Everybody needs a car in order to get around. Unless you live in New York City, you have to have a vehicle to go to work and to buy groceries. But cars are too expensive to pay cash for, even used ones from the Sullivan Auto Group. Unfortunately, a lot of people have a hard time qualifying for a car loan these days. How can you get approved for a car loan with bad credit?
You Need Sufficient Income
Even if you had excellent credit, you probably wouldn't get a loan without proving how much money you earn. If you're working part-time at a fast food restaurant, you probably don't earn enough money to get a car loan, unless you have few expenses and very little other debt.
Sufficient income will make up for bad credit. After all, the lender is trying to make sure that you have the ability to repay them. A good credit score lets them know that you have paid other loans in the past, but if you don't have a job, then you probably can't pay anybody in the future.
Making a Down Payment
Most people with bad credit can't come up with the money for a down payment. After all, if they had extra cash lying around, they probably wouldn't have bad credit to begin with. Fortunately, there are still a few options open to you if you don't have a down payment. Maybe you have another vehicle you can trade in, or your dealer can give you a rebate on the car. Either one of those could potentially count for a down payment if you finance with your dealership.
Finance with the Dealership
Banks are less likely to finance a car loan for someone who has bad credit. But a car dealership like the Sullivan Auto Group doesn't mind repossessing a car as much because they know they can sell it again. Therefore, they're more likely to give you a loan than the bank.
ABOUT THE WEBSITE
At 123autoapproval.com, located in Roseville, CA, our Custom Finance Specialists are here to help you get the vehicle you want TODAY. Whether you have Bad Credit, No Credit, Bankruptcy, Collections, Charge Off's, Repossessions, Tax liens, Foreclosure, 1st Time Buyers. Let us help you get the vehicle you want TODAY! For more information or to apply with our credit application, call our Special Finance Hotline at1-866-515-8339. Our financial experts will help youbecome Pre-Approved, help you set up an appointment and even tell you the information you will need to bring in.
You Need Sufficient Income
Even if you had excellent credit, you probably wouldn't get a loan without proving how much money you earn. If you're working part-time at a fast food restaurant, you probably don't earn enough money to get a car loan, unless you have few expenses and very little other debt.
Sufficient income will make up for bad credit. After all, the lender is trying to make sure that you have the ability to repay them. A good credit score lets them know that you have paid other loans in the past, but if you don't have a job, then you probably can't pay anybody in the future.
Making a Down Payment
Most people with bad credit can't come up with the money for a down payment. After all, if they had extra cash lying around, they probably wouldn't have bad credit to begin with. Fortunately, there are still a few options open to you if you don't have a down payment. Maybe you have another vehicle you can trade in, or your dealer can give you a rebate on the car. Either one of those could potentially count for a down payment if you finance with your dealership.
Finance with the Dealership
Banks are less likely to finance a car loan for someone who has bad credit. But a car dealership like the Sullivan Auto Group doesn't mind repossessing a car as much because they know they can sell it again. Therefore, they're more likely to give you a loan than the bank.
ABOUT THE WEBSITE
At 123autoapproval.com, located in Roseville, CA, our Custom Finance Specialists are here to help you get the vehicle you want TODAY. Whether you have Bad Credit, No Credit, Bankruptcy, Collections, Charge Off's, Repossessions, Tax liens, Foreclosure, 1st Time Buyers. Let us help you get the vehicle you want TODAY! For more information or to apply with our credit application, call our Special Finance Hotline at1-866-515-8339. Our financial experts will help youbecome Pre-Approved, help you set up an appointment and even tell you the information you will need to bring in.
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