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Need Financing Want to Buy a Car? Bad Credit? You are Approved
Buying a new or used car is an exciting experience that can help you get around comfortably, offer peace of mind with reliability, score you updated features and technology, and instill a sense of pride and accomplishment.
However, financing your new or used vehicle purchase can also be a complicated process loaded with tough decisions and financial implications to consider. Many factors around auto loans impact the true cost of car ownership and what is affordable based on your budget and lifestyle.
This comprehensive guide aims to walk you through the entire auto loan process step-by-step, starting with getting pre-approved before visiting dealer showrooms or buying online, all the way through comparison shopping for the best rates from financial institutions.
The basics of auto lending: There are three things that lenders look at when determining whether to approve a customer for a loan.
Those three things are 1) ability, 2) stability and 3) willingness.
Ability do you have the ability to actually make the payments? Will your income support the payment? Based on your debt-to-income ratio, do you fall into the guidelines that the banks use to make this determination?
Stability: how long have you been doing what you do? How long have you been on your job, at your address? Do you job hop or move frequently? Have you shown the requisite stability within your field to satisfy the bank’s lending policies?
Willingness: how have you handled your past credit obligations? Have you handled them in a timely manner or have you sometimes fallen behind? In other words, have you shown a willingness to pay your bills in a timely fashion?
If you can satisfy those three criteria, then you should be approved for a loan at a good interest rate.
Now, we’ll walk you through the key factors you need to consider when applying for a car loan (with the goal of securing a great rate).
If you have bad credit or no
credit, a sub prime auto loan may be just what you need to be able to purchase the vehicle you want while you
work on improving your credit. You may be a recent graduate or recently divorced and finding that your lack of a credit history is making lenders
reluctant to give you financing. In those cases, it’s not that you have bad credit, you may not have a credit history at all. That puts you in
the sub prime category.
Lenders prefer to work with “prime”
borrowers; people with excellent credit that are very likely to pay off their auto loans completely and on
time. Everyone who does not fit in that “prime” category would fall into “sub prime”. In most cases, a sub prime car loan
carries an interest rate somewhat higher than that given to the prime borrower. This protects the lender by giving them more interest income on a loan
because it carries some additional risk. If you have ever been turned down for financing at a dealership, it was
probably because your credit score puts you in the sub prime category. Dealerships generally qualify auto loans for private lenders who are only
interested in prime borrowers. If you find yourself in the sub prime
category, you would be very wise to get pre approval for an auto loan before going to look for vehicles at a
dealership. By getting pre approved for a sub prime auto loan, you will avoid the embarrassment of being turned down for financing at the dealership
just because your credit is less than perfect. There are many
reasons why someone would be put in the sub prime car loan category. If you have recently experienced job loss,
which resulted in unpaid bills; an accident; unexpected medical expenses; divorce or bankruptcy, any of these could have dropped your credit
score. Instead of thinking of a sub prime car loan
as a problem, think of it as an opportunity. With this loan, you will be able to purchase the vehicle you need now instead of waiting for your
circumstances to improve. During the worst of the recession, stringent loan requirements shut out many buyers
with poor credit, skewing the average credit score of car buyers very high, to a peak of 776 for new car buyers in early 2010. A credit analysis
recently released by Experian Automotive, however, found that more buyers with poor scores are getting approved, and adding their lower scores to the
mix has brought average scores. Don't assume your score is too low.
Don't assume your score is too low scores below 500 which a buyer automatically won't be able to get financing, Call me Now noting that one
lender might accept a score Bad credit? No problem You are
Approved Buyers with lower scores are getting
approved. The average credit score for financing a new vehicle dropped six points to 760 and, for a used
vehicle, fell four points to 659. Lenders are making more
loans. The report found that loans to car buyers with nonprime to deep subprime credit scores (from 679 to 550
and below) increased by 11.4%. Buyers are getting bigger
loans. The average loan amount for a new vehicle went up to $25,995, about $589 higher than the previous
year. For a used vehicle, the average went up by $411 to $17,050. Lenders are offering
lower monthly payments. Low interest rates -- an average of 4.56% for new vehicles and 9.02% for used
vehicles -- combined with longer loan terms can make payments more affordable. If you
have a low score, save up. Buyers with lower scores should save up for a bigger down payment, experts say.
"Maybe you have a 550 credit score and you want a $15,000 car.Get approved for financing
before you set foot in the dealership Shopping for a car loan doesn't have to
be a painful experience if you're prepared We give you the Best Deal Understanding the different financing
options -- car loans, leasing or paying cash -- will help you reduce costs next time you head to the dealership for a new or used
car. Know Your Credit
Situation. If you’re in the market for a new car, “Review your credit reports from each of the
three
major credit bureaus long before you apply for a loan,If there’s a mistake — such as a paid-off debt being listed as outstanding, or an
item in collections that doesn’t belong to you — you want to get that straightened out, or you could wind up paying a higher rate. Even if
your credit is blemished, knowing where you stand is half the battle. Proof of
identity. Unless you are applying at a bank or credit union that you have done previous business with, and
that knows who you are, you will need to provide proof of your identity. Lending institutions have created a subjective point system, and proof of
identity requires 100 points of personal identification.
This means that you will
need a form of photo ID with your signature on it. Additionally, you will need (originals) of a current
utility bill in your name and registered to the address on the photo ID, and current bank statements for the past two months, also in your name and
registered at the same address. Other forms of ID that will be acceptable are stock certificates, titles to other vehicles or to a home, government
issued cards such as a Medicare card and your passport.
Proof of
residence. To qualify for a loan, you'll
usually need to be able to show proof of residence. Potential lenders need to know where you can be found should you cease paying your bills. Utility
bills work well for proving your current home address. Trade-in documentation (if applicable) If you are trading in a
vehicle in the process of applying for the new car loan, having the right documents for the car you are trading
in is vital. You should have the title and registration papers for your vehicle, and any other vital documents that will prove ownership and help the
lender determine the worth of the vehicle, as this will impact how much financing you receive. By bringing these documents in when you apply
for your loan, you can ensure the availability of quick car loans which will allow you to get the funding that you seek quickly, easily and without
any undue hassle or stress. Credit
rating. A good credit score is a sure sign of
approval and it would be wise to acquire this in advance. If you have a low credit rating then it would be
advised to clean up your credit and pay existing debts before applying for a car loan. In
general,
if you have a credit score over 700 a car loan will run you under 8%. If in the 600 range, you will pay
roughly between 8% and 10%. If in the 500 range or below you will pay in the double digits for a car loan, as high as 20% or more if you are a severe
credit risk. In which case, you may need to contact a lender who specializes in bad credit auto loans.
Pro Tip: Protect your credit. Don’t aimlessly apply to credit unions online but if you find one with great rates, always speak with a loan officer first, get all your questions answered on their process and then apply.
Consider loan terms
While longer loan terms may have lower monthly payments, they also mean you’ll pay more interest over the life of the loan. Opt for a shorter loan term if it fits your budget to save on interest costs. For example, choosing a 48-month loan term instead of a 72-month term on a $25,000 loan at a 5% interest rate can save you over $1,500 in interest payments.
Don't Wait until Tomorrow? Call Miguel Garcia Now (305) 407-3547
Get Approve for Auto Loan Today!
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