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Auto Finance Companies That Will Approve You Even With Poor Credit-How to Apply

The majority of people need a car for their daily lives. While much of this can be to get to and from work, there can be a variety of other reasons why they’re vital. If your credit is good, the process of buying a car is fairly easy. However, if your credit is less than perfect this can present a challenge.

Obtaining approval for a car loan if you have poor credit does not automatically put you out of the market. There are options available for everyone.

Companies Will Work With You

There are a few different companies that may offer credit to many people, regardless of their credit history. In many cases, they’ll accept people whose scores are much lower than other institutions might accept.

Easy Approval in Days

This could mean that you’ll be able to get easy approval for your auto finance within a few days. However, many people may not be aware of which companies offer this. There are a few auto finance providers that seem to be much more high-quality than you would expect.

Auto Credit Express

Auto Credit Express is one of the larger auto finance companies that works with people who have poor credit. They are not a direct loan company, but rather, they match customers to lenders. Alongside this, they work with people who have no credit, which has made them somewhat of a leader in the industry.

The application process is quite easy and shouldn’t take too long. You can easily apply online or by phone. Their phone number is 1-855-439-0814. Typically, you can expect a response in 24 hours.

Once you can prove you have a steady income of $1,500 a month, however, you should be able to get approved with ease. Another point to remember is that you must shop for a car at a dealership that works with Auto Credit Express.

DriveTime

DriveTime is one of the biggest used car auto lenders in the country. They are based in Arizona but have a nationwide network. Their specialty is to provide financing on used cars for customers with poor credit. They are known for their exceptional service to their customers. It is a quick application process which can be done online. A large inventory of cars is a plus. They boast 138 dealerships across the country.

DriveTime has received good ratings from Consumer Affairs and has many positive online customer reviews.

CarsDirect

CarsDirect has long worked with people with poor credit, which is why they’ve become somewhat popular in recent years. As a result, they can be a quick and easy way to get the financing you need for your vehicle. The application process for this is quite simple.

The main reason for this is that you’ll just have to fill out a relatively brief application form. This includes a minimal amount of information, although all of it will be essential to whether or not you get the loan. The majority of this can be done through the company’s website.

Once this is done, you should hear back from them within 24 hours, although this is only the case during working days. If you’ve gotten a ‘yes’ from them, however, you should be connected with a wealth of dealers, and you’ll be able to pick the car that you want.

car.Loan.com

car.Loan specializes in working with people with poor credit. As such, it’s developed quite a significant reputation among the car community for working with people who may not otherwise be able to afford a vehicle. This could mean that they may be one of the better-recommended options.

However, it should be noted that car.Loan isn’t the company that will be offering you the loan. Instead, they’ll help connect you with various dealers who will work with you regardless of your credit history. This should mean that you’ll have a variety of options to choose from.

Pre-approval and Car Shopping

As a result, you could be able to get pre-approval and then start car shopping knowing that you’ll be able to get the car that you’re looking for. This kind of flexibility may be where this option shines much more than many others.

It only takes a few minutes to apply for this. The process only requires that you fill out a form, wait to hear back, and then choose the car that you want. As such, it couldn’t be simpler.

Easy Auto Financing

Having a poor credit score doesn’t mean that getting auto finance needs to be as difficult as you might have thought. Each of the above should be relatively easy to get approval from. However, you’ll need to pass a variety of criteria checks to do so.

Though this is typically a barrier for many people, this should be much simpler and more straightforward than with other lenders. As such, you should find that applying for the car loan should be quite easy. You could also find that you might get approval much faster than others.

Compare Finance Companies

However, you’ll also need to make sure that you spend time comparing each of the auto finance options before you apply. This is because some may only accept applicants with a certain credit score or above.

While this will typically be less than other lenders, it may still be slightly higher than others. Alongside this, you’ll need to make sure that you meet all of their other terms and conditions. You will have to spend a certain amount of time deciding which one is the best for you.

Research and Get Approval

Doing your research beforehand will mean that you should be much more likely to get approval once you do apply. If you have poor credit, then this will be a necessity, as it will play a vital role in whether or not any of the above will give you auto finance.

Down Payments and Interest Rates

As with any lender, interest rates will vary depending on your credit score. If you have poor credit, interest rates will be higher. This could drive up your monthly payment amount. However, if you can put money down on the car, it may offset the higher payment. In other words, the more you can put down, the lower your monthly payment will be.

To sum it up, all is not lost if you need a car but have poor credit. There are options to help individuals get back on track. Getting an auto loan through one of the above companies can be a stepping stone to help you towards a higher credit score.