When buying a car, most people require auto loans to fund the purchase. People with bad credit find it particularly hard to get finance and therefore they hurriedly complete applications without understanding the meaning of the answers provided. Every bit of information provided on this application adds up to either make the application a success or wipe out any chances of getting the money for your prized vehicle.
Motor dealers have to purchase the vehicles upfront and then find customers to sell or lease the vehicle to. This in itself presents a risk to the dealers. Another risk the dealers face is leasing or financing vehicles for people who have bad credit ratings. Finance officers have to apply strict criteria to these motorists in order to avoid making a loss for the finance company.
It is in the interest of you, the applicant, to nullify or to mitigate the perceived risk the dealership or lender sees when dealing with your application. The first step to doing this is to remove as many issues that blemish your credit record. Do this by disputing items where possible or paying back any debt that you can not dispute.
If you don't have the time to repair your record, all is not lost. Your monthly income can save the day. With a high enough income you can make a larger down payment towards the car. With a high enough income, car finance is available, even to those with poor credit records.
All income that is earned should be documented on the application form. This should include overtime, bonuses and income from part-time jobs. Some people have investment income, and this will help to secure funding for the vehicle.
Credibility is a good way to impress lenders. If you have lived in the same place for long or if you have worked at the same job for an extended period, you will seem credible. This is usually a good indicator that for lenders that applicants will repay auto loans on time
Motor dealers have to purchase the vehicles upfront and then find customers to sell or lease the vehicle to. This in itself presents a risk to the dealers. Another risk the dealers face is leasing or financing vehicles for people who have bad credit ratings. Finance officers have to apply strict criteria to these motorists in order to avoid making a loss for the finance company.
It is in the interest of you, the applicant, to nullify or to mitigate the perceived risk the dealership or lender sees when dealing with your application. The first step to doing this is to remove as many issues that blemish your credit record. Do this by disputing items where possible or paying back any debt that you can not dispute.
If you don't have the time to repair your record, all is not lost. Your monthly income can save the day. With a high enough income you can make a larger down payment towards the car. With a high enough income, car finance is available, even to those with poor credit records.
All income that is earned should be documented on the application form. This should include overtime, bonuses and income from part-time jobs. Some people have investment income, and this will help to secure funding for the vehicle.
Credibility is a good way to impress lenders. If you have lived in the same place for long or if you have worked at the same job for an extended period, you will seem credible. This is usually a good indicator that for lenders that applicants will repay auto loans on time
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