McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams
Bad Credit Car Loans Apply For Bad Credit Car Loans Bad Credit Car Loans Bad Credit Car Loans

Bad Credit Car Dealers Who Accept Bad Credit

There are a number of things to consider if you are looking for car loans bad with credit or car dealers who accept bad credit. Unlike a conventional car loan, bad credit car loans have a number of basic requirements that must be met in order to qualify for one. One other thing: don't fall for the web sites that tell you all customers will qualify for a loan. If these sites are working for legitimate lenders that will help you re-establish your credit, there are always minimum requirements that are required from lenders that include income, age and citizenship as well as employment.


5 Requirements From Dealers Accepting Bad Credit

The first requirement is income. For most bad credit car loans, the lender will require a minimum monthly W-2 (regular employee) income of $1,500 if your credit score is less than 640. This requirement addresses your gross income, meaning the amount you are paid before withholding and Medicare/social security taxes are taken out. Lenders require this minimum income so that you can afford a car payment and full coverage insurance in addition to your other bills.

This bad credit car loan income requirement are, if you will notice, for W-2 employees. This means that your employer furnishes you with a W-2 income statement at the end of the year that reflects the wages you were paid. If you receive a 1099 form (which means you are an independent contractor) or you are self-employed, the situation becomes much more complicated. Due to current economic conditions, most bad credit lenders will not accept anything other than W-2 employees. Those lenders that might consider self-employment income will only do so with three previous years of income tax statements that have been professionally prepared. You may even be required to furnish bank statements to support your stated income.

The next requirement is your employment, itself. As a rule, most bad credit car loan lenders will require at least one full year with your current employer as well as an additional two years of verifiable employment history.

A third requirement is your age and citizenship status. All bad credit car loan applicants must be at least 18 years of age and U.S. citizens. There are no exceptions to these two rules.

The next requirement has to do with the status of any bankruptcy filings. Again, as a rule, most lenders will require that all Chapter 7 bankruptcies be discharged. If you are currently in a Chapter 13, you must be at least half way through and obtain an order to incur additional debt through the court (this is accomplished through the trustee). But you should also be aware of the fact that in the current economic climate, most lenders want little to do with applicants that are in a current open Chapter 13.

The final requirement has to do with vehicle repossessions. You need to know that all lenders will look at any repossession in your credit history. If you have any within the past year, it must be included in a bankruptcy (this includes voluntary or involuntary repossessions). If you have a repossession that occurred before or after your bankruptcy, you will not qualify for any kind of car loan unless it's a buy here pay here car lot or tote the note dealer.

Those are the usual basic requirements for bad credit car loans. If you have any more questions, we have additional information on bad credit car loans as well as an SSL-encrypted car loan application that you can fill out in the privacy and security of your own home. We have helped thousands of qualified applicants with bad credit obtain reliable transportation and re-establish their credit at the same time.


Locating The Best Vehicles For Buyers With Less Than Perfect Credit

You're currently browsing used cars in the 48340 zipcode area. Enter your own zipcode below to find used cars near you.

Make Results Zipcode
Radius Max  

2010 Ford Focus
2010 Ford Focus
Price:
$7,900
Miles:
87,893
Offered by:
Page Toyota
Location:
21262 Telegraph Rd
Southfield
,
MI
48034
2008 Chrysler Town & Country
2008 Chrysler Town & Country
Price:
$7,604
Miles:
149,678
Offered by:
Jim Riehl's Friendly Chrysler Dodge Jeep
Location:
1515 S Lapeer Rd
Lapeer
,
MI
48446
2008 Chevrolet Impala
2008 Chevrolet Impala
Price:
$7,487
Miles:
96,516
Offered by:
Matthews Hargreaves Chevrolet
Location:
2000 E 12 Mile Road
Royal Oak
,
MI
48067
1999 Toyota Corolla
1999 Toyota Corolla
Price:
$3,800
Miles:
98,540
Offered by:
Page Toyota
Location:
21262 Telegraph Rd
Southfield
,
MI
48034
2006 Cadillac DTS
2006 Cadillac DTS
Price:
$5,988
Miles:
153,174
Offered by:
LaFontaine Used Car King
Location:
16555 SILVER PARKWAY
FENTON
,
MI
48124
2007 Chevrolet Impala
2007 Chevrolet Impala
Price:
$6,988
Miles:
157,719
Offered by:
LaFontaine Used Car King
Location:
16555 SILVER PARKWAY
FENTON
,
MI
48124
2010 Chevrolet HHR
2010 Chevrolet HHR
Price:
$7,588
Miles:
95,324
Offered by:
LaFontaine Used Car King
Location:
16555 SILVER PARKWAY
FENTON
,
MI
48124
2003 Dodge Caravan
2003 Dodge Caravan
Price:
$2,995
Miles:
177,961
Offered by:
Location:
,
48302
2003 Honda Accord
2003 Honda Accord
Price:
$4,595
Miles:
217,323
Offered by:
Location:
,
48302
2003 Honda CR-V
2003 Honda CR-V
Price:
$7,795
Miles:
116,056
Offered by:
Location:
,
48302

Used Cars With Bankruptcy


Has the time come for you to get into a reliable used vehicle, but there are some things that are standing in the way of your dreams of cheap auto financing and used car loans. Well some things that you may think that are holding you back should not be like having...

read more

Auto Sales For Bad Credit


Before any one who has some bad credit issues can proceed with the process of getting into a vehicle while working with dealerships that offer auto sales for bad credit, there are a couple things that need to be researched...

read more

Qualifying with Bad Credit Car Financing Dealer


The economy has forced a lot of auto dealerships to now offer bad credit car dealers financing. Not only is this good news for you if you have had past credit problems, but it's also beneficial for dealerships. With the loss of so...

read more

Advertisement
Advertisement