A Bad Credit Car Loan Demystified

June 21, 2010 - PRLog -- The majority of people that go out looking for car loans with bad credit don't know if a bad credit car loan (http://www.crestcarloan.com) is really possible. They are often under the impression that because their previous lender told them that they will never be able to get a loan that nobody will give them a loan. Well the news is that regardless of how bad you may think your credit may be there is still a chance that you can qualify for a bad credit car loan (http://www.crestcarloan.com). In this article we will take a look at what bad credit car loan lenders look for in borrowers.

One of the first things that bad credit car loan lenders will look at is your credit income statement. They will want to know what type of job or business you have and how much you end up making at the end of the month. They will also want to know what types of expenses you incur each month i.e. credit card bills, mortgage etc. They want to know this because they want to make sure that you can afford to pay back the bad credit car loan (http://www.crestcarloan.com).

Bad credit car loan lenders will also want to know exactly what type of car you want to purchase and how much you can pay in the way of a down payment. Usually if you want to increase your chances of getting improved you will need to think in terms of a 50% down payment on the vehicle you want to purchase. If you can't afford that then ask your lender about the minimum down payment they require in the majority of cases it is always well above 20%. So if you don't have the money right now you might want to save for it.

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