Your finances and your credit go hand in hand. When your finances are in order, you put yourself in the best position to succeed in the realm of credit. And when your credit is in good shape, your finances can become all the easier to manage. Unfortunately, when either your credit or your finances are in disarray, things can get out of hand fast.
Getting approved for a car loan becomes more difficult if you have bad credit, do not have a job and your only income comes from benefits such as Social Security or disability.
We have all heard the commercials where excited salespeople tell us that if we just come down to their lot—we’re approved! But, once we are there, there is a lot of fine print to consider. Let us break down this common slogan to give you a better understanding of just what it means.
If you need to finance a car and have imperfect credit, your employment history matters to subprime lenders. For this reason, we are often asked questions pertaining to time on the job.
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).