If you find yourself with less than perfect credit, you are not alone. In today's economic situation and with the unemployment levels has high as they are, many people find themselves in over their heads. For many, their credit scores have suffered and this can create a less than perfect situation when trying to get a car loan.
If you are in this situation, this article will explain how to get a car loan with bad credit. Fortunately, with the change of times, there are more car dealerships and auto brokers that offer programs for those with less than perfect credit.
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Begin by locating a local car dealership or auto broker that offers special financing on car loans. Because not all auto sales establishments offer this service, this will be the first question you should ask when you contact the dealership or broker. Don't assume just because the dealership sells cars they will be able to help you with your low credit score. Don't take this personally, just move on to the next place until you find someone who can help.
Once you have established a car business that works with those with bad credit it is time to collect some paperwork so the salesperson can get you pre-approved. Pre-approval will allow the dealer to work the program that makes sense for you and your specific situation.
For pre-approval you will need a few documents. These include the following:
*Proof of income - this would include a couple of your most recent paycheck stubs. If you have direct deposit, bring a bank statement that shows your monthly deposits.
*Proof of residency - this could be a utility bill such as your electric bill and maybe a cell phone bill that has your address on the statement.
*Valid state issued driver's license - this will be used for identification purposes.
*Proof of Insurance - bring along your current insurance car, the name and telephone number of your insurance agent.
*Additional helpful items may be your most recent taxes and a list of 3-5 personal or business references including their phone numbers and addresses.
Having these items ready will work to help get you pre-approved and could make the whole process a lot quicker for you and easier.
The next thing to do is take a look at the quality used cars the dealership or auto broker have available for those with bad credit. The best case scenario would be a vehicle that is 1 to 2 years old and has been driven anywhere between 25,000 and 35,000 miles. This will most likely be a good choice to ensure that the car is in good shape and will get you where you need to go.
You don't want to be stuffed into a cheap car that is going to break down and start costing you a lot of money to keep it going. Make sure the car has passed a safety inspection by a certified technician. You want to know exactly what you are buying. Also take a look at the history report to make sure the car doesn't have bad history that could cost you money. You don't want to buy someone else's problem.
Now, you are ready to sit down with the salesperson and sign the paperwork for your new car loan despite your bad credit. To best improve your credit score make all monthly payments on time.
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