Guaranteed Auto Financing
Guaranteed auto financing is available no matter what your credit situation. As long as you are not committing identity theft, there are bad credit auto lenders that will approve your credit for an auto loan and I'll show you where to apply below.
I work with one lender in particular, Credit Acceptance Corp., and they are not only one of my top lenders, but one of my favorites simply because of the ease of their program.
Their guaranteed credit approval program is great and all you'll need to do is prove a few things and get some very basic information for them in order to finalize your auto loan.
The approval itself only takes about 10 seconds to get. I'm not exaggerating, it's really that quick!
Unfortunately, Credit Acceptance Corp does not lend direct to you the customer, but arranges your guaranteed credit approval indirectly through the dealership.
Don't worry though, I'll show you a source to find dealers that use Credit Acceptance Corp and other bad credit auto lenders with similar programs below.
What's covered below:
Bad Credit Okay! Apply Today!
We Say YES! to Bad Credit Car Loans!
Who Qualifies For
Guaranteed Auto Financing
The easiest part of the auto financing process is the approval...You can have:
A Terribly Low Credit Score, Even Under 400
I once had a customer with a 395 credit score, made $2,200 a month, with 8 months on the job, that was approved, funded and finalized for a $32,000 diesel truck loan.
I once got an approval for a customer on a 2 year old crew cab truck that had four prior repossessions.
And yes, the deal did fund and he still has the truck to this day.
I have had customers with 2, 3, 4 and even, one time, 6 bankruptcies that were approved for bad credit auto financing.
Very Limited Income
Again, not a problem for guaranteed auto financing. The lower your income the less vehicle you may be able to buy, but it won't stop you from getting approved.
That being said, very limited income (under $1,200 - $1,500 a month) does make finding a vehicle that will work rather difficult. If possible you'll want to find a cosigner to add more income to your application, but it's not necessary.
I think you catch my drift here. There are bad credit auto lenders out there for all types of credit and income situations. You just have to know where to look.
Who Will Not Qualify
For Guaranteed Auto Financing
This will be a short list and will apply more to the actual funding process over the approval process, because as I stated before they approve every legitimate application:
You are currently incarcerated.
If you are currently in jail/prison you can still get a guaranteed auto loan approval, but your loan won't quite make it through the funding process.
Hey it's one more thing to look forward to when you get out.
You are currently unemployed and have zero provable income.
Again, you will still receive a guaranteed auto loan approval, but your loan will be stalled in the funding department until you get a job or can prove your income.
You Are Committing Identity Theft and Can't Prove Who You Are.
I think you know why this would be held up.
You Have A Current Balance Owed To The Lender.
Companies like Credit Acceptance Corp will still give you a guaranteed auto loan approval, even if you've had a prior repossession with them, but they will want to make payment arrangements on any money owed to them.
There may be additional reasons you may not qualify for a bad credit auto lenders approval, but realistically there are not many and I don't personally have many problems helping customers through the funding process.
Auto Financing Sources
So where do you find guaranteed auto financing? Quite frankly, you are not going to be able to go it alone and will need the help of a special finance loan specialist.
This is not because you're not capable of doing this yourself, but due to the fact that lenders specializing in these types of auto loans do not usually lend direct to consumers.
They will typically only lend through dealerships that have trained loan specialists to structure the loan.
One of the best, if not the best, source to find dealers that specialize in bad credit car loans is Auto Credit Express. They've placed over 1 Million online auto loans throughout the US and Canada.
Simply fill out their 60 second, no obligation loan application here Bad Credit Car Loans! - Auto Credit Express
Your application will be forwarded to a loan specialist in your local area that will contact you to discuss your wants/needs and can explain more to you about the loan process.
The specialists that will be contacting you will have access to lenders like Credit Acceptance Corp and probably 5 or 6 other lenders with similar bad credit auto financing programs.
Your Other Option
Work with a dealership that offers in house financing. In other words a "Buy Here Pay Here" lot.
The largest in the country are JD Byrider and DriveTime. I like their inspection process, they offer warranties and they have more flexible terms than other Buy Here Pay Here's I've seen.
Between the two of them they have over 220 locations throughout the country...
Whether it is Auto Credit Express or one of the buy here pay here dealers that you choose, you're practically guaranteed auto financing.
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