Bad Credit Auto Loans – Bad Credit Car Loans Blog

Helpful tips and information about bad credit auto loans, bad credit car loans, car loans after bankruptcy, and first time buyer car loans

Can I Get An Auto Loan After Bankruptcy?

May 1, 2011 No comments

If you’ve had a bankruptcy, you may have had a traumatic experience. With all of the new laws in place, it can be a difficult process. What you don’t want is more difficulty after your bankruptcy in anything. If you are in need of a car, you may have wondered “can I get an auto loan after bankruptcy?”

Getting an auto loan after bankruptcy can be just about as easy or as hard as you make it. Aside from the bankruptcy, certain things will always need to be in place to qualify for a loan. If you don’t have those, you wouldn’t get a loan in any situation. Those things are, being able to borrow money legally, an income or money to pay the payments, and enough income to afford your payments without getting into a high debt ratio (over about 50% of income).

If you’ve got all of those things then all you need to do is contact a special finance manager to discuss your next steps. Almost everyone, (even with a bankruptcy) can qualify for an auto loan under the right circumstances. Special finance managers can help your through the process and get you started on the path to credit repair. New Start Auto Loans can match you to a special finance manager in your area that is familiar with circumstances like your and let you know what to do next. To get started, just click on the link below then complete the easy two part application.

 

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Auto Loan After Bankruptcy

Car Loan After Bankruptcy

March 21, 2011 2 comments

If you’ve had a bankruptcy recently, you may have a lot of questions. Can I get a car loan? What do I need to do to find a dealer that can help me? What can I do to prepare?  You can get a car loan after bankruptcy, and we can help!  Here are some tips that can help you get a car loan after bankruptcy.

  • Getting your first car loan after bankruptcy is about rebuilding your credit.  keep in mind that you probably won’t get Car Loan After Bankruptcyprime rates or the best finance terms.  You can greatly increase your chances of getting approved by getting matched to a finance manager with New Start Auto Loans but don’t lose sight of what you need to do.  When you talk to a finance manager, keep in mind that you need to get your credit back on track and that is most important.  Consider getting into something that you can start with a good equity position.  To get a strong equity position you can put money down.  If you look at inexpensive cars, you can gain a good equity position easier and with less money up front.
  • Gather up your important documents.  Your finance manager will need you to bring in proof of income such as most recent check stubs, child support statements, or social security award letter.  Get copies of your phone bill and utility bill.  You will also likely need references, you should have name address and phone number.
  • Apply with a company who can match you with a local finance manager that can help.  New Start Auto Loans has a network of finance managers and dealerships that have special programs to help people get a car loan after bankruptcy in the United States and Canada.

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Auto Loan After Bankruptcy

Repossession on credit report?

February 14, 2011 No comments

Will A Repossession show up on my credit report?  If you’ve had a repossession, odds are, it will show up on your credit report making it tricky to get another auto loan.  Credit bureaus report information that is provided to them by any company that is signed up do report to them.  If you bought your car at a buy here pay here lot or have your loan at a small local bank, they many only report to one credit bureau or none at all.  This could drastically reduce the chances of it being reported on your credit file.  Anyone trying to trick the system by using one of these however, may find that the repossession is still listed.

If you have had a repossession, you are likely out of a car and need to find one.  The best thing to do, rather than go to your local dealer, is to find a special finance program that is familiar with finding auto loans for people that have bad credit.  New Start Auto Loans has a dealer network all over the United States and Canada and can match you to one in your area.  To Find a special finance program, just click on the link below to get matched today.

Get An Auto Loan After A Repossession

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Do I Need Credit To Get A Car Loan?

February 14, 2011 No comments

Millions of people become old enough to drive every year. Unless you want to drive a $500 beater, you will need to get a car loan. So, do you need credit to get a car loan? If you go to your local dealership and pick out a cool car and then just try to finance it with no credit, you might find that the dealer is asking for a co-signer, a co-signer is usually someone who has established credit and will sign on with you to give the bank some credit history to gauge reliable payment history.

If you don’t have anyone to co-sign, you may think you are out of luck. The first problem with this scenario is that most dealerships don’t have a first time buyer program. A first time buyer program is for people that need a car loan but have limited or no credit.  These programs are specifically designed for people who are just starting out and need a loan but don’t have a co-signer.

Getting a loan for the first time can seem like a scary experience. You don’t know what to expect, you don’t know how it works. New Start Auto Loans has teamed up with dealers that have special programs for first time buyers who can guide you through the process.  To be matched with a dealer that can help, just click on the link below and complete the easy two part application.

