The last requirement of car loans for people with bad credit has to do with how many, if any, vehicle repossessions the person has had. For obvious reasons, lenders care about their “investment” in you as a borrower. Because of this, they will look at any and all repossessions in your credit history. If you have any within the past year, it must be included in a bankruptcy. Note that this includes both voluntary and involuntary repossessions. If you have a repossession that has occurred before or after your bankruptcy, you will rarely qualify for any kind of car loan unless it’s a “buy here pay here” car lot or “tote the note” dealership.
These are five of the usual basic requirements you will typically need to meet in order to qualify for a bad credit car loan. If you have any more questions, go to FederalAutoLoan.com where we have an entire Car Loan Resource and Auto Loan Learning Center devoted to providing you with information on bad credit auto loans.
Further, we also have an SSL-encrypted car loan form application that you can fill out from the privacy and security of your own home. We have helped thousands of qualified and bad credit applicants obtain reliable transportation and a quality car loan. Further, by making regular payments and paying your auto loan off in a timely fashion, you can help to reestablish your credit at the same time!
