Auto – Car loans for Bad Credit

The second half of 2011 should see car buyers seeking an auto or car loan with challenged or BAD credit finding it easier to get approved.  There are several reasons for this but know before you walk onto the car dealership lot that you will need to be prepared with the correct information, down payment and attitude.

Auto Finance Loans for bad credit get Approved

You will need to bring the following paperwork with you.

• Recent pay stubs from the past 3 pay periods, for each job.
• Your last 3 mos. bank statements for checking and savings. These statements should reflect a large portion of your income being deposited.
• If you are self-employed, and independent contractor or temporary employee you will need your last year tax return.
• Proof of auto insurance
• Social Security card
• Utility bill for your proof of residence
• Phone bill, in YOUR NAME,  all the pages
• References: name, address, phone # and relationship.

DOWN PAYMENT required for car loans.

• Auto Credit scores under 695 will require 10% of the sale price of the car, to cover tax and fees.
• AUTO credit scores under 650 will require no less than 20% of the sales price, and a portion of this down payment goes to the lender as a fee for taking your loan.
• If your credit score is BELOW 600, you can expect to bring at least $3000 cash down and your car loan won’t be over $12,000.00  The interest rate will be over 20% and you will probably have a GPS detection system placed in the car, so beware: if you miss a payment, the car won’t start.

ATTITUDE is everything to getting approved for a car loan with BAD credit.

• The most important factor in getting any auto loan is the age and miles of the car. Low miles, good condition.  Be flexible about the type of car, color, brand and features.  A car loan under these circumstances is an opportunity to rebuild your credit while driving. The quickest way back on your feet, is to MISS A PAYMENT!
• When the BANK calls you, to verify the information on your credit application, employment and details of the car, be POLITE. 
• PLEASE DO NOT cop an attitude, the banker on the other end of the phone can turn the loan down if they don’t like or become suspicious about the VIBE you are sending… GOOD-BYE CAR LOAN, hello bus pass.

———————————————————————————————-

If you have any questions about interest rates, loan requirements or cars in general, feel free to contact me using the form below.  Sarah Lee is MyCarlady.
She has over 22+ years of experience.  She writes about cars, and is a staunch consumer advocate on car related subjects.
Call Sarah Lee for more information about how MyCarlady can help YOU! 702-521-7546
———————————————————————————————————————————————————————————–Sarah Lee is a 20 yr. automotive executive writing on all things car related. A huge consumer advocate for better car deals and manufacturer responsibility. This website and the information provided is fueled by donations. If you feel the information provided is helpful, please feel free to contribute by clicking here. Thank You for your support. SLM