For those unfamiliar with what the phrase “buy here pay here” means, it refers to a car dealer where you can not only purchase a car, but a dealership where you can finance it, right there, as well. In this case financing is arranged with money that is borrowed from the dealer instead of a bank, credit union or finance company.
Applicants with bad credit searching for online auto loans that depend on social security or other types of disability benefits for all or most of their income need to understand that this can pose a problem for most subprime auto lenders. It can, in fact, result in a denial of credit.
For people with poor credit it’s especially important that they thoroughly understand the auto loan documents they’re signing at the time of delivery.
It’s easier to understand the reason higher-risk lenders have employment requirements if you know the three basic requirements they look for in an applicant – ability, stability and willingness to pay.
Consumers with problem credit hoping to get approved for a car loan should be encouraged by the Equifax’s latest National Credit Trends Report issued earlier this year.
Car buyers with damaged credit due to home foreclosure will now discover that higher-risk lenders are more lenient about this than in the past making it easier to qualify for a car loan.
Here at Auto Credit Express we can understand how getting turned down for a high-risk car loan can be discouraging for most applicants because we’ve spent the past twenty years helping these buyers find those new car dealers that can give them their best opportunities for car loan approvals.