Fed up with being refused for an auto loan in Cambridge, MA? Who wouldn’t be.
Firstly, ask yourself if you have sensible goals as dictated by your monthly income, available cash, and overall credit score. Always remember the 20% principle: commit no greater than 20% of your income per month for your car or truck. This includes payment amount, auto insurance, routine maintenance, car repairs, and fuel. There are different options for you to get a car financed. Those that have a good credit score will be able to get bank or investment company loans. But what happens if you have adverse credit?
Since millions of people have below-average credit nowadays, ever more car dealers have begun to to accept poor credit in house.
Ever more dealers are approving bad credit in house.
While loan companies only make money through the monthly interest you have to pay, car dealers make money off of selling their actual inventory of cars and trucks. This means they’re able to deal with much lower credit scores than financial institutions without placing their business in danger of going upside down on their investment, even if applicants have been through:
- Unpaid Medical Bills
Auto dealers that can approve bad credit put less emphasis on your credit ratings than how much you make, a philosophy generally known as your job is your credit. That’s the reason you’ll be asked to offer proof of your wages or salary such as a bank statement or the previous year’s W2. You may not be qualified for all of the vehicles on the lot. This will be based upon how much you earn, how much you owe, and your finances. Remember, down payments are usually a requirement.