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Auto Credit Loans - How To Qualify With A Score Of 550?
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Are you troubled because of your poor credit rating? You have been spending sleepless nights since your car loan application has been rejected by all the traditional banks and lending institutions. This does not imply that you cannot purchase a car. There are web based companies offering auto credit loans to borrowers with a tainted payment history and poor credit score.
The word ‘bad’ is a relative concept. If your score is low, some of the lenders might still consider your application with a credit score of 550 or below. As far as your credit report is concerned, check it yourself. If there are errors in the report, get it rectified immediately.
If you have a score of 550, you are probably frustrated with the rejections faced. Many of the New York Auto Loan dealers have disappointed you as they do not work with the right lenders to get your application approved. Even if your loan application is approved, you are required to pay a higher rate of interest.
When you have a score of 550, borrowers in New York are required to abide by some minimum requirements to get qualified. There are companies having loan programs to help you buy a vehicle with zero or less down payment. You might not be eligible for a $50,000 car but you will qualify for an automobile that is economically priced. This means with a credit rating of 550 or below, you can purchase a vehicle if you choose the right lender and follow some basic guidelines.
First and foremost, you should be 18 years of age and a US citizen.
Borrowers must be able to produce employment related documents and income proofs. Employment letters and pay stubs should be kept ready when applying.
You should be in a position to pay at least $1700 every month during the entire term of the loan. And, if you are able to make more than that, you will be qualified for better programs.
Do you have a bankruptcy history? If so, you need to bear in mind certain crucial aspects. First of all, the bankruptcy should be completed. Make sure that there are no more obligations.
The next important aspect to consider is to improve your score. When you are borrowing money from a lending institution, you are required to make regular monthly payments. The company offering auto credit loans should be convinced that you can make regular payments. This is the reason you should start clearing off debts and pay all your utility bills on time. This will improve your score and the lender will understand that you are sincere when it comes to making timely payments. This way, the lending institution will trust you and you can opt for high priced cars in the future.
Last but not the least is the down payment money. Though bad credit lenders have zero down payment options, it’s better to pay at least 10 percent in cash. This way, you will qualify for a loan program with a lesser rate of interest.
What are your views in this regard? Please comment.
James Fredrick is a market research analyst in the automobile industry, who insists that it is not tough to get auto credit loans if you choose the right service provider who guarantees to get your loan approved. In his articles, he educates readers about how a New York Auto Loan company helps people by providing information about vehicle loans.
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