Guaranteed Bad Credit Auto Loans – The Perfect Time is NOW

Want to buy a car but unsure of approval because of your bad credit history? Well, you are not alone. Most Americans have at least one problematic transaction on their credit report. It may be anything like a late payment on a credit card or a missed payment on mortgage. Bad credit is very common and so, do not worry about it. You can get guaranteed auto loan approval with bad credit score. Think it is a joke? This article will prove you wrong.

The Odds are in your Favor

Let’s take a trip down the memory lane. A couple of years ago “sub-prime” was considered a taboo. After the recessionary debacle of 2009, asset managers swore off “sub-prime loans”.

But, things change quickly in the financial world. Sub-prime loans have become extremely popular today. Half a decade ago, bad credit auto loans presented only 10% of the total car loan market. Today, the number has increased to 33%. Financial Times also mentioned that 10% of today’s loans are provided to “deep-sub-prime” borrowers. This means getting your auto loan despite extremely bad credit score is totally viable.

Experian Automotive declared that the market share for non-prime, sub-prime and “deep sub-prime” loans for new vehicles is 34.1% in the first quarter of 2014. It is a jump from 32.8% of the last three months of 2012. This means the same lenders, who once thought sub-prime was a bad omen, are now providing bad credit auto loans in high numbers.

Why are YOU the Preferred Choice?

Lenders, banks, financial companies (including “captive” financing companies of Ford and Toyota, etc.) are attracted to the sub-prime market because of combination of several factors. Here is the list:

Automotive Sector is Important

Since 2009, expenditure on motor vehicle has exceeded other consumer spending. Also, expenditure of motor vehicle accounts for 1% GDP whereas it is responsible for nearly 15% GDP growth during the same period. This shows that auto sector is very important for the economy. And, providing easy access to loan is the best way to help this sector.

Ultra-Low Interest

Lenders are able to get funding at affordable costs because of low-interest economy. This gives them opportunity to offer auto loans to several people and make huge profits. Interest rates on bad credit auto loan is high which is why, lenders are drawn towards it.

Wall-Street Fascination

As the interest rates are low, investors want something that can provide high returns. They are fascinated by asset backed securities like car loans because they deliver better than other mortgages. This fact is a huge motivation for lenders to provide bad credit auto loans without down payment.

Even though there are talks about the “sub-prime bubble burst”, investors are not worried about it. They believe that Americans love their car so much that they won’t let it repossess. They know that it is comparatively easy to make payment on car loans. And, lower delinquency rates have proved these assumptions.

So, these are the reasons why getting guaranteed auto loan approval will be easy for you. The current situation is really beneficial for bad credit buyers because it provides them access to easy loan programs. So, don’t wait anymore. Get guaranteed bad credit auto loans. The time is now!

CarDestination.com provides bad credit car loan approval to bad credit buyers. It ensures that bad credit borrowers get access to easy approval and affordable rates. Apply now and become part of a large group of happy customers.

Essential Hacks for Guaranteed Approval on Bad Credit Car Loans

I saw a video that provided kitchen hacks for faster cooking. A lot more spare time and high internet speed led me to a number of videos and articles that provided everyday hacks for making life simpler. That’s when I thought – Why not provide car buyers with opportunity of bad credit auto loan hacks? And, thus this blog began.

I have worked in the subprime auto financing industry for the past 6 years. I worked as a loan consultant for car buyers with credit issues. My experience taught me few things that could guarantee approval on bad credit auto loans. I am sharing it with you.

Smart Work is the Key

In today’s world, a smart worker dominates the hard worker. While getting approved for a bad credit car loan, you need to do the same. If you search at the wrong places, you won’t find your bad credit loan. You don’t have to try hard. Don’t go walking to every lender and bank in the neighborhood. Instead, log in to your computer and search for a lender who provides sub-prime financing. You will find many online auto financing companies that provide bad credit car loans online. Research and choose the one that provides services in your city.

Your work doesn’t get over with finding the right lender. You still need to finish the following things for quicker approval.

File your Documents

Lenders need few documents to study your financial health. And, if you keep them ready, your loan process will get over quickly. Here’s what you will need to complete the bad credit car loan file:
1> Financial Statements
2> Recent Pay-Slips
3> Employment Verification Letter
4> Information about the Car, if you have selected any.

Any of these Things can help you

When you have bad credit history, any one of these things can help you in getting guaranteed approval. The reason is that these factors reduce lender’s risk. And, when you reduce the risk factor, lenders become comfortable in approving loan to sub-prime credit customers.

1> Find a co-signer

A co-signer gives you power. With someone to back your loan application, it becomes strong. Also, lender becomes sure of getting back his money. This means lender will approve your loan request easily.

2> Spare some money for down payment

Down payment reduces the loan amount. It helps in showing your current financial stability to the lender. The lender will become tension-free when he sees that you can manage such a large amount.

3> Trade-in your old car

If you have less cash and have an old vehicle lying in your garage, you can trade it. This way you will reduce the car loan amount and not spend a single penny out of your pocket.

So, these are the simple hacks that can get you guaranteed approval on bad credit car loans.

Car Destination gets you the best auto loans programs without any discrimination of bad credit history. Get ready for guaranteed approval by simply submitting your loan request on the website. Apply now.

All the best!