Time and time again, we’ve let consumers know the process of getting a car loan works differently when you have bad credit. Borrowers often ask us for specific details on just how it works here at Auto Credit Express. Take this consumer, for example:

“I am currently looking for a car loan but I would like more information about how the process works. Would you submit my information to multiple lenders therefore generating multiple inquiries in my credit? Or how do you guys work? Thanks.”

What We Do

For starters, we aren't a finance company. We work with a nationwide network of special finance dealers who have access to subprime lenders. These lenders work indirectly through dealers, and not all dealers are able to work with people who have credit challenges. We can help you take the hassle out of searching for a dealer who can work with you.

The Process

When you have good credit – usually a FICO score above 640 – you can typically go to a dealership, pick out a vehicle, get financing, and take delivery. But with poor credit, the process is nearly the opposite. First, you need to find a special finance dealer. They'll submit your application to at least one of their lenders, and then, once approved, the dealer will let you know which vehicles in their inventory you qualify for.

The number of lenders your information is submitted to will depend on the dealer you’re working with. No need to worry about multiple inquiries on your credit because the credit bureaus understand about rate shopping. When multiple inquiries are made in a short period of time for the same type of loan, they’re treated as one inquiry.

What You’ll Need

talking with car salesman, car shoppingOnce you sit down with the special finance manager at the dealership, you’ll need to provide some required documentation. This includes:

  • A valid driver’s license
  • Proof of income
  • Proof of residence
  • Proof of a working phone
  • References

Of course, there are required minimums to be met, which will vary by lender. Typically, for subprime financing, you’ll need a minimum of $1,500 gross monthly income, a current utility bill and current phone bill in your name, and six to eight complete references with names, addresses, and phone numbers.

Experience You Can Count On

So, if you’re ready to start looking for your next vehicle, but bad credit has you down, don’t fret. Auto Credit Express can help you find a local dealer with the lending resources available to help if you have no credit, low credit, repossession, or bankruptcy. It’s simple to get the process started, just fill out our free, no-obligation online auto loan request form today!