The hardest part about budgeting for an auto loan with bad credit is not knowing how much you’re even going to be approved for. How can you prepare for an unknown cost? It just so happens that at Auto Credit Express, we have something of a crystal ball free and available for your use. Read on to find out more.
Calculating Your Loan Amount
The key to affording your auto loan regardless of your credit standing is to budget. However, as we said before, budgeting for an amount that you don’t know of can be quite difficult. That’s why we created the Approval Amount Calculator to give you a good ballpark estimate to what you can be approved for based on things such as:
- Your gross monthly income
- Your current rent or mortgage
- Any other current loan amounts
It’s important to remember that this is just an estimate though. There are many factors that the lenders will look further into before deciding on the final amount they will approve for. This will give you a good idea of what to expect though. You can even further prepare your budget by trying out our Payment Calculator; this is especially useful if there is a car you have in mind.
As We See It
Often, the reason someone has a less than perfect credit score is because they missed payments on other lines of credit. This is usually because they simply could not afford it with all their other financial responsibilities. At Auto Credit Express, our goal here is to help you improve the overall quality of your life by helping you climb out of the crater that bad credit creates.
To do that though, we have to show you what you can realistically expect in your current circumstances. For some, it may be an eye opening experience to see that they really can’t afford some of the brand new vehicles on the lot today. For others, they’ll discover that they really can afford a good quality vehicle that’s only a few years old. To find out how much your can be approved for, try out the great resources we have gathered for you, and then apply today to meet with a dealer in your area that will make it a reality.
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