Posts Tagged ‘Credit Report’

Poor Credit Car Loans – Learn the 4 Cs for Quick Approval

For some people, finding a poor credit car loan is harder than finding Waldo. Constant rejections and high rates dampen the spirits of poor credit car buyer. But, don’t think that your credit score will make it impossible to get auto loan approval.

With the recession, poor credit history has become very common. Today, lenders cannot ignore car borrowers with credit issues because they represent a huge market opportunity. So, don’t think that auto loans are not made for poor credit people.

To get quick approval on your poor credit car loan application, here are 4 Cs. Easy to remember and essential to follow, make sure that you work on them before starting your car loan quest.

Credit Score

Seeing is believing!

Never believe what others tell you about your credit score. Check it yourself before assuming any financial responsibility. By knowing your credit score, you can know the average rates that you will receive. This way you can stay away from lenders who offer exorbitant rates on bad credit car financing programs.

Also, don’t forget to analyze your credit report. Credit bureaus are infamous for making errors in credit reports. You certainly don’t want any erroneous entry to reduce your approval chances.


Even if you are getting a poor credit auto loan for your car, you need to know how much money you can direct towards monthly payments. You must remember that loan programs are good only when you can make on-time payments.

You must also consider down payment. Paying cash and reducing the loan amount can decrease your loan rates. Also, down payment will show your financial capacity to the lender. This will reduce the negative effect of your poor credit score.


Most people consider co-signing a pain. But, having a co-signer can actually improve your chances of getting poor credit car loans. A co-signer ensures the lender that his money is safe. So, it is important to convince someone to become your co-signer. It can be anyone with a good credit score and a debt-to-income ratio below 40%.


A vehicle provides convenience. It shouldn’t become a burden for you. Opt for a car by keeping your budget in mind. It is important for a poor credit car buyer to keep his car cost in control. If you opt for an expensive car model, your car loan will be higher. This will make monthly payments difficult for you. So, make sure that you choose an economical automobile.

So, these are the 4Cs which can help every poor credit car buyer. These factors have been designed after considering the car loan approval factors. If you take care of them, instant approval on poor credit auto loans will become totally stress-free.

Best of Luck!

Be the first to comment - What do you think?  Posted by badcreditcarloans - August 31, 2013 at 5:06 am

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Why worry about Cash when you can get approval on Car Title Loans

A car is a magical treasure. If you have one, you can easily use it to cover other expenses. Sounds implausible? It’s a reality with car title loans. This amazing auto financing program provides you ready cash without taking your car away from you. You can fix the home or spend the money on your dream wedding. The lender won’t be concerned about the way of your spending. Sounds great, isn’t it? Well, let’s understand title loans so that you can begin the process of opting it.

Car Title Loans – Benefit of Car and Cash

A title loan is simply a collateral loan. The lender gives you money on the basis of the value of your car. You just need to submit your title to him. Once you pay off the loan, the lender will give you the title after removing lien. It’s better than auto pawn loans which make it compulsory to pawn your vehicle. With these loans, you don’t need to keep your car with the lender.

You can drive it wherever you want, whenever you desire!

Generally, a car title loan is available for a small amount of money and for a shorter period of time. But, don’t worry if you cannot repay the loan at the end of loan period. You can simply roll over the remaining amount into a new loan.

The best thing about it is that the lender won’t ask for your credit score. So, don’t worry if you have bad credit or bankruptcy in past. You can definitely fulfill your immediate financial requirements without taking tension of your credit history.

What is the process of Car Title Loans?

Auto title loans are simple and do not require you to take any painstaking measure. You just need to fill loan application form. Once you meet the simple approval criteria, the lender will ascertain the market value of your car. Most lenders use Kelley Blue Book value and offer loans in the range of 30% to 50% of the car’s worth.

Criteria for getting a Car Title Loan

Although requirements vary from one lender to another, few criteria remain common. If you fulfill the below mentioned requirements, almost any lender will approve your loan application.

1. You shouldn’t owe any amount on the car.
2. The title must be clear when you present it to the lender.
3. The car should not be older than 1999.
4. The car should be driven for less than 150,000 miles.
5. You will have to provide the lender with the copies of Driver’s License and your recent pay stubs. If you are self-employed, monthly statements of last 3 months are required.

When you are approved for the loan, the lender will simply write you check. No credit check, no stressful talks, just quick results, that’s what car title loans offer!

It’s time to keep your car while getting cash for it!

Be the first to comment - What do you think?  Posted by cartitleloans - June 25, 2013 at 10:45 am

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With These Bad Credit Auto Loan Tips, Get Ready To Drive Your Dream Car in Michigan

Nothing in this world has changed our lives like a car. Every other invention has come and gone but none has matched the car revolution. Right from the first model T to the new power packed machines, cars have come a long way. And, which State has witnessed it all? The State of Michigan is where it all started. Ford, GM and Chrysler are all located in the State. Hence, Michiganders’ love for cars is well understood.

