subject: Car Loan Approvals in Toledo [print this page] Car Loan Approvals in Toledo Car Loan Approvals in Toledo
We often receive emails and comments from people that ask us, "I have bad credit, can you get me a car loan?" This question is so generic that we can never answer the question with a definite Yes or No. It's like asking an attorney "I've been accused of a crime, can you get me acquitted?" Or like asking a doctor, "I have a pain my neck, is it terminal?"
The questions are so vague that no professional could answer these questions without an interview or assessment of a persons situation. In our case, we require a car loan application to help determine if you qualify for a car loan with bad credit. There are many different types of credit situations, some aren't so bad when it comes to getting car loans, and others are total deal breakers. It seems that every credit situation is lumped into "bad credit". Many companies, ours being one of them, markets to consumers online that search for "bad credit car loans." Many marketers make false claims such as 100% approved, or guaranteed financing for everyone, when really they can't.
These statements may not be 100% accurate, but it's a fact that only a small percentage of people will be able to buy a car with bad credit using the "guaranteed approval." If the subprime auto lender approves you for 50% of the purchase price, you're approved for a car loan, but it's unlikely that you will be able to raise the money down needed to buy a car too.
There are various types of bad credit and different types of car loan lenders that will finance people who have bad credit. A national auto finance or regional finance company typically have strict lending guidelines from which they decline or approve car loans, while car dealers with in-house finance programs create their own rules
This happens because many companies that finance cars for people with bad credit sell their loan portfolio to investment companies on Wall Street. In order to sell the loans the finance company will share their lending guidelines with the investors.
For example, "Portfolio A" of car loans may contain people with a 525 to 575 credit score, all with over two years on the job, over $2,500 monthly income, and less than 110% Loan to Value (LTV). "Portfolio B" may contain people with 475 to 525 credit scores with over one year on the job, over $2,000 monthly income, and less than 120% Loan to Value (LTV).
Most of us aren't experts in Risk Analysis, but it should be easy to deduce that "Portfolio A" would be worth more to investors than "Portfolio B".
The following are common Bad Credit situations that we see everyday and the car loan program that is the best fit for that certain situation.
FinancingCarLoans.com is not a direct car loan lender. When you apply for car financing with us we match you with a local car dealership that's likely to have the lending program, and used cars on the lot so you can buy a car with your credit.
Getting Approved from a Car Loan Finance Company
When people with bad credit apply with us and meet the following criteria, their likely to get approved for a car loan at a local car dealer partner through a national auto finance or regional finance company.
If you're looking to finance a car in Toledo, click here.
