With monthly payments and loan terms increasing, buyers with poor credit who understand their credit reports, know their credit scores and have at least ten to fifteen percent cash down and/or trade equity will have a better chance of getting their application for an auto loan approved.
Although the subprime auto loan market continues to thrive, borrowers with large down payments and lower loan to value ratios will continue to have a better chance of getting financed.
Credit challenged consumers should check their sales contract carefully before signing on the dotted line especially for Conditional Sales Contracts.
While Auto Credit Express is not a lender, a number of dealers in our network do offer weekly payment options. Looking at both the indirect monthly subprime loan payment schedule as well as the buy here pay here weekly loan payment schedule, whichever one a consumer chooses will generally depend upon their current credit situation.
With loan delinquencies on the rise, especially in the subprime sector, buyers who know their credit scores, credit report and have cash down and/or trade equity will have a better chance of getting their car loan application approved.
Depending on your credit score, you could be required to put down a down payment. But do you know how much you should expect to put forward, or why? We look into the process of putting money down when you purchase a vehicle.
Despite the fact that a lender can approve a car loan even if the applicant has an expired license, the loan cannot be funded and the title to the vehicle cannot be transferred without a valid insurance policy in the borrower’s name – something that will not happen if the borrower has an expired driver’s license.