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What is your income? Obviously the higher your income the better that the dealership or lender will feel about approving your auto loan. Note see also our recent article "How to Get Approved for an Auto Loan with Bad Credit if you have Low Income"; for more information. • What is the ratio of your rent or mortgage payment as compared to your gross income? A scarcely known fact is that automotive lenders and dealers pay close attention to this figure. For example if you make $1500 per month income and your monthly rent or mortgage payment is $500 then your housing cost takes 30% of your monthly income. Anything beyond 40% or so will send a warning to the lender or dealer and they might need to be convinced that you will be able to make your monthly car loan payments on time.
Another advantage the creditor has is the fact that a substantial down payment reduces the net payable interest and the loan balance. The risk factor gets reduced. So if possible go in for a greater down payment to increase your chances of getting your loan if you have poor credit ratings. The rate of interest Every loan whether it is a car loan or a mortgage loan is associated with a certain rate of interest. The fundamental objective of the loan provider any loan provider for that matter is to make money through the interest rate. If you find it difficult to qualify you could offer to pay a higher rate of interest for your car loan. It might interest the creditor and tempt him or her in providing you with the loan. Be honest People tend to hide their negative points. There is a general tendency to lie about things if one feels one can get away with it. The problem is as far as credit history or records are concerned everything is recorded and in black and white.
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Do not use monthly payments as the only factor for comparing loan quotes. You must consider APR interest rates car loan term others fees and charges etc. This will give you a more comprehensive result. Second Chance Auto Loans Online In years past if you had bad credit a bankruptcy or repossession in your credit history it was virtually impossible to apply for auto loans through automobile dealerships or even directly through the auto finance firm; the answer was almost invariably "no". This created an uncomfortable and embarrassing experience for many people that found the car that they wanted at a dealership only to be turned away. With the advent of the Internet giving consumers ability to search for an online auto loan automobile dealerships and auto loan finance companies now have to compete much more vigorously to get a consumers attention let alone their business; today it is a borrowers market.