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Income and employment:
According to approval criteria of most of the lenders, borrower will definitely need to have substantial amount of income as well as employment stability because these two are key factors affecting his ability to make timely car loan payments.
It is a proof of one’s past borrowing and repaying record and the way he has managed his credit responsibilities. Lenders can know applicant’s credit status by viewing his credit report. As aforementioned, good credit history could multiply his chances of getting a guaranteed approval for a low rate auto loan. But, if applicant has bad credit history, he might still qualify for an affordable deal if he meets other approval requirements of first time car buyers with bad credit lenders; or else, he can start improving his credit score which ultimately will enable him to qualify for low interest rates.
When one makes a significant down payment, he actually reduces the auto loan amount that is unpaid. This ultimately decreases lenders’ risk and therefore they could reduce interest rates and make car loan more favorable to buyer.
Co-Signer and Collateral:
Cosigner is an individual who backs borrower’s car loan and may agree to take up the responsibility of paying the loan amount if borrower defaults whereas collateral is a valuable asset that is offered to lender as a security; this allows lenders to take possession of the pledged asset in the event of borrower’s non-payment. Thus, if provided with so much of security, it is needless to say that lenders might be willing to provide affordable rates and favorable loan terms to borrower.
Such beneficial auto finance guidelines are offered by few online automotive finance service providers. Such agencies are actually engaged into the business of serving borrowers by helping them get free non-obligatory quotes for the most suitable auto finance products, so that they can compare different quotes properly and find the best one. Besides, these agencies also employ competent specialists who are well-versed with bad credit new car loans approval criteria and its process requirements. A specialist’s assistance can greatly help one to instantly qualify for the most affordable car finance loan even with bad credit. If you want to determine your eligibility for the first time auto loan approval at low interest rates, it is recommended to get assisted by a leading car finance service.