Tips for Getting Auto Loans Approved, Even with Bad Credit
When it’s time to look into purchasing a new car and you think that a used car is the right option for you, there are a few factors that come into play in order to come up with the finances in order to get approved for a loan. Are you prepared enough to walk into the dealership to apply? Don’t go in blindfolded! Read up on the Drive Now expert tips on the bad credit auto loans Arizona has in store for you, hassle free!
When someone with bad or low credit is looking to buy, there’s no doubt that there will be limitations on options for a good deal on a used car. Be sure to keep these tips in mind when looking into approval from bad credit auto loans Arizona dealerships.
1. Credit Score Matters
Your FICO score, also known as your credit score, will range from 300 to 850. For those are the lower end, you’re in bad credit territory and will most likely have trouble landing any approval for a bank or third party loan. For most, those options are completely out of the question. That’s where Drive Now comes in! Our team will help you land the best deal possible, no matter what your credit is. However, where credit scores come into play in any situation is with interest rates. With Drive Now, we will negotiate a rate that suits your budget and will help build your credit score back up. Now what other bad credit auto loans Arizona dealerships can do that for you?
2. Sub-Prime Car Lender Approval
A top option for getting loan approval involves getting pre-approved with a subprime car lender. These lenders can help you get a loan for your next vehicle even with little or no credit to your name. However, with this option, interest rates typically are higher.
3. Employment Length
Not a lot of people know this, but lenders often take into account how long you’ve worked for your current employer. This shows your commitment and good work ethic. Consistency is key when deciding factors for a loan. Having a history of steady employment will only get you better or more options to choose from. It’s a good idea to plan on bringing paycheck stubs into your auto loan approval meeting.
4. Co-Signed Loan Applicants
This route is a simple and easy way for you to gain loan approval even with little or bad credit. Finding someone trustworthy with good credit to co-sign an agreement with you will make it a lot easier for you to get the best interest rate possible. However, if you are unable to make your payments in contracted time, your co-signer will be held responsible for taking over your loan.
Do any of these loan options stand out to you? If you want to learn more about any of these options, be sure to contact the experts at Drive Now. In addition, if you don’t think these options would work for you, contact us to learn more about our bad credit auto loans Arizona program by filling out the form to the right to get the ball rolling on your Drive Now application today!