1. How to Get Sub-Prime Credit Auto Loans?
Lenders that offer auto loans to subprime borrowers are called subprime lenders.
Subprime car financing is common these days as many Americans are having a bad credit
history. Lenders know that they cannot shy away from offering auto loans to bad credit
borrowers because there are so many of them. They would lose a considerable amount of
business if they didn't offer subprime auto financing options.
Important Tips to Get Guaranteed Approval on Sub-Prime Credit Auto Loans
Yes! It is possible to get guaranteed approval on subprime car loans if you