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Getting prepared to apply for a Bad Credit Auto Loan

Before submitting your application for a poor credit auto loan there are a few things you'll need to know about. Like what it takes to meet the basic requirements for an approval.

To start with, you should know your credit scores. Most bad credit lenders deal in the credit score range of 500 to 640, while anything above 640 is usually considered near-prime. Next, you need to have a credit history. Lenders look at how long you've been using credit. Having a credit history of at least 3 years is usually considered the minimum.

Monthly income requirements can vary by lender, but typically the minimum needed to qualify for poor credit auto loan is around $1500 a month before taxes. Employment History is another important factor. The longer you've been with one employer, the better.

Lenders will also compute your monthly debt, compare this to your income, and use this ratio to determine if you have enough available income to qualify for a car loan PLUS car insurance.

Pretty much all bad credit lenders will require a down payment. 10 percent is typically considered to be the minimum - while larger down payments may increase your chances of an approval.

So there you have it, these have been just a few of the basic requirements to consider before submitting an application for a poor credit auto loan. If you have anymore questions, visit us at

At Auto Credit Express we help people with bad credit find a dealer that can give them their best chance at an approval for a new or used car loan.