| Financing a new or used car with poor credit is | | | | an applicants must earn at least $1200 a month. |
| feasible. However, there are ways to boost your | | | | Steady employment usually consists of having the |
| approval chances and possibly acquire a reasonable | | | | same employer for 90 days. Thus, avoid changing |
| interest rate. Do not enter the car buying process | | | | employers every two to three months. To prove |
| blindly. Individuals with good credit have many options. | | | | employment, auto loan lenders may request copies of |
| On the other hand, if your credit is bad, you must | | | | recent paycheck stubs. |
| search for a good deal. Here are four tips to help you | | | | Get Pre-Approved with a Sub Prime Auto Lender |
| obtain a car loan with bad credit. | | | | Before browsing the selection of vehicles at car |
| What is Your FICO Score? | | | | dealerships, attempt to get approved with an online |
| FICO scores range from 300 to 850. The lower the | | | | sub prime lender. These lenders help many people with |
| score, the higher the interest rate received on an auto | | | | bad credit obtain financing. There lending requirements |
| loan. Having a low credit score does not remove the | | | | are flexible; however, sub prime auto loans have higher |
| possibility of getting a new or used car loan. However, | | | | interest rates. If eager to buy a new car, accept the |
| a low credit rating will greatly affect the interest rate | | | | higher rate, and then refinance at a later date. |
| on these loans. | | | | Apply with a Co-Borrower |
| Before applying for an auto loan, obtain an online copy | | | | The easiest way to get approve for an auto loan with |
| of your credit report and score. If your score is below | | | | bad credit is to apply with a co-borrower. If the person |
| 600, consider postponing buying a car. Instead, devote | | | | co-signing the loan has excellent credit, this may justify |
| six months to improving your score. | | | | a better rate. Of course, there are risks to using a |
| Maintain Steady Employment | | | | co-signer. If the primary borrower becomes incapable |
| Along with credit report rating, auto loan lenders require | | | | of making regular monthly payments, the co-signer |
| applicants to have steady employment. Often times, | | | | becomes responsible for the loan. |