The down payment needed can be a combination of cash and trade equity. The actual amount needed varies based on your credit rating and vehicle selection. For example, if you’re approved for a $15,000 auto loan and want to purchase a vehicle with a selling price above that, you would have to make up the difference with money down. We do have zero down car loan programs, but we recommend that the car buyer cover the tax, title, and license fees with money down.
Our guaranteed credit approval program applies to everybody, regardless of your credit profile, whether you have a bankruptcy, foreclosure, repossession, no credit, get paid in cash, are unemployed or self employed you will qualify with our Guaranteed Credit Approval program.
When your credit is good car loan companies evaluate your credit report to determine which auto financing program you will qualify for. When you have bad car credit, lenders evaluate the value of the used car. In other words they loan based on the collateral value. Our selection of used cars will qualify for a guaranteed auto financing amount based on its value.
Negative equity and bad credit don’t mix well. To limit the risk on a bad credit auto loan companies prefer to finance an amount equal to the value of the new purchase. It is possible to finance a used car with negative equity and bad credit, but you should expect a higher payment than you currently have.[button align=”right” size=”medium” target=”_blank” link=”http://www.carcreditrescue.com/get-pre-approved-now/”]Get Approved[/button]
