Common Misconceptions About Bad Credit Auto Loans

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  2. Common Misconceptions About Bad Credit Auto Loans
When it comes to getting approved for an auto loan with less than perfect credit there are going to be some road blocks that will stand in your way. There is no doubt in anyone's mind about that, but there are going to be some common "truths" that are actually not true at all or at least not completely true. What I mean by that is that there will be some various opportunities that you have, some may hold true when it comes to bad credit while others may not. Basically you will want to make sure that you do know all the facts that you need for your specific situation and also it just makes you feel much more comfortable with the whole situation knowing that you are well informed.

False Truths

Misconceptions about Bad CreditHere are a list of some common things that people think are just simply impossible to accomplish when it comes to getting used car bad credit deals in today's world:

  • Can not get approved after a bankruptcy
  • Can not get approved with no credit score.
  • Must have a cosigner.
  • Previous repossessions will make future loans impossible.
  • Trade equity is not usable as a down payment.
  • Financing with bad credit is not possible.

These are some common things that are thought to be true but in fact either are completely false or are just going to be situational. Most are just some situational facts like many things when it comes to looking for an auto loan, but it is good to be aware of what may hinder your progress in applying for financing.

What Will Hurt Me?

Now out of the previously listed problems there are some high chances that a lot of them can hinder you if you apply at just your local bank. If on the other hand though you get help through us by filling out an auto loan pre approval application things can be much easier. We are affiliated with dealerships across the country and we make sure to help get you the absolute best deal even in the bleakest of situations. Keep in mind that all of the above factors are false as a blanket statement. Sometimes they will be true, but there will always be situations in which you are able to get approved even after dealing with some of those issues.

The most important thing that you need to be aware of is to not lose hope. Make sure that you know you and your situation very well and that you have make sure to do your research. As long as you know that there is potential for you to get approved it will definitely happen for you. So if you feel that you are ready to give it a shot get started today! We have helped thousands and would love to give you assistance as well!

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Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada