Getting a bad credit car loan in Everett can be tough if you have to drive all over the place to find financing. When you live a half hour or more away from a major metropolitan area, you may think you're in for a lot of travel to find the right auto loan, but think again.
Bad Credit Auto Loans in Everett
Luckily, when you live in Everett, WA there's no shortage of places to get a bad credit car loan. Before you head to a dealership, though, you need to know what it takes to get an auto loan when your credit's less than perfect.
For starters, you need to know that not everyone can work with bad credit borrowers. A lot of lenders only rely on your credit score to determine if you're eligible for financing. The lenders that can work with bad credit car buyers in Everett, called subprime lenders, look beyond your credit to get you approved using factors such as your income, employment, and residence.
The specifics vary, but subprime lenders generally require you to provide proof that you can handle a loan and keep up with monthly payments. Typical subprime lender requirements include:
- Proof of income – Bad credit lenders usually require that you make a minimum of somewhere around $1,500 to $2,000 a month before taxes. To prove this income, they ask for your most recent computer-generated check stub showing year-to-date income.
- Proof of residency – Subprime lenders need to see that you live where you say you live, and it doesn't hurt when you've been in the same area for a while, either. To prove your residence, they want a recent utility bill in your name at the address listed on the application.
- Proof of a working phone – To ensure that they can contact you, poor credit lenders require you to have a phone and ask you to bring in a recent bill to prove it. A landline or contract cell phone works, but prepaid phones don't.
- A list of personal references – Finally, subprime lenders usually require a list of personal references. Though the amount required varies, it's a good idea to have five to eight ready to go or ask how many you need ahead of time. They need to be complete with names, addresses, and both home and work phone numbers. Don't forget to let your references know you're using them!
There are several other qualifications your lender may ask you to meet. After you find a dealership that works with subprime lenders, it's a good idea to give them a call to ask about specifics and see which documents to bring in. When in doubt, it's better to be over prepared than under prepared – no one likes to make unnecessary trips to the dealership if they don't have to!
Auto Credit Express Wants to Help You
Here at Auto Credit Express, we work with dealerships all across the country that have the lending resources available to help people who have bad credit, including in Everett and the surrounding area. To find a dealership that's a good fit for you in your local area, just fill out our fast, free, and no-obligation car loan request form.