Bad Credit Loans for Car Shoppers in Enterprise, AL

 

What is a bad credit auto loan?

If you have bad credit, credit damage, or new or no credit history, you might find it difficult to get approved for a car loan, but not with a bad credit loan. This special type of financing is available to shoppers whose credit problems have prevented them from being approved by conventional sources like credit unions, banks, and auto manufacturer financing companies. When you initiate your bad credit loan, it will usually be funded by the auto dealership you make your purchase from; after some time, your loan will be assigned to an outside finance company. In some cases, a third party might service your bad credit loan.

Can I qualify for a bad credit loan?

In order to qualify for a bad credit loan of any kind, you must:

  • Be employed full-time or have a guaranteed fixed income for the entire term of your loan
  • Have a monthly income of at least $1500
  • Currently reside in Alabama or Florida
  • Have proof of residence (utility bill, credit card statement, etc.)
  • Be an American citizen or legal resident
  • Have the ability to purchase auto insurance (or have proof of current coverage)
  • Have a valid phone number

 

Who cannot qualify for bad credit loans?

If you cannot meet the minimum requirements listed above, if you are a military member currently stationed outside of North America, if you are a seasonal or temporary employee, or if you cannot provide proof of income (if you are paid “under the table”), you cannot be approved for a bad credit loan.