No matter the reason – anyone can find themselves in a position where they lack the credit to finance a much needed automobile. Whether you are a recent college graduate with a lack of credit history, suffered a job loss, or simply have made some costly financial mistakes – you can find a loan for the car, truck or SUV you need. Muller Auto Credit is here to help.
What is a Bad Credit Auto Loan?
A bad credit auto loan is for people that cannot get pre approved for an auto loan through traditional lending sources such as local banks, credit unions or the lending arms of car manufacturers such as Toyota Motor Credit or GMAC. These lending sources normally do not lend to people with low credit scores, recent bankruptcy, low income, zero down payment, or previous vehicle repossession. Instead, Muller Chevrolet works closely with specific banks that specialize in bad credit auto loans for customers with low FICO scores, recent bankruptcies, low income or vehicle repossession.
How Do I Qualify?
The basic qualifications are:
- A provable monthly income of at least $1,500 (3 pay stubs)
- A valid driver’s license
- Ability to obtain automobile insurance
- Full time employment or guaranteed fixed monthly income for the length of the loan
- Proof of residence (utility or phone bill to your residence in your name)
- 4 references
- Social security card
- Should have at least $1,500 cash or trade towards down payment
Who Does Not Qualify?
- People with seasonal, temporary, or no employment
- People that are paid “under the table” and cannot provide proof of income from their employer
- People with a recent repossession that was not included in a bankruptcy without a considerable down payment
- Military personnel currently stationed outside the United States
