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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.

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2007 Jeep Commander
2007 Jeep Commander
Price:
$8,490
Miles:
170,957
Offered by:
Suburban Volvo
Location:
1975 Maplelawn
Troy
,
MI
48084
2008 Dodge Caliber
2008 Dodge Caliber
Price:
$8,590
Miles:
66,381
Offered by:
Troy Honda
Location:
21835 Maplelawn
Troy
,
MI
48084
2004 Chevrolet Classic
2004 Chevrolet Classic
Price:
$5,990
Miles:
79,494
Offered by:
Troy Honda
Location:
21835 Maplelawn
Troy
,
MI
48084
2008 Dodge Avenger
2008 Dodge Avenger
Price:
$9,333
Miles:
79,789
Offered by:
Jorgensen Ford
Location:
8333 Michigan Avenue
Detroit
,
MI
48210
2002 Dodge Dakota
2002 Dodge Dakota
Price:
$4,888
Miles:
120,534
Offered by:
Jorgensen Ford
Location:
8333 Michigan Avenue
Detroit
,
MI
48210
2003 Lincoln Town Car
2003 Lincoln Town Car
Price:
$4,995
Miles:
91,565
Offered by:
Jorgensen Ford
Location:
8333 Michigan Avenue
Detroit
,
MI
48210
2008 Chevrolet Impala
2008 Chevrolet Impala
Price:
$8,995
Miles:
85,872
Offered by:
Jorgensen Ford
Location:
8333 Michigan Avenue
Detroit
,
MI
48210
2003 Land Rover Discovery
2003 Land Rover Discovery
Price:
$9,950
Miles:
117,334
Offered by:
Select Motors
Location:
603 Amelia Street
Plymouth
,
MI
48170
2005 Dodge Stratus
2005 Dodge Stratus
Price:
$6,990
Miles:
121,645
Offered by:
Bob Maxey Ford, Inc.
Location:
1833 E. JEFFERSON AVE.
DETROIT
,
MI
48207
2003 Dodge Ram Pickup 1500
2003 Dodge Ram Pickup 1500
Price:
$5,995
Miles:
182,056
Offered by:
Jack Demmer Lincoln, Inc.
Location:
21531 MICHIGAN AVENUE
DEARBORN
,
MI
48124

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