1-Always fill out credit application completely and accurately.
Most sub prime lenders will require documentation to verify the info that you fill out on the application. Pay stubs to verify your income and some type of utility bill to prove you place of residence are common requests. They will also contact your employer to verify employment and time on the job. If you are not sure what your monthly income is always estimate low, its better for them to find out later that you make more than what you put down on the application than less. Never over inflate income, job, or residence time on your application or your loan will get rejected in the verifications process. If a lender feels you have deliberately deceived them you are dead in the water.
2-Always have some type of down payment no matter how small.
Although it is possible on rare occasions to get approved for auto loans with bad credit without a down payment. Most of the time you will be hard pressed to find a sub prime lender that will approve you with zero down. Always bring some type of down payment to the table regardless of how small it is. When you put money down you accomplish two things for the lender. Number one it shows a commitment on your part. If you are struggling financially and are still able to save up some money to put down on this loan, you are demonstrating a commitment to the lender that you have the ability to repay. Number two it helps to fit within the loan to value guidelines that most sub prime lenders follow.
3-Always have a pre approval in hand before visiting the dealer.
Having a pre approval in hand when you visit the dealer puts you in a position of strength and gives you negotiating power. You are not at the mercy of what the dealer can get approved for you. That’s why it is recommended that you apply online or in person with one of the many sub prime lending sources out there. Once you have a pre approval then go out and start your search for your new vehicle. You will save yourself a lot of time, money, and headaches.
4-Always Be flexible and have an open mind.
If your credit scores are low and you are in a rebuilding mode always keep an open mind as to what you may qualify for. Maybe a brand new vehicle isn’t the best idea right now. Maybe a slightly used vehicle with a much more affordable payment is what the lender may want to approve you for. Sub prime lenders do not want to set you up to fail. They will want to approve you for a payment that fits well within your debt to income ratios. As you make timely payments on this new loan your credit score will start to rise and next time you can get the car of your dreams.
5-Always know your budget.
It is easy to get caught up in the new car fever when you are shopping for a vehicle. Work with your lender and figure out a payment that fits into your budget and stick to it. Do not set yourself up for failure by biting off more than you can chew. You are in a rebuilding mode and need to be realistic as to what you can afford monthly. Leave yourself a cushion for unexpected expenses that may come up. By following these guidelines you can save yourself a lot of time, money, and headaches.
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