Bad credit happens to people with good incomes. Maybe an unexpected expense (medical bill, repair bill, legal fee) caused you to get behind on some bills. Or, you may have experienced a temporary period of joblessness. However you got here, the result is the same. You have tarnished credit, but you still need to buy a car. Your regular and substantial income will make the loan payments easy to handle if only someone would give you a chance with the financing.

When Your Job is Your Credit

car loan, good income, bad credit
While not every lender is qualified to offer loans to buyers with damaged credit, some lenders are trained in special finance. These loan providers look at factors beyond your credit in order to determine whether or not you can be approved for financing. Here are a few of the things that these lenders typically look for:

  • Do you have a regular income? Proving that you have a regular, stable monthly income that is significant enough to allow you to make your loan payments with relative ease is crucial when you're buying a car with bad credit. As far as special finance lenders are concerned, this is the most important piece of information: Can you afford to pay back the loan? If so, it is likely that they will take a chance on you.
  • Have you maintained a stable residence? If you have been living at the same address for over a year, this shows that you have established a certain amount of stability in your life, and this makes you less of a loan risk.
  • Do you have a valid driver's license and proof of auto insurance? The request for these documents is standard procedure for anyone who is buying a vehicle.
  • Can you make a down payment? While this may not be absolutely required, having at least some cash to put up front on your car purchase shows your potential lender that you are serious about paying for the vehicle. A down payment will also protect you (to a certain extent) from negative equity during the life of the loan. You should keep in mind that if you currently own a car with trade equity, this trade-in vehicle will count for at least part of your down payment.

The Right Auto Financing for Your Situation

At Auto Credit Express, we don't believe that your damaged credit should stand in the way of your ability to purchase the car that you need. We have already helped thousands of buyers to get financed for affordable auto loans, and we can work with your situation.

Just fill out our fast and secure online application to get started today.