If you have less than ideal credit and are looking for a car loan, you may be struggling to find one. Consumers with bad credit have a much more difficult time finding car loans due to lenders becoming more stringent on the loans they provide.
Thankfully, there are hundreds of car dealerships that specialize in working with bad credit consumers. The struggle for most of us will actually just be finding the right dealership.
As a bad credit consumer, you need to understand that not every dealership will be willing to provide you with financing. Consumers with bad credit need to work with lenders that finance subprime auto buyers.
The lenders that work with subprime credit consumers are often in collaboration with special finance dealerships.
Most small-scale dealerships do not have their own finance departments. It helps to know which dealerships have their own financing department in order to avoid wasting time driving from dealer to dealer.
CrediReady is one of the world’s leaders in subprime auto financing. We have over 1,000 dealerships and lenders in our network that work with buyers in all credit situations. Within a single day, you can be approved for a new car loan!
Before the Hunt
Before you decide to go to your local dealerships, you should first take a moment to review your credit report and credit score. These are important to review since this will be the first thing any lender will look at on your application.
You can get your credit report for free, once per year, from the government mandated website www.annualcreditreport.com. Each of the 3 major bureaus: Equifax, Experian, and TransUnion are required to provide you with a credit report.
Although qualifications depend on your state and your lender, it’s always good to come to a dealership prepared. Most special auto finance lenders will require an income of at least $1,500 per month pre-tax.
A loan provider will also need a series of references along with residency history and a pay stub to show proof of employment.
If you are looking to buy a new car but are in need of financing, CrediReady can help. Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!