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Approval for bad credit auto loans is not as easy as you might think. Lenders make compherensive investigations in borrower’s credit past.If you have had a problem with any of lenders,banks or credit unions in the past, more likely your auto laon application wont be approved. At this point,you will need a credit provider specialized in bad credit auto loan field.Another suggestion is not to consult with a car dealer finance department as they will use your bad credit situation to convince you of accepting high interest rates and benefit from this for more profit.
Bad credit auto loans are generally expensive due to high interest rates and likely will get you into trouble about paybacks, because monthly payback amount will be high.
There a few smple criterias you should meet to qualify for bad credit auto loan :
-You should have a monthly income ,not less than $1500 usd
-You should have a permanent job.
-The amount that you want to borrow should be as little as to afford an average car. Excessive amount of auto loan application from people with bad credit is generally rejected.