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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

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Make Results Zipcode
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1999 Mercury Grand Marquis
1999 Mercury Grand Marquis
Price:
$4,850
Miles:
116,699
Offered by:
Summit Place KIA Mt. Clemens
Location:
43774 North Gratiot Ave.
Clinton Twp.
,
MI
48036
2008 Scion xD
2008 Scion xD
Price:
$9,175
Miles:
121,767
Offered by:
Summit Place KIA Waterford
Location:
2200 Elizabeth Lake Road
Waterford
,
MI
48328
2004 Saturn Ion
2004 Saturn Ion
Price:
$5,000
Miles:
95,038
Offered by:
Suburban Volvo
Location:
1975 Maplelawn
Troy
,
MI
48084
2007 Jeep Commander
2007 Jeep Commander
Price:
$8,490
Miles:
170,957
Offered by:
Suburban Volvo
Location:
1975 Maplelawn
Troy
,
MI
48084
2000 Lexus ES
2000 Lexus ES
Price:
$8,995
Miles:
61,322
Offered by:
Meade Lexus
Location:
28300 Northwestern Highway
Southfield
,
MI
48034
2008 Dodge Caliber
2008 Dodge Caliber
Price:
$8,590
Miles:
66,381
Offered by:
Troy Honda
Location:
21835 Maplelawn
Troy
,
MI
48084
2006 Ford Five Hundred
2006 Ford Five Hundred
Price:
$6,990
Miles:
112,707
Offered by:
Troy Honda
Location:
21835 Maplelawn
Troy
,
MI
48084
2008 Honda Civic Sdn
2008 Honda Civic Sdn
Price:
$8,718
Miles:
131,863
Offered by:
Troy Honda
Location:
21835 Maplelawn
Troy
,
MI
48084
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
2004 Hyundai Elantra
2004 Hyundai Elantra
Price:
$5,290
Miles:
98,371
Offered by:
Bob Maxey Ford, Inc.
Location:
1833 E. JEFFERSON AVE.
DETROIT
,
MI
48207

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