It seems like there is always a catch-22 when it comes to getting loans. If you have no credit or bad credit, it is difficult to get credit to improve it. It is important to have transportation to a job, but if one can't buy a car, then how can one afford a car loan? It seems hopeless sometimes, fortunately, there is an affordable answer that may help those that need it the most. small loans bad credit are available and won't cost you an arm and a leg in interest.
In today's world, there are Bad Credit Auto Loans - Automotive Referral Company recommendations for people who need an auto loan but don't have a high FICO score. These businesses set up relationships with car dealerships and find ways to get people into cars with an affordable down payment and loan which the buyers can live with. The buyers need only to prove they have a job with a regular paycheck which stands in place of a common credit check. As long as each buyer can show income, a nice and dependable automobile can be made available. This type of relationship allows a person who otherwise might not be able to get a car, not only get one, but feel accomplished and determined to meet the obligation of paying for it which is a win-win for the car dealer and the buyer.
How it Works
A prospective car buyer contacts the referral company and fills out an easy application. The company searches for dealerships that will work with the buyer to find the perfect car. The dealership who has agreed to work with the buyer sets an appointment to meet and discuss the needs of the buyer and discusses the amount of the down payment that will be required. The amount of down payment requirements will be based upon factors such as past experiences with late payments and/or car repossessions. Once an agreeable amount is reached the buyer then heads to the bad credit auto loan dealership with the following:
A current driver's license;
Copies of two current pay stubs to prove employment;
A utility bill which shows proof of address;
The names, phone numbers and addresses of family members and friends who can be contacted as references; and
The down-payment amount agreed upon before purchase
Affordable Interest Rates and Credit Reporting
Even though a co-signer is unnecessary to purchase a car, having one sign the note with a good credit rating, can aid in getting a better interest rate on the loan. The dealership consistently reports to the credit bureau throughout the period of loan repayment. This in turn helps improve the credit rating of the buyer.
How Long Will It Take to Get into A New Car?
Generally, an approval through the bad credit auto loan company can take minutes. Once the buyer meets with the helpful dealership representative with the proper information, the dealership works quickly to get the buyer into a car and on his or her way.