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Get Approved for Car Loans with Bad Credit – Help Tips and Guide to Financing

Have you recently been considering buying a new or used car but didn’t think you could finance a car loan because you had a bad credit score? You aren’t alone with more than 71 percent of the US population having to search for bad credit loans or more precisely bad credit car loans from a sub prime lender to avoid having to go to a buy here pay here dealer where the rates are really high.

What Your Should Know About Car Loans for People with Bad Credit

Auto Loan Interest Rates Tips    Car Loans with Bad Credit Tips and Help

Sub prime car loan lenders don’t advertise their rates on the website for bad credit car loans but you can expect to pay a little more and have guaranteed financing. You can easily get approved for a bad credit auto loan with poor credit, no money down, bankruptcy or no credit.

Auto Credit Lenders Down Payment Guide

Plan ahead, if your budget will allow save a little each week or month. If you need help avoid financial sources with a poor reputation. You can make inquiries with the Better Business Bureau to verify the type of service other people have received. You will be pleased to know that a large number of the bad credit car loans approved by our auto lenders have no down payment requirements, so choose the best plan to fit your needs based on your financial situation.

Car Loan Repayment Help and Advice

Due to the high price of cars, terms for this type of loan have been on the increase recently. Over the last 10 – 15 years we have seen the months required to repay bad credit car loans have increased from 48 to 60 and now they are approaching 72 months for new or late model used cars. Obviously a used car 3 to 5 years old can be repaid in a much shorter term thereby saving a lot of money.

Auto Loan Payment CalculatorBad Credit Auto Loan Payments

There are many factors used to determine how much you will have to pay.

1. The age of the vehicle is used to determine the term for financing on all bad credit car loans.

2. Interest rate – typically this is related to the age of the automobile or truck. FYI the shorter the term, the lower amount of interest that has to be repaid.

3. Your debt ratio – the amount of your credit approval is going to involve how much you owe to others combined with your monthly income. You will be required to prove your income from all sources. If your month to month income fluctuates be prepared to supply documents that can substantiate your earnings.

4. Job stability – Lenders get nervous when people are hopping from one employer to another too frequently. However due to the recent downturn in our economy many online lenders have revised their underwriting criteria to allow for more movement in changing jobs.

5. Expense factors – you will find that the amount of your approval is going to be determined by your totals expenses and gross income. The majority of these banks permit a total approval not to exceed 18 to 22 percent of your revenue. This also keeps your budget in check.

6. Credit Score – If your credit score is between 550 and 650 you can choose from multiple loan approval offers.

Bad Credit Car Loans OnlineApply Online for Bad Credit Car Loans

If financing a car loan with bad credit is in your future, a smart way of getting bad credit auto loans is to apply with the free online application from DriversApproved.com. We can help you secure a car loan with bad credit through the largest nationwide of bad credit car dealers and special finance auto credit lenders. The process for approval is normally the same day you apply. You may not realize this but a bad credit car dealership has more lender finance programs than any bank ever imagined. The opportunity to buy and finance any vehicle is much greater than with a local lender or credit unions where you have only one chance. Local car loan lenders do not offer bad credit car loans even though 71 percent of us need them to buy a car.

Getting financing for the purchase of a new or used car has never been easier. We guarantee to accept 100% of the auto credit applications and there are never any costs or fees of any kind. Don’t wait! It’s time to apply now and get a fast credit approval with the bad credit car loans lenders from DriversApproved.com

 
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