Complete Guide to Get a Bad Credit Car Loan
Obtaining a bad credit car loan from Car Loans of America is the fastest and easiest way for you to purchase a new car. We help many people with or without bad credit in getting the car loans that they need. Applying with us is easy and we can get you pre-approved immediately! Car Loans of America is the number one auto lender that provides affordable auto loans and auto financing for a car purchase. We provide same-day funding for potential car buyers of all credit types.
At Car Loans of America, we offer car loans for bad credit that are tailored to suit the needs of consumers who’ve found themselves in a financial bind. Our online auto loans with bad credit application is quick and easy with approval in just minutes of application submission! We work with a vast number of car dealerships throughout the nation ensuring you get the car you desire. Owning a car brings so much comfort and freedom than you can imagine!
Car Loans for People with Bad Credit: What you need to know
Getting the right car loans for bad credit from the best company is an important step. Knowing that the finance company that you are working with will help you even if you have a poor credit history. It can save you money, get you into the car of your dreams, and assist your financial future.
Where can I buy a car with bad credit?
An auto loan with bad credit from a trusted dealer is crucial and it’s important to know before applying for the car loan. Here at Car Loans of America, we are here to help you through the seemingly difficult process. Our customer service agents work around the clock to assist you with your car purchase. This makes it easier for our customers in getting their auto loans faster and into a car they want much faster.
Car Loans of America Specialties
Our specialty is helping people that other finance companies can’t or won’t help. This is particularly true for consumers who might not have the best credit at this time. Getting you the car that you want is our mission. Helping people rebuild their credit with our car loan program is easier than you might think.
By filling out our online application your new car loan is only a click away. Are you tired of getting the run around from other banks and financial companies? We here to provide you with first-class car financing and get you back on the road again.
If you have made mistakes in the past with your credit then do not at all worry! We work with clients that have had previous repossessions and bankruptcy. We can still get them financed, which is another reason that sets us apart from other lenders.
Working with us allows you to get the auto financing you need even with your previous mistakes in the past.
Remember, statistics currently show that nearly a third of Americans have a credit score lower than 601. This should give you a broader light on the financial situation you might be in as you’re not alone! There are a number of consumers on the market who don’t have the best credit scores and opt for a car loan to assist them with their purchase.
We’ve been providing consumers an auto loan with bad credit for over 20 years now and will continue to do so by assisting anyone who needs help! We know that encountering the financial stress that comes with purchasing a vehicle can lead to a car purchasing experience that isn’t the most pleasant. That’s exactly why we’re here for you and your auto loan needs.
When applying with Car Loans of America, it is very important for you to have a current job and proof of income. Our car loan calculator will then know how much to pre-approve based on your financial needs and input. When approving our clients our underlying guidelines have two key factors for an auto loan with bad credit:
Here is How it Works
First of all, you need to fill out the application on our website. We will need to see your proof of income, which can be your pay-stub. Proof of residence which can be a home utility bill going to your residence.
We will need credit information filled out authorizing us to run your credit. Providing us with five personal references. We will need the full names and addresses of all five people. You will also need to provide us with proof of insurance once you have been approved because the dealer will require it. We will also need to see a copy of your driver’s license to validate your identity.
The Necessity of Having Your Own Car
Having reliable transportation is truly a wonderful thing to have. By getting pre-approved for a bad credit car loan with us you can be closer than you think getting the car that you need. We make the whole process of car financing a simple and straight forward procedure.
You may not notice until you find yourself in that awkward situation. This fuels the desire for you to own a vehicle so as you can be at wherever you choose to, at any point in time.
You may not have the entire money needed to own a vehicle but if you have a down payment, you can own your car with more confidence. Showing up to a dealership to purchase a car with bad credit no money down will lessen your chances of approval.
With a car loan, it allows you to pay off your car with equal monthly installments. A car loan gives you the ability to own a car, truck or any other form of an automobile including vans. This is only made possible by Car Loans of America.
Buying a Car with Bad Credit? Get a Bad Credit Car Loan
An auto loan, otherwise known as a car loan, is a cash advance for the sole purpose of buying an automobile. American Citizens who have poor credit or have just experienced bankruptcy can now get bad credit car loans to buy the car of their dreams. The cash advance received from the bad credit car loan is used to purchase a car, vehicle, truck, or van you intend to buy.
However, this auto loan has equal installments to pay a stipulated sum of money monthly until the loan term is completely over. Amazing testimonies and positive reviews from our satisfied customers across the state is proof of our efficiency.
