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It is quite common for such individuals to apply for car financing and end up with rejected car loan applications. The common reason being improper preparation of the application or applying for the wrong kind of auto loan at the wrong time. Due to the ongoing economic recession many of the moneylenders have started offering credit facility to borrowers having low FICO score and poor credit history in the form of bad credit auto loans simply because they need to sell their loan products and earn some money in the form of interest. Having stringent measures would mean less business and lesser earnings because there is no way the bulk of the market applicant would satisfy the harsh requirements. So what is the way out for the person if he or she wants to avail the auto financing facility and has bad credit ratings? The following pointers can help you in deciding how to go about the problem. Special Auto Finance Facilities for Individuals Having a Bad or Poor Credit History Traditional loan providers need good or excellent credit ratings and a high FICO score before they provide their credit.
A non-fixed APR means that the interest rate on the loan from the bank or in some cases the dealership itself would fluctuate at the end of a year. At the beginning of the New Year the bank can either decrease or increase your APR and although they are rare a decreased APR could be obtained under the precedent that your financial institution is working with you to help you repay your loan. This could stem from a financial hardship or simply not having enough money at the time to repay your loan. To counteract bad credit a bad credit auto loan can be applied for. These loaning situations are for those that have a credit score of 600 or lower. When applying for loans if your score is below 600 its very likely that a loan corporation or business will simply pass you over.
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The other factors considered are what kind of overheads or fixed monthly expenses the applicant incurs in addition to other financial liabilities associated with maintaining the family. If your monthly paycheck is within the range you are most likely to qualify for the auto loan. In case you are not there is an option to go in for some additional income by taking up some part time job or even take up some project work that helps in getting some extra money. In any event you need to earn the required amount every month and make sure there is proof regarding your total monthly income which you can submit along with your loan application. In case you ca not come up with the required monthly pay you can always find a car loan lender who can provide a bad credit auto loan.