Here at the Approved Loan Store, people ask us every day how we help people with poor credit or no credit to get an auto loan, particularly if they have been turned down at banks or dealerships. In today’s blog, we will shed some light on our program’s requirements and why meeting each of the requirements improve the chance of getting approved.
To qualify for the Approved Loan Store’s auto buying program, applicants must fulfill the following requirements.
- Valid driver’s license
- United States citizen
- 18 Years of Age or Older
- Verifiable income of $1800/month minimum
- Steady employment
- No open bankruptcy
The first three requirements should be fairly obvious. Without a driver’s license, it is impossible to drive any purchased vehicle. Also, any lender will require documentation proving age and citizenship, so this is nothing out of the ordinary for any consumer getting an auto loan.
Consumers are usually most interested in the last three requirements. First, our customers need a verifiable income of $1800 so they can prove they are capable of paying an auto loan. W-2 workers only need to bring in pay stubs proving their income, but self-employed workers will need their tax filing paperwork from the past 2 years which has been prepared by a professional. Without the pay stubs or tax documents, the special finance representatives cannot verify your income, and the car buying process cannot move forward. Steady employment goes hand-in-hand with our income requirement. If the consumer cannot prove steady employment over the past year, a lender will be unlikely to approve their auto loan.
Finally, consumers with open bankruptcies cannot qualify for our program. When someone declares bankruptcy, it means that they cannot pay their debts. Banks are not going to approve an auto loan for a consumer who has stated that they cannot pay their current debts. A consumer who has declared bankruptcy cannot apply for an auto loan until the bankruptcy is discharged.
Still have questions about our program? Give us a call toll-free at 877-217-2217, or visit us online at www.ApprovedLoanStore.com. You can also get more car buying and credit tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!
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