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Your Bad Credit and Its Impact in Getting a Car Loan 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 frustrated, because provided you meet some criteria, auto loans for those with poor credit can still be obtained. We will present here the definition of this type of loan and will lead you to how you can get it. Let us define first a car loan for people with bad credit standing. 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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On the other hand, know that you cannot get a bad credit auto loan if you do not have a permanent job and just work part time, if you cannot show proof of income, and if you had a recent 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. 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. 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. 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.