Can I Get an Auto Loan with Bad Credit?
Can I Get an Auto Loan with Bad Credit?
Posted on March 12, 2021
The short answer is yes. The longer answer that you'll want to pay attention to is slightly more nuanced. Keep reading to find out how you can get an auto loan even if your credit is bad thanks to bad credit car loans.
Here at Richmond Chrysler, we know the importance of owning a reliable vehicle. We also know that sometimes your ability to afford a vehicle comes down to whether or not you can get approved for an auto loan. Of course, applying for an auto loan will mean having your credit checked and not everyone has stellar credit. Luckily, bad credit auto loans exist so even if you have bad credit, you'll still be able to qualify for even a small loan towards your next vehicle.
How Can I Get a Bad Credit Car Loan?
We're so glad you asked. Typically, having low or no credit makes it nearly impossible to get approved for a loan. We say nearly because when it comes to auto loans, there's another way to get approved: your income. Usually, the minimum income you would need to qualify for an auto loan is $1,800 every month before taxes. Seems pretty reasonable, right?
Now that you're eligible for a bad credit auto loan, you'll need to have some paperwork with you to back up your application, specifically proof of employment and bank statements. It's pretty straightforward from there. We'll process the paperwork and get back to you with the amount you're approved for and from there you'll be able to start looking for your next vehicle.
Can I Get the Latest Model on the Lot?
Likely not. A bad credit car loan doesn't provide you with the funds for the fanciest vehicle on the lot but it will still get you a safe and reliable vehicle. Once you have your approval amount, head over to our used car lot and see what's on offer there. Don't worry, used doesn't mean you'll be driving some junker around, it just means it won't be the most recent year.
The best part about a bad credit car loan (other than being able to get a car, of course) is that making those modest repayments on time and in full helps your credit score. This means that one day you'll qualify for a larger auto loan so.