Getting a car loan with a bad credit score

Getting a car loan with a bad credit score

Getting a loan to buy a car can be a daunting task especially if you have a history of bad credit or derogatory credit. This is even harder if you are actually self-employed or have only just started working in a company for less than a year.

Most auto finance company will require you to submit proof of your income for at least a year. If you are self-employed, they will probably check your income tax returns and bank statements. Most companies will also check your credit history. It's highly unlikely that a finance company or a bank will offer you a car loan if you have a poor credit score or any outstanding bad credit auto loans.

So is it all doom and gloom if you unfortunately do fall into the categories I have mentioned? Actually, there is indeed a glimmer of hope if you do look hard enough. Increasingly on the Internet, we can find many online auto finance companies that are willing to help those with derogatory credit loans to secure auto financing. In fact, some of these companies actually help their customers by providing credit counseling. The idea is to help the customer work out a debt management plan to repay their outstanding debts in a way that is not stressful for the customer.

Whether you are a first time car buyer or someone with existing bad credit auto loans, the companies actually do genuinely want to help. It makes getting a loan so much less stressful.

About half a year ago, I actually stumbled upon an online auto financing company. On their website, they had the usual marketing gimmicks which I read in largely skeptical disbelief. However, I was pretty much desperate and decided to call the company just to enquire. Prior to that phone call, I had already faced dozens of rejections. What harm could one more do, I thought.

The person who answered the call was a lady. She had a very sweet, lovely voice, a far cry from the gruffly sales man that I have grown accustomed to. I explained to her my financial situation and was pleasantly surprised that she seemed pretty understanding. She claimed her company was an auto financing company based in Arizona.

After a five-minute conversation, she told me to fax over some important documents and we arranged to have a meeting the following day. She looked exactly how I imagined her to be sweet, professional and very polite.

I was amazed that on that very day, my loan was approved. If only I had searched online sooner, instead of wasting my time on those advertisements in the newspaper, I would have saved myself a lot of heartache and embarrassment. Thankfully, everything worked out fine and I have been driving the brand new Ford Focus ever since. Getting a loan from that auto financing company was probably one of the best decisions I have ever made in my life.

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