Among all other advantages of having your car financed by us are:
- Any credit can qualify. Good, poor or bad credit.
- Easy application and straightforward process.
- Flexible and negotiable payment terms and repayment duration. Friendly and effective customer service
- Convenient auto loan payment plan
- Zero hidden charges
- Competitive interest rates.
Bad Credit Car Loans Anytime – Fast and Easy
Our method of operation at Car Loans of America ensures that you get access to our products and services from the comfort of your home. The internet presence we offer makes it possible for you to handle and manage your loan request anytime and anywhere. Remember, having bad credit is not a problem.
With our very easy process, financing car purchase has become much simpler for everyone. Our requirements are convenient and are structured to suit potential car buys of all credit tiers.
It is easy for you to get a car loan hassle-free with less inconvenience and more positive experiences for our customers all around. Our auto loan with bad credit process has been designed to eliminate all the unnecessary bottlenecks and bureaucracies.
Offering the Best Online Car Loans in America
When applying for a car loan with bad credit, we are able to ensure that you get the car of your choice. This is possible because of our huge supply of dealerships scattered all over America. When looking for a particular car we work for over 30,000 dealers nationwide.
If you are looking for a particular car we are confident within our network of dealers. Within our network, we’ve been able to assist car buyers with there specified car needs.
We feel that you will be able to find the car you are looking for! With our help, you’ll get approval in a few minutes and you’ll be on the road in just a matter of days.
Our Online Car Loan Application
Getting a bad credit auto loan online through us is easier than ever. At Car Loans of America, our online car loan application is quick and simple. Most applicants are approved for their bad credit car loans in just minutes! This makes the online auto loan application process convenient and tailored to suit the needs of car buyers of all credit levels.
Applying with us through our online car loan application saves you time, effort, and you’ll know if you’ve been approved in a matter of minutes! Thinking of getting online car loans for bad credit and need a car? With Car Loans of America, you’ll be able to experience less stress and more peace of mind – and from the comfort of your own bed, nook, chair, sofa or bed! Feel relaxed, at ease, and confident before going into a dealership.
What You Need to Get an Auto Loan with Bad Credit
Getting an auto loan with Car Loans of America has become easier than anyone would have probably imagined. However, we will require some stipulations from you to provide you with our products and services. It is our intentions to help the millions of Americans own their personal cars. For this reason, our auto loans for poor credit requirements have been made very simple and straightforward.
These requirements include:
- Any authorized ID to validate your identity (we do not need your social security number).
- Proof of your monthly income
- Your permission and agreement to insure the car.
- Five personal references.
- An intent to buy a car or an automobile from our thousands of authorized licensed car dealer partners.
- You will also be required to file a credit application.
How Do Our Bad Credit Auto Loans work? – The Car Loans of America Experience
With Car Loans of America, you can easily get bad credit auto loans for a new or used car. It doesn’t matter whether you have been through bankruptcy or have never had any credit experience! We will still help you to get dealers within our network that can still help to fund the purchase of your dream vehicle.
It is easier for us to finance your car once you have been able to meet our requirements. Be it new or an old automobile, we make it easy for anyone to own the car of his or her dreams.
Buying a car with poor credit, truck, or a vehicle is now easier than ever with Car Loans of America. With our bad credit auto loans, it’s as simple as ABC. Our poor credit auto finance options can help you and your unique needs, regardless of the situation you’re currently in.
How to Get a Car Loan with Bad Credit:
If you’ve been wondering how to get a car loan with bad credit, you’ll need to start by getting an auto loan.
Step 1. Applying online is the first thing you have to do as this shows your interest to work with us. It does not matter whether you have good credit or bad credit. All you need to do is apply.
Our team of professionals will ask you some vital question. These questions are necessary to find the best option for you.
Step 2. The pre-approval which gives you the right to visit any dealership that is recommended by us and shop for a car like every other buyer will do. Usually, as we give you a pre-approval, we also give you a list of recommended dealerships in America that suits your needs.
Upon receiving a pre-approval, the next step is to find the right dealership that has the car you really want. Our dealers offer quality vehicles that reach our standard for mileage and age. The recommended list of dealerships facilitates the bad credit auto financing process.
Step 3. Getting the car of your choice. You only need to check carefully for the right car you want.
Bad credit or not, whatever car you desire to own, Car Loans of America can finance that dream. For more information, you can visit our FAQ page for more answers!
Getting auto financing with bad credit
One of the most important indices in qualifying at any traditional institution is having a good credit score. This is especially true when it comes to buying a car with bad credit.
