Can I Get Car Credit with Bad Credit?
Yes, there are lending institutions that deal with bad credit and will give you car credit albeit for a higher interest rate and higher monthly payments. Lending institutions such as banks and credit unions and you can include dealership in this; depend heavily on what they call prime borrowers, which are people with good to excellent credit. If you have a low credit score and insufficient credit rating these institutions see you as a subprime borrower, and you will not qualify for car credit with them.
There are some subprime lenders that offer car credit to people with bad credit. Since there is a lot of paperwork involved these lenders like to work through car dealers rather than directly with the customer.
Some of the documents that have to be presented to get a subprime car credit are: proof that your monthly gross income is Two Thousand dollars, proof of where you live, such as a utility bill or something that would have your name and address on it and your payment history.
If you have filed bankruptcy it does not mean that you cannot get car credit. If you are in the process of a bankruptcy, and need a car for work, then your request will be assigned to a Trustee. The Trustee will evaluate your situation and financial condition and will tell you what amount of car credit you should look to get. There are financial institutions that will work with you during and after a bankruptcy.
