Magazines and newspapers publish car loan research studies daily. Each study tries to provide an instant solution to bad credit problem. Few studies may suggest you to seek help of a consultant while others may advise you to pay off all your debts. But, freedom from bad credit problem is not very easy. It takes time because there are no instant results. However, there is an alternative for getting a car loan with bad credit history. It is called “Instant Bad Credit Auto Loans.”
What are the Benefits of Instant Bad Credit Auto Loans?
Here’s why instant bad credit auto loan program is beneficial for car buyers with bad credit problem:
>> You can obtain quick car loan approval without any trouble of credit history
>> You can get affordable interest rates and enjoy a fair chance of improving your credit score
>> You can fulfill your car dream easily because the loan program is available across United States of America
Now that you have understood the benefits of getting instant bad credit auto loans, it is time to move ahead. Let’s get answers to the most common questions that you may have in your mind.
1. How to get instant approval on bad credit auto loans?
It is very simple to get instant approval on bad credit auto loans. You need to be at least 18 years old for submitting the loan application. Your gross monthly income should be $1500 or more than that. Also, there should not be bankruptcy or repossessions in your recent past.
2. What should I do if my credit score is very poor?
Don’t take tension if you have a very poor credit score (i.e. your credit score is below 580). Instead, you should focus on convincing the lender. You can show copies of recent pay-slips or provide Employment Verification Letter to the lender. It will help the lender in judging your current financial situation. You can even get a co-signer or down payment to strengthen your loan application.
3. How much down payment is required for instant bad credit auto loans?
Down payment lowers the loan amount and so, it is ideal for car buyers. It is even better for a bad credit borrower because it manifests his/her stable financial condition to the lender. If you have bad credit score, you must manage a minimum of 10% down payment. Remember that if you increase the down payment amount, your approval chances will also increase.
4. Do I need to bring a co-singer for singing the auto loan contract?
A co-signer is not compulsory for getting approval on instant bad credit auto loan program. But, it is advisable to have one. If you have someone with a good credit score as your co-signer, the lender will have no tension of getting back his/her money. So, he/she will approve your loan request easily.
5. Will a dealer or lender approve my loan application?
Lenders and dealers have different approval criteria. Traditional lenders are very strict in approving loan applications. They don’t approve loan requests of bad credit car buyers.But, dealers have no problem in providing loans to people with troubled credit history. So, usually a dealer will offer you a bad credit auto loan quote.
Don’t worry if a dealer approves your loan request. It shouldn’t matter who approves your car loan application. You must focus on the loan details like the loan amount, interest rates, fees and penalty. It will help you in choosing the best instant bad credit auto loan program.
So, this is what you need to know about instant bad credit auto loans. I hope this article solves all your doubts.
All the best for your loan! Hope you get instant approval!
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Car Destination offers instant bad credit auto loans. It has experience of helping people with bad credit history. So, apply without any worry. Fill the secure car loan application today.
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