First Time Buyer Program

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Bad Credit Auto Loans In Canada

February 12, 2011 No comments

New Start Auto Loans has expanded its programs once again and can now offer Bad Credit Auto Loans in Canada.  If you live in Canada you can be matched to a finance manager in your area that has special programs for people that have limited credit, no credit, bankruptcies, repossessions, collections, or just plain bad credit.  To be prepared for an auto loan, you will need to do a few things.

  1. Gather up all of your information.  You will need:
  • Phone Bill
  • Utility Bill
  • Check Stubs or proof of income such as award letters, pension statements, child support etc.
  • 5 references, name address phone number.  Can be friends, relative neighbors.

2.      Determine what monthly payment you can afford.  Usually the bank won’t allow anyone with bad credit to have over   a 55% debt ratio (55% of your income in total credit payments like home, credit cards, other loans.  Usually they will allow between 12 and 18% of your gross monthly income for a car payment

3.      Get matched to a local finance manager that has special finance programs for people with bad credit.  Just click on the link below to complete the easy two part application.

Get A Bad Credit Auto Loan In Canada

Bad Credit Car Loans In Canada
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How Much Money Do I Need To Make To Get A Car Loan?

February 2, 2011 No comments

Car loans come in all shapes and sizes. If you’ve never had a car loan before you may be wondering how much money you need to make to get a car loan. I couldn’t tell you how many banks there are in the United States so I can’t tell you how many different programs there are available to people that want to buy a car.  Usually, banks will set a maximum monthly payment based of gross monthly income; some banks us net income and will even deduct for expenses.

Many lenders will set a monthly income minimum based on the fact that most people have given expenses.  Since most people pay for food, utilities, rent, etc. you will need at least that much just to survive.  If you add in a car loan, you will need to make at least those plus your car payment, gas expenses, and car insurance.  The lowest minimum income I have seen is $1,500 a month.  If you make less than that it will be tough to pay for all of these bills and expenses.  Some special finance managers do have programs for people that make less than $1,500 a month but in general if you make less than $1,500 a month it is best to get someone sign on as a co applicant.

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How Much Will I Need To Put Down To Get A Car Loan?

January 31, 2011 2 comments

People that have bad credit and need a car loan may be required to put money down to get approved. How much will you need to put down to get approved? Each situation is different. If you have bad credit, or any type of credit for that matter is, put as much down as you can.
Some people don’t realize that no matter what your credit is, you can benefit from money down.  Money down can affect your interest rates, monthly payment, and even if you get approved or not.  In ideal situations, lenders like to see about 25% down.  This will usually get you to an equity position that is desirable and will help reduce negative equity if you decide you need to trade your car in or sell your car.Down Payment For A Car Loan

When looking for a car loan, a thousand dollars is a good start; however, if you can put $2,000 down this will increase your odds of getting the loan terms you need and reduce your monthly payment.  Since car loan prices vary there is no set guideline aside from the 25% rule.  Simply put, use as much money as you can for a down payment and you will be better off.  If you don’t have anything to put down you may still be able to get a car loan but prepare to be more flexible on your car choices and finance terms.

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Do I Have To Go To The Dealer To Find Out If I’m Approved?

January 31, 2011 No comments

Do I Have To Go To The Dealer To Find Out If I’m Approved? This is a question I have heard over and over again. The answer though may not always be in black and white. Usually, if you have a very uncomplicated situation like W2 wages (that’s with traditional check stub) and no other form of income, have a set amount down and are open to what works best to get approved, your finance manager will be able to tell you right over the phone if you are approved or not. The complication comes in when their are variables.
Variables to the equation can be things like, you are picky and won’t take most cars, in this case you will need to go to your finance manager or dealership to see and drive each available option; you have income that’s not so simple. This income could include, child support, social security, disability, pension, self employed income etc. Or you are not sure what vehicles might work out.
The first thing you need to do if you have bad credit and need a car loan is ask your finance manager if they have special finance programs. Using a special finance program is the best way to ensure that you will be approved for a car loan with bad credit. If you end up having to go to your local special finance manager and giving them your documents up front, it won’t be the worst experience in the world, just have patience, realize it is their job to get you a car loan and they will work hard to do that.  If they don’t get you approved, they don’t get paid.

How can you make sure you are talking to the best special finance manager with programs to help?  New Start Auto Loans has a network of special finance managers in most areas to match you to a car loan today.  To get approved for a car loan click on the link below.

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