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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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2009 Dodge Grand Caravan
2009 Dodge Grand Caravan
Price:
$9,750
Miles:
98,867
Offered by:
Summit Place KIA Mt. Clemens
Location:
43774 North Gratiot Ave.
Clinton Twp.
,
MI
48036
2007 Pontiac G6
2007 Pontiac G6
Price:
$9,475
Miles:
69,653
Offered by:
Summit Place KIA Waterford
Location:
2200 Elizabeth Lake Road
Waterford
,
MI
48328
2009 Chrysler PT Cruiser
2009 Chrysler PT Cruiser
Price:
$8,750
Miles:
56,470
Offered by:
Summit Place KIA Waterford
Location:
2200 Elizabeth Lake Road
Waterford
,
MI
48328
2008 Mercury Milan
2008 Mercury Milan
Price:
$9,975
Miles:
72,027
Offered by:
Summit Place KIA Waterford
Location:
2200 Elizabeth Lake Road
Waterford
,
MI
48328
2009 Pontiac G3
2009 Pontiac G3
Price:
$8,775
Miles:
58,920
Offered by:
Summit Place KIA Mt. Clemens
Location:
43774 North Gratiot Ave.
Clinton Twp.
,
MI
48036
2004 Honda Odyssey
2004 Honda Odyssey
Price:
$9,995
Miles:
61,599
Offered by:
Location:
,
48034
2006 Ford Escape
2006 Ford Escape
Price:
$8,990
Miles:
134,325
Offered by:
Lasco Ford
Location:
2525 OWEN RD
FENTON
,
MI
48430
2006 Saturn Ion
2006 Saturn Ion
Price:
$9,990
Miles:
79,279
Offered by:
Lasco Ford
Location:
2525 OWEN RD
FENTON
,
MI
48430
2005 Mercury Sable
2005 Mercury Sable
Price:
$5,990
Miles:
71,533
Offered by:
Bob Maxey Ford, Inc.
Location:
1833 E. JEFFERSON AVE.
DETROIT
,
MI
48207
2007 Mercury Milan
2007 Mercury Milan
Price:
$7,985
Miles:
105,202
Offered by:
Blackwell Ford Inc.
Location:
41001 PLYMOUTH ROAD
PLYMOUTH
,
MI
48170

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