However, Car Loans of America offers you the best bad credit car loans you can find. When it comes to vehicle financing, we provide our customers with the assistance needed to buy a car.
Banks and credit unions consider your credit score as a yardstick for your loan approval, but we don’t. Our focus at Car Loans of America is to give bad credit auto loan seekers the opportunity to purchase the vehicle of their dreams. Just the way qualified bad credit auto loans applicant who has a FICO score of 700 and above, you get to enjoy similar privileges and lower rates.
You can even get an auto loan at an APR as low as 6%, flexible loan terms and even loan check up to $20,000. Not everyone has good credit. But that does not mean that you cannot enjoy the life you truly desire with your bad credit.
In fact, if you are qualified but have poor or bad credit, you can still have a bad credit auto loan pre-approval with us. Either way, when approaching us, it is a win-win situation since you will leave our office satisfied and financed.
Funding Bad Credit Auto Loans with Car Loans of America
At Car Loans of America, there are no hidden fees! Plus, our interest rates are truly low and the application process is quick. In just a few hours after your application is approved, you will get the check! What more can be sweeter than that? Look no further than Car Loans of America! We will get you the best bad credit auto loans you need to sort those emergencies and individual needs.
With Car Loans of America, you can easily get an auto loan with bad credit for a new or used car. It doesn’t matter whether you have been through bankruptcy or have never had any credit experience. We will still help you to get auto dealers within our network that can still help to fund your vehicle purchase!
Understanding Your Credit Score
Whether you’re in the market to purchase a new car or plan on buying used cars with bad credit, your credit score will play an integral role while applying for an auto loan.
Even consumers on the market to purchase a house or those that want to apply for a credit card, too, encounter a credit check upon application. It’s best you take your time and understand what a credit score means, how to find out what yours is, and what type of auto loans for bad credit options are available to you.
What is a Credit Score?
A credit score is a three-digit number assigned to people that indicates to potential lenders their capacity to repay a loan. It plays a crucial role in your finances and your ability in getting a car loan with bad credit. Over time, this score becomes your credit history. It’s advised that you know what it is and the steps needed to establish, maintain and build your credit score.
If you’re a consumer seeking auto financing for bad credit, it’s highly likely that the auto lender will check your credit score prior to your acceptance or approval. When you’re buying a car, for example, an auto lender might use a credit score that places more emphasis on your payment history if you need a car loan with bad credit.
Those with higher credit scores usually receive more favorable credit terms. This may translate into lower payments and less paid in interest over the life of an account.
Is 500 a Bad Credit Score To Apply for a Car Loan?
The short answer is: Yes. However, you should never let your credit score define you! Just look at it like it’s an opportunity to truly get your finances back in order. Your credit score can be a benchmark that’ll help you get an auto loan with poor credit.
Here’s how credit scores are broken down according to Equifax:
- 800 – 850: Excellent
- 740 – 799: Very Good
- 670 – 739: Good
- 580 – 669: Fair
- 300 – 579: Poor
There are a number of different scoring models plus additional data, like your income, when calculating a credit score.
Plenty of options are available to consumers looking to obtain an auto loan for bad credit. Doing so can help you rebuild your credit score and get you into the car of your dreams sooner than later!
Remember, everyone has different financial and credit situations. Various lenders in the auto industry may also have different criteria when it comes to issuing credit/loans. Car Loans of America looks at a number of factors when issuing auto loans, and bad credit isn’t necessarily the top factor when making a final decision.
Take pride in car ownership and get a car loan with bad credit score today! It’s an open door to enhance your future and take you places you’ve never been before! It’ll give you the opportunity to experience what car owners have that some people don’t get to experience without one.
My credit score is 500 and I need a car now. In terms of auto loans for poor credit, what are my options?
Those in the poor credit score tier should know that there are options available to them from multiple sources.
Ideally, when you’re in the market to get a car with bad credit, you’ll want to be in a financial state of stability and overall awareness. Having a grasp of your finances and your credit prior to getting approved for a car loan with bad credit can truly assist your approval from a lender.
If you’re a subprime auto borrower with a score 500 and below, you can expect to pay about five times more for new car loans with bad credit.
A Larger Down Payment Get an Auto Loan With Bad Credit
The first option that will likely get you into a vehicle quickly and with less hassle is a hefty down payment. Even if it’s 500 down, a down payment can solidify your chances of obtaining the car you truly desire. It, too, will ultimately lower the price of the vehicle and lower your monthly payments altogether. This will put you in a better position when securing a car and an auto loan with poor credit.
