On What Criteria are Car Credit Loans Approved?

April 28, 2010 - PRLog -- The basic rule of thumb is that a car loan will be approved if you have a good credit position. Each car credit (http://www.nationscarcredit.com) provider you go to will see your credit worthiness to determine if you are eligible to apply for a car loan or not. If you are wondering that if you had a good credit position why would you even want to apply for a car loan? The fact is that financing a car purchase through a car loan is better than splurging all the savings in one go, after all you require enough money to maintain that car and also for other necessities in life.

If you fear that your application for a car loan will be rejected, then self assess your credit worthiness to save yourself from the disappointment of rejection. The two main factors which establish your credit worthiness are - your income and credit scores.

The car credit (http://www.nationscarcredit.com) providers will always ask for proof of your source of income and the limit of income. Having a good and regular flow of income with a stable source of it will be favorable for you to get your loan approved. The bank transaction is also noticed to see the credit and debit activity. The common documentary proofs required for this are your monthly pay slips and your bank statements. Hence, having a stable job of more than a year is safer and stronger and increases the chances of approval.

The second criterion which the car credit (http://www.nationscarcredit.com) provider look to determine the credit worthiness is your credit score. Credit reports, ranking and credit score are issued by various banks or credit bureaus, which comprises of FICO score. It is said that a minimum FICO score of 600 guarantees your loan approval.

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