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Can You Obtain an Auto Loan Even with Your Bad Credit? Some people are interested to get an auto loan but have a bad credit. If you have a bad credit record, this could affect your chances in getting an auto loan. Do not be dismay because you can still get auto loans even if your credit is bad provided you meet some requirements with this regard. Here are some information about this kind of loan and some guidelines on how to obtain one. Let us answer the question first on what is this auto loan for bad credit. An auto loan for bad credit is for people who cannot secure a loan through the conventional means. You can get a bad credit auto loan if you have the following condition, like you have a low credit score, you have filed for bankruptcy, you have a low income bracket, you have no money to deposit for a car, and had a car repossessed in the past.
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However, know also that getting a bad credit auto loan would be disapprove if you do not have a job that is permanent and only a part time one, if you cannot present proof of income, and if you had repossession lately.
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Getting a bad credit auto loan would require you of the following, like you must be at least 18 years old, you have a monthly income at a minimum of $1,500, you are at present residing in the U.S. as a citizen, and you have a full time employment that will assure of a fixed income that can cover the term of the loan. On top of these, it is helpful if you have a working phone number and proof of residency that can be shown through your credit card statement or utility bill. A proof of income is usually asked in getting a poor credit auto loan depending on circumstances. Example of your proof of income would be your payment stub and your previous tax return so the lender can validate. For those who are self employed, you are still asked for a proof of income and you can do this by gathering your tax returns at least in the past three years, and this can be done by getting a professional tax preparer showing a form with profits you made. Generally, dealers will not assist funding an auto loan if the car is beyond seven years old. Your bad credit auto loan can be funded through franchised dealers, since they usually are the ones who can give at a higher standards. Be aware that loans that are granted by these dealers will usually forward it to a finance company. Be aware also that a third party payment processor will service your loan if you buy your car from a so called buy here/pay here car dealer.