Bad Credit Auto Loans


Do I Need to Have References When Applying for an Auto Loan? Do I Need to Have References When Applying for an Auto Loan?

If you're searching for a car, you probably want to be as prepared as possible when you find the dealership that can approve you for an auto loan. For bad credit car buyers, one of those steps is having a list of references ready to present to your potential lender. When you are working with a dealership that specializes in alternative auto financing, they look at factors outside of your credit to determine your reliability as a borrower.

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Getting Ready for a Subprime Car Loan Getting Ready for a Subprime Car Loan

The first thing borrowers should do before applying for a car loan is to check their credit reports (and correct any errors) and find out at least one of their credit scores. In addition, if they have poor credit and are self employed, they will need at least two years of professionally prepared tax returns showing after-expense proceeds from the business that meet the minimum requirements of subprime lenders.

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Cheapest New Cars for a July Poor Credit Car Loan Cheapest New Cars for a July Poor Credit Car Loan

Poor credit car loans should be used to finance a compact or midsize car to save on interest, car insurance and gas expenses. Financing for the shortest term possible means you'll be in a position to re-finance or purchase a different vehicle at a lower interest rate sooner. Because of this, most credit-challenged consumers will pick an affordable used car. But there is another option - an inexpensive new car.

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