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How Can You Qualify a Car Loan With a Bad Credit Some of us have bad credit and this will affect if you want to get a car loan. Do not be frustrated, because provided you meet some criteria, auto loans for those with poor credit can still be obtained. There are some information about this kind of loan and some pointers so that you can avail of it. Let us define first a car loan for people with bad credit standing. An auto loan is for those individuals who are finding it difficult to get a loan through the traditional ways. The criteria for you to be able to obtain a bad credit auto loan are that you should have a low credit score, have filed bankruptcy, you have a low income level, no funds to pay down payment for a car, and had a history of a car repossession in the past.
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Be informed also that you cannot obtain a bad credit auto loan for the following reasons, and these are if you do not have a permanent job, if you are unable to show proof of income, and if you underwent recently a repossession.
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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. It would help also if you have a working phone number and a utility bill or credit card statement that will show proof of residency. Depending on some circumstances, you are asked to demonstrate proof of your income in a bad credit loan. Example of your proof of income would be your payment stub and your previous tax return so the lender can validate. If you are self employed, you can make your proof of income the tax returns in the past years, and you can ask a professional tax preparer to do it for you, and the person will make a document showing the profits you made. Generally, dealers will not assist funding an auto loan if the car is beyond seven years old. It is advisable to get your bad credit auto loan through a franchised dealer because of the high standards they uphold. When your loan is already funded by this dealer, they would later assign your loan to a finance company. Be informed also that if you buy your car from a so called buy here/pay here car dealer, a third party payment processor will usually service your loan.