High risk auto loans, sometimes called bad credit auto loans, special finance auto loans or credit reestablishment loans, are auto loans made to customers that have either no credit history, a FICO score below 650, or other blemishes on their credit report that would cause a conventional lender to turn them down. A customer that is a high risk to the lender will have less options to finance a car. High risk credit customers may need help securing auto financing. If you are a customer that has bad credit, you are likely considered a high risk to lenders and should get help from a special finance manager. Get A High Risk Auto Loan Today!
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Written by Chet Pepper about 1 year ago.
A fico score of 620? I thought a score of 550 or higher was good credit. How high does the scoring sytem go? How low?
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Written by Carl Clark about 3 months ago.
hello,
I have started a LLC in Montana and I have excellent credit. Myself and my wife are the members of the LLC.Is an LLC considered a high risk loan?Isn’t a loan approved or disapproved by one’s credit score and history or does being an LLC have different lending rules?
Thanks
Carl Clark -
Written by admin about 2 months ago.
Carl,
There are a million and one lenders out there. Each lender has different programs. How the bank looks at your self employed income depends on which program you apply for. If you have good credit, it will be much easier for you to get an auto loan with self employed income. Any finance manager that is worth his salt should be able to get a good credit customer that is self employed an auto loan as long as no other negative factors are dragging you down. A negative factor might be negative equity in your trade, trying to barrow a lot more than a car is worth, or you have no proof of your income. If you have bad credit or if you are a first time buyer, you may have more difficulty and need to seek the assistance of a qualified special finance manager.
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