Buying a car is a great experience for everyone; it’s phenomenal if you are in the State of Automobiles. Don’t you remember buying a car with your parents? Being in the car hub of America, there used to be the excitement of walking into the lot and seeing several amazing cars. Your family chose the perfect one after a thorough analysis. Back then, things were pretty simple because you didn’t know much about credit history. Now, things look complicated and the fun has turned into uncertainty -uncertainty of choosing that perfect car, uncertainty of getting loans. Even if you got a loan with a poor credit score, there is the uncertainty of getting reasonable interest rates.

But, here’s something to remove all the clouds of doubts and uncertainty. This is an article to help you get an affordable car loan even with an imperfect credit score in Michigan.

Money Comes First, Wherever You Go

Whenever you have to buy something, money comes first. You must know your affordability. For that, prepare a budget. Calculate the surplus that remains after paying all the bills and expenses. If you have a sufficient amount left with you, then making monthly payments will be very easy.

Now, your loan amount depends on your car. A brand new car and pre-owned one have substantial difference in pricing. If you buy a new car, then your loan amount will increase. This decision is good only when you are able to make regular payments. So, think twice before deciding on the car.

Know Your Score

Every lender checks your credit score. But, before he does and wrongly charges you high interest rates, you must check your own score. According to the Federal Law, you have the privilege of getting your free credit report once in a year. is the name of website where you will have to apply for it. Now, this site will only give you the credit report and not the score. For that, you must apply with any of the three bureaus.

Go through your report and search for any errors. In case you find any, report it to the credit bureaus. You must apply for any loan only after the discrepancies are taken care of. Also, ask your current lenders to report your regular monthly payments. This will definitely improve your credit score.

The economy has suffered a lot during recession. Many have not been able to keep up with their payments and as result their credit scores have taken a toll. There are many people tackling bad credit scores, just like you. How do they get loans? Well, the answer is sub-prime lenders.

You must know that your credit score is just one aspect of the approval criteria. There are many other things that the lenders consider before taking a decision. Income, employment details, residence, down payment amount, co-signer and many other factors help lenders in taking a decision.

What Documents Are Considered For Bad Credit Auto Loan?

Income Proof

You must be currently employed. Lenders are fine if you are individual contractor. The only thing that is important for them is your income. Your gross monthly income should be at least $ 1,000.

If you are employed, then you must present a copy of your pay stubs. Most lenders will ask you to send them a copy of last two months.

If you are a self-employed contractor, you will have to submit IT returns of at least three years, although it all depends on the lender.

The following documents will be considered income-proof for self employed

Michigan Tax Forms
1. MI 1040 (Michigan Individual Income Tax Return)

2. MI 1040 ES (Michigan Individual Estimated Tax)
3. Michigan Business Tax

Federal Tax Forms
1. Form 1040 (U.S. Individual Income Tax Return)
2. Schedule C (Profit or Loss from Business)
3. Schedule F (Profit or Loss from Farming)
4. Schedule SE (Self-Employment Tax)

Bank Statements

Bank statements are a proof of your regular financial transactions. Lenders want to be assured of the safety of their money and hence would be interested in your bank accounts.

Residential Proof

If you are living in the same house for at least six months, it means you have been paying your utility bills regularly. Lenders will require a copy of your recent utility bills like phone or electricity.

Tips for Getting Approval


When you have a bad credit score, you must make up for other aspects of the lending criteria. If you get a co-signer on-board, the lender’s risk will be reduced. Lenders generally ask for co-signer so that when you miss a payment, the co-signer can be held responsible.

Anyone can be a co-signer as long as he has a decent credit score.

Down Payment

Down payment is the initial upfront amount that you pay while buying a car. When you make a down payment, you lower your loan amount. This reduces the lender’s risk and thus, approving your loan application won’t be a problem for him.

These two factors play a very crucial rule when it comes to a bad credit car loan. If you can manage them well, getting a loan will be very easy for you. These tips will help you buy your dream car in the Wolverine State.

So with all the information available, don’t wait for anything. Apply with a lending company that offers low rate auto loans in Michigan. is an online auto lending company that offers bad credit car loans Michigan at reasonable rates. We have a large network of sub-prime lenders in Michigan. Take advantage of our robust coverage and get ready to drive your car in style.

All the best!

Be the first to comment - What do you think?  Posted by michigancarloans - January 11, 2013 at 9:03 am

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Quick and Easy Guide to Help You Get Car Loans for Bad Credit in Colorado

For every American, cars are a necessity and the same applies to the residents of Colorado. Cars are a must to commute everyday to work and also for enjoying the beauty of the Centennial State. If bad credit score is keeping you away from buying a car, bad credit auto loans are your answer. Read the article to know more.


Be the first to comment - What do you think?  Posted by coloradocarloans - April 12, 2012 at 6:51 am

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No Money Down Auto Loans – A Reality For Sub-Prime Borrowers

Buying a car is an unpleasant experience when you are troubled by bad credit scores and huge down payment amounts. Make it pleasurable by availing no money down auto loans for bad credit borrowers. Yes, they are a reality. Here’s all that you need to know about the loan type.


Be the first to comment - What do you think?  Posted by Alan Hendricks - March 16, 2012 at 7:02 am

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Low Rate Car Loan with Bad Credit Is a Reality with Sub prime Auto Lenders

Having less than stellar credit score does not mean end of life. They are just numbers and nothing can prevent you from getting a desired car anymore. Gone were the days when people with bad credit rates were rejected by lenders. Many lenders are now ready to offer auto loans in the name of subprime lending to people those who are in need of loans. Car loans for bad credit – This is a special kind of loan offered to people with low credit score wherein the risks involved to the lenders are greater. Prospective buyers with blemished credit history can approach subprime lenders to buy their dream car. This seems to be a excellent solution, right? Here are few tips on how to get low rate car financing with bad credit rate.

A credit score below than 620 is taken in to consideration for subprime lending. History of late payments, recent bankruptcy might lead to this stage. The terms and conditions would vary according to the lenders. Hence, it is better to approach the lenders personally and check the loan terms.

Pull out your credit report and check for any discrepancies. If so, you can take measurable steps to rectify the mistakes and restructure your financial position.

It is always recommended to buy a car that will fit your budget and not the dream car especially when you are down with credit scores. A car that fits well in your budget level will help you to repay the monthly payments promptly which will develop your credit score. On the other hand, the auto insurance premiums and monthly payments might be very high for a luxurious car. Hence, it is always recommended to be realistic when it comes to subprime auto loans.

The largest possible down payment will help you further to find a reliable subprime car lender. This will reduce the interest rates and offers better negotiating power. It is possible to get pre approved auto loans with subprime lenders. The buyers have to do enormous amount of ground work when it comes to this kind of auto loans. They might put in lots of efforts to know about the features of the car, and other intricate details. The same amount of effort should be put in to find the right kind of dealer also.

If you have existing loans, you might approach the same lender to ask for subprime auto loans. Better Business Bureau can be of great help in finding the reliable lenders. The internet is the best place to start your search. Pick up the best of lenders and attach an explanation document along with the application. This document should contain reasonable explanation on your bad credit rating. The process of getting subprime auto loans is not very complex. However, it is advised to start the process as early as possible to get the best of loans.

Be the first to comment - What do you think?  Posted by Auto Car Loan Financing Online - September 12, 2011 at 5:45 am

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Pre Approved Auto Loans – Get an Edge over the Dealer

A pre approved auto loan is an easier and excellent way to buy the car. You will not only save money but also save yourself from the hassles of dealing with the terms and conditions of the dealers. You can use it whether you are buying car for the first time or your next car. In the following paragraphs, you will find some ways in which this can benefit you.

Financial report: Assessing your financial statements should be the first step. Get hold of your current reports of credit rating and go through it carefully. You will need to identify the mistakes if any before you proceed with the application formalities of the loan. If you find any mistake or error, get it corrected. The correct credit scores are important because the rates of interest charged by the lenders are completely dependent on the credit report. When you face a problem in understanding the scores, seek professional help of some expert or a credit bureau. When the credit scores are wrongly reported, it can not only place you as a risk factor with higher interest rate category but also may become a major hurdle in getting the loan approved.

Loan offer: Once you have all the necessary financial statements with you in their correct form, it is time to find a lender offering pre approved auto loans that suits you the best. You will have to look around for the lenders. You may find visiting every lender in the locality or town personally to find out the details which could be not only time consuming but also takes lot of energy and patience. You can relieve yourself from such efforts if you look for loan provider over the Internet. It will not be very difficult to find and get the information in fact you can get it in one click.

Blank Check or pre approved auto financing Amount Check: When you have all the information about the various loan schemes, you will need to compare them to find the most appropriate loan scheme for yourself. Thereafter, you can send your acceptance to the concerned lender regarding the quote sent to you by them regarding the loan. On such acceptance, the lender will send you either the blank check or check of the amount approved. This check is generally valid for a limited period of time such as two or three months. In case of blank check you can write down the amount of the car that you have negotiated with the dealer and give him the check. The amount however, should be within the credit limit set by the lender. You will also have to remember that mere acceptance of the check does not imply that you have taken the loan. The actual loan is given to you when you use the check to pay the dealer.

Benefits: Getting a loan that has been pre approved helps in numerous ways. One of them is that you know definitely how much money you can spend and can look for the car within your budget. Secondly, you know every details of the loan you have taken and there is no hidden surprise waiting for you in future. Thirdly, possessing the check draws serious attention from the dealer as they can readily get the money. It also puts you in a better position for negotiation. You can actually bargain to lower the rates of interest and other terms and conditions to suit your requirement.

Be the first to comment - What do you think?  Posted by ezautofinance - October 26, 2010 at 10:52 am

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