If you have credit problems and rely on self-employment income, most subprime lenders will require that you prove what you make by showing them your tax returns.
You can’t finance just any car if you have credit problems because most subprime lenders have vehicle restrictions on the kinds of cars you can finance.
If you’ve been struggling with a large amount of debt, you may have considered taking part in a debt management program (also called credit counseling).
Having your car repossessed usually makes for a very bad experience. Most people rely on their vehicles to get them to work, school and countless other places. If your car has been repossessed, it’s important to know what your rights are and what actions you should take.
While these loans can be more expensive than traditional ones, due to higher interest rates and down payment requirements, there is one big positive to focus on. A bad credit auto loan gives you a chance to improve your credit. All you have to do is make every payment on time.
Car buyers with good credit can buy a vehicle from practically any seller they want, but if you have bad credit, getting financed for a private party loan, or any place other than a licensed dealer, can be very difficult.
Having bad credit doesn’t keep you from being able to get approved for a car loan. However, it does limit the kinds of lenders who are willing to work with you. With that in mind, here are some tips on getting an auto loan when you have bad credit.