When you complete a car loan application with Auto Credit Financial we submit your application to the lenders we know will consider your application. Not every lender is the same and they consider each of the following five factors when making their decision.
The 5 Factors That Keep Lenders Up at Night
1) Capacity – Can you afford to pay back the loan? How much can you afford to pay every month without causing more problems for you? What else do you owe? How much do you owe every month? The lender will tell Auto Credit Financial how much they are willing to lend you and what the monthly payment will be. At this point Auto Credit Financial will be able to recommend the right car for your budget.
2) Capital – How much of your own money are you investing in the vehicle? When you make a down payment it shows the lender that you are willing to risk your money to get the vehicle. The lender will work with the down payment to reduce the monthly payment or the interest rate. The more you put down the better the rate and terms from the lender.
3) Collateral – When you borrow money to buy a car the lender makes the car the the collateral. The car has to be worth the amount of money you are borrowing. The lender may ask for a guarantee as a form of collateral. This is usually a co-signer who will have to make the payments if you don’t. The loan will be registered on your credit report and if you have a cosigner on the cosigners credit report.
4) Conditions – The lender looks at the purpose of the loan, in this case to buy a car. They will look at your employment history, the type of work you do and where you live. They will also look at Auto Credit Financial and their history with the lender. They will ask questions such as; Has Auto Credit Financial had a lot of complaints about poor quality cars? Did Auto Credit Financial offer a warranty as part of the sale? Can you buy an extended warranty on the car from Auto Credit Financial? Has Auto Credit Financial got experience helping people with credit problems?
5) Character – Lenders look at your character and that means your credit history and how come you have run into credit problems. They want to know what your story is and what you have done and are doing to improve your credit. The impression you give Auto Credit Financial is important as well. Were you prepared with the paperwork you needed when you arrived at Auto Credit Financial? Do you have a driver’s license? Can you get insurance?
Getting a car loan when you have poor credit can be done if you work with the Auto Credit Financial. You want a reliable vehicle and we want to help you get one. To get started APPLY NOW.
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