In this article you will get an inside prospective on what happens when you try and get an auto loan approval if you have poor credit.
If you have credit problem, it doesn’t really mean that it’s practically impossible to get a poor credit car loan online. As a matter of fact, you can apply for an auto loan right online and usually find it pretty easy to get a fast approval. There are many auto finance banks out there offering all types of special programs for people with poor credit, even if you filed for bankruptcy within the last 7 years.
All you really need to give it a shot and apply is a little bit of personal information such as, current employer information, gross monthly income and in some cases the type of car you want to buy. Many applications online for bad credit car loans usually take about 2 minutes to fill out and complete and usually you can get an answer within minutes. It really can be that easy!
Because of what’s been happening in the US economy lately many banks understand that the rise in low credit scores has been something they could not avoid. Because of this, many banks have been lowering their criteria for getting an approval for a poor credit auto loan. Because you may not qualify for a good credit auto loan, more than likely you will be approved by a “Sub-Prime Lender” which in turn will give you a higher interest rate on your loan, but they will extend the credit to you and will assure that you actually get the auto loan you need.
The loan process is very simple. It can take the average person between an hour to a day to drive out in the car they choose. If you apply directly with an online bank, sometimes they give you a pre-set spending limit and you can actually go out and shop for a car at different dealers, negotiate like a cash buyer and possibly get a good deal. This can also be a bit time consuming.
Other times if you apply directly at a car dealership, they can get you approved and driving your new car within practically an hour or so. This is because car dealerships who specialize in special finance auto loans have access to a variety of lenders that they are connected to electronically, and can get a fast approval from a number of lenders literally within minutes. They will match you with the best deal, collect some loan stipulations such as pay stubs and references, and off you will go in your new car. It’s really that easy!
Author: Frank A. Williams Jr.This author has published 1 articles so far.