
  • Willingness to Pay
    Lenders will analyze your current and past credit situation - whether or not you have a history of delinquency, how you have handled auto loans in the past, the recency of any credit problems, etc. Somebody with situational bad credit (a one-time event derailed an otherwise strong credit history) will be considered less of a risk than somebody with habitual bad credit (a history of repeated credit offenses).

As you can see from all of the factors in play, we cannot tell you a dollar amount that you will be approved for. Ultimately, that decision will be in the hands of a lender.

However, we do have a calculator tool on our website that can analyze your situation and give you a rough estimate of what your approval amount could be. Remember that this is only a ballpark figure, you personally may qualify for more or less.

There's Only One Way to Find Out Your Approval Amount

Auto Credit Express has built up the largest network of special finance car dealers in the nation. We have experience helping all kinds of people in all kinds of credit situations find financing in the past, and you could be next.

To take advantage of our free service, all you need to do is fill out our secure and obligation-free online application. Start today!