The Used Car Bad Credit Option
The alternative is to consider used car loans for bad credit. This option gives buyers/borrowers to get a car loan at a lesser price than that of a new car loan. Buying used cars with bad credit is ideal if you simply can’t afford a larger loan to assist with the high price for a new car.
Improving Your Credit Score Will Give You More Auto Loan Bad Credit Options
There are car loans for people with bad credit, however, it’s highly advised you make an effort to improve your credit score if it’s around 500. To do so, ensure you at the very least begin to pay off your debts. Lessen the missed payments and start by paying a little more than the minimum on-time, every month.
Once you start searching cars for people with bad credit, be sure to get quotes from multiple auto lenders. This holds true when it comes to refinancing auto loans and car repossession, too! The aim here is to get the lowest rate possible. A small difference in interest rate can definitely have a significant impact on the amount paid over the life of your loan.
Can an Auto Loan with Bad Credit Benefit My Credit?
Did you know that applying for a bad credit auto loan can help consumers rebuild their credit scores? It’s true! But it takes time, research, financial awareness, and patience. Here’s how it can help you:
- Obtaining Poor Credit Auto Loans can add depth to your credit history. Almost like a credit card, bad credit auto loans offer consumers a borrowed lump sum that will appear on his/her credit report. Adding depth to your credit history is crucial, especially if it’s currently nonexistent.
- Once you receive your car loan, you’re now in a position to leverage your payments to your favor. Ideally, you’ll want to pay more than just the minimum amount monthly. Aim to pay off your loan early, but give yourself some time to pay the auto loan back over an agreeable period.
- Paying more than your monthly minimum for bad credit auto loans will slowly, but surely, increase your credit score. An auto loan with bad credit gives you the opportunity to rebuild your credit score as long you’re paying it back on time.
- Auto loans for bad credit also give consumers the chance to own a car. Car ownership gives you leverage down the line when financial stresses occur and look good overall with your credit rating.
As mentioned, obtaining poor credit car loans for the purchase of a vehicle can enhance your credit score for the best. With our bad credit auto loans, we also help you rebuild your credit over time!
Car Loan Calculator
Before you proceed to get a car loan, it is important to use our car loan with bad credit score calculator to estimate the car financing deal that will fit your specific credit score. This enables you to estimate the entire value of the automobile you intend financing.
Also, the car loan calculator enables you to get a car loan with bad credit that will conveniently fit into your budget. Our car loan calculator enables you to understand the effect of interest rates and loan terms on your monthly payments. Some important information is needed to estimate the right option for you.
The necessary data that will be required for your car loan includes:
• The loan amount which refers to the amount of money you are borrowing
• Loan term which refers to the duration of the loan
• The Annual Percentage Rate (APR)
Once you have this estimate it is easier and faster for you to shop for the right vehicle.
As you would have already understood the entire financial terms involved in the deal.
The Best Bad Credit Auto Loan Terms
At Car Loans of America, we do our best to work with you! We do so by employing the best hands so as you can effectively see out the bad credit auto loans terms and conditions.
Our knowledgeable staff will ensure that you’re getting the best auto loan with bad credit deal that suits your financial situation. We thoroughly will go over all of the paperwork prior to you signing anything. Our goal is to make sure that our customers are knowledgeable and aware during the entire process all while providing outstanding customer service team!
For more information please visit our blog for helpful tips! Our blog is filled with information that’ll help you save money and get a vehicle fast. We’ve been in business for over 25 years and have over time become the best place to get an auto loan with bad credit.
Where can I get a car loan with bad credit?
We at Car Loans of America, look forward to helping you get bad credit auto loans for your vehicle. We offer the best bad credit auto loans rates and repayment terms you can find around. With locations all throughout the United States, our exceptional customer service and bad credit acceptance are what sets us apart from other lenders.
As stated in our name; we service locations all throughout the United States! A few of Car Loans of America’s major locations that are serviced include Los Angeles, San Diego, Chicago, Houston, New York, and Miami.
Do you want bad credit car loans at an affordable APR? Get your Car Loans of America auto loan today! Getting an auto loan with bad credit inches you that much closer to owning your own vehicle!
America’s Largest Network of Bad Credit Car Dealerships
We, at Car Loans of America, have the largest selection of bad credit car dealerships throughout the entire county. With a vast network of over 3,000 new and used car dealerships, finding the car of your dreams is easier than ever! We’re here to assist you and ensure that your car buying experience is top-notch. If you’re looking for a bad credit car dealership that’ll help you regardless of your credit score, then look no further. Getting connected to one of our bad credit car dealers will ultimately get you into the car you’re looking for sooner than later.