When you have bad credit getting a loan can be tough. Here are 6 things you can do to make it easier and increase your chances of getting a better deal.
1) Be able to explain why your credit has taken a hit and you had problems paying your debts. The lender wants to know if this is long term or something that will happen again. They want to lend you the money you need but they also want to be sure you can make the payments.
2) Be able to explain why things are different now. The lender wants to know if things have gotten better for you and that you are working on fixing things.
3) Include all debts when asked about what you owe. The lender will do a credit check and if there are debts you didn’t tell them about in the application they will be concerned about your trustworthiness.
4) Bring in your proof of employment and income, get a job letter from your employer, bring in your 3 most recent pay stubs. If you are self-employed file your taxes and bring in a copy of your most recent NOA (notice of assessment). The lender wants to know that you have a steady source of income and can afford to make the loan payments.
5) Be honest about your current expenses. The lender wants to know that making the loan payment won’t cause more problems for you. They know that you need insurance and operating expenses for the car you are getting.
6) Be prepared to get a co-signer if needed. It should be someone you know and trust. The lender may be able to offer you a better deal if you have a co-signer.
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