Getting a car loan with bad credit.

When you go to buy a car and you have bad credit, you really need to be more prepared than the average buyer. You need to know first and foremost, what you can afford. Set a goal for yourself to NOT go over your spending limit on a vehicle no matter how sweet the deal seems. A bad credit car loan is going to cost you enough, better not get in over your head with a high car payment.

So first things first, check with the special financing department as soon as you get to the dealership. In most cases its better to call so you can pre-qualify and see if you can even find a bank to finance you.

To save you some time I’ve compiled a list of almost universal requirements to secure auto financing after bad credit or bankruptcy.

1. Length of employment: Most banks are always looking for at least 6 months of steady employment. Stability is one of the best things a bank sees after you’ve been through financial trauma.

2. Time at residence: Again the dealership is merely looking for stability here. They want to make sure you’re not hopping all over the country from house to house and from job to job. It seems silly, but it is a HUGE factor in getting car loans with bad credit.

3. Salary: They look for you to make at least 6 times the monthly payment of the vehicle (this figure is highly debated some say less, some say more) . If you’re making the big bucks, this isn’t always going to save you if you have a huge debt to income ratio.

4. Better spending habits: If you look like you’re trying to repair your credit on paper, more banks will be willing to take a chance on you. Make sure you pay all credit cards, and other loans in a timely fashion for at least 6 months before you intend to secure a bad credit auto loan.

Those are really the big four.

Many people find that they don’t quite meet those requirements but still need a reliable car to drive. My next stop was the internet. Finding an auto loan on line is much easier than doing it at the dealership because you can A: do it from home and B: submit to lots of banks with ease.

Lastly, if this isn’t working, you need to head to your local buy here pay here used dealership and get yourself a car loan with bad credit via in house financing. I hope this little guide was helpful, if you have any questions please feel free to comment!

Love and Regards!,

Jason P

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