Usually, you will find most websites suggesting that you can possess a vehicle loan even when your credit rating is below 640, which is quite true, but the bit that you should not fall for is that the vehicle you want can be paid out for you without any requirements. The requirements will usually include your age, income as well as citizenship. Therefore, while it is very easy to get a car loan with bad credit and without having to pay any no down payment, it does not necessarily imply that the same can be achieved without any caveat.
The first of these conditions is that your income, and this only applies for regular employees, should be at least $1800. This amount should be the monthly gross income, which is your income total before any deductions. Your gross monthly income and not your net income is what lenders consider, because lenders want to be sure that the vehicle repayment plus its insurance coverage is affordable to you in addition to your other bills.
Lenders also need to be sure about your employment terms. Most of them will insist on having at least one year with your current employer. These lenders will also need to check your past employment history, where they want to see at least 2 successive years of employment.
Age limits are also crucial for lenders offering loans to people who have a credit rating of less than 640. The mandatory age for all applicants is 18 years of age, and the applicants must be citizens of United States. When it comes to age and citizenship rules, there are no exceptions whatsoever.
When it comes to bankruptcies, lenders insist on discharging all Chapter seven bankruptcies, though some lenders give consideration if your 341 meeting has been finished. You must first have a court order to incur further debt if you are still in Chapter 13. Most lenders, due to the current state of economy, shy away from applicants who are in an open chapter 13.
The final requirement that most lenders will look for is your repossession history. Any repossession in the last one year must be shown in the bankruptcy irrespective of whether such repossession was voluntary or otherwise. If repossession occurred before or after a bankruptcy means your chances of qualifying are very slim, if none at all.
If you are to get a car loan with bad credit and no down payment, then you have to strictly meet the above criteria. Do not be misled by rogue internet sites. There is a good chance that whoever says that you qualify without any requirements is a swindle.
There is a lot more helpful information about Factors To Consider Before You Can Get A Car Loan With Bad Credit at our website.