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.
It may not happen too often, but when an applicant with poor credit either forgets to or brings in the wrong type of identification sometime during the car loan process or, worse still, at the time of delivery it can bring everything to a halt.
Car buyers with problem should know why dealers advertising rent to own car loans could care less about their credit situation while dealers that offer higher risk car loans view this situation differently.