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Low Income Auto Loans

9 Ways to Obtain Low Income Auto Loans

Low income earners have real challenges in obtaining low income auto loans even more than people with adequate income but have bad credit. However, it’s not impossible to obtain this type of loan, but there are things you need to do in order to have the loan approved.

One of the easiest groups of people to be approved for such a loan is college students. They have a good reason for having a low income since they’re working very hard on having a more lucrative future. College students are seen as future customers and lenders do everything they can to help students obtain reasonable car loan requests.

There are 9 things consumers can do to get a low income auto loan approved:

  • Bring all bills current before applying. Pay off some of your bills if possible. The lower your debt the more likely a lender will approve a low income car loan.

  • Try to increase your income with a better-paying job or an additional job. It’s important that lenders see that you’re willing to work hard to buy a car and pay off the debt.

  • Buy a car on the lower end of the price scale. This advice doesn’t suggest that you buy a car that will need constant repairs, but a car that runs well that may not attract the girls is the car you need as long as you have a low income.

  • Save a decent amount of money for a down payment. Not only will a down payment help you qualify for a loan, but it will make you look more dependable and responsible to lenders.

  • Maybe someone you know with a good credit report can cosign for a car loan. A close relative or friend may be willing to help you get the car you need if they can trust you to pay the loan.

  • You may be able to finance your car through a credit union since they will be taking your payments directly from your check. If you’ve been employed at the same place for several years, there’s a minimum of risk.

  • You may own something of value to use as collateral to secure the loan. Many people use this method to retain ownership of the collateral rather than sell the item and lose it forever. Another close relative or friend may be willing to let you use one of their valuables as collateral. Again, this person must consider you trustworthy.
  • Find 5 lenders who specialize in low income auto loans and apply to all 5 at the same time. Each credit inquiry made of your credit report made by auto loan companies doesn’t have a negative impact on your credit report so apply to at least five lenders.

  • Look for the best lender you can find. A good lender will not only approve your loan, but will help you improve your credit score by reporting your consistent payments to one or more credit bureaus.

You may need to apply all 9 of these methods to find the low income auto loan you seek. They will be worth the effort if you get the car loan you need.


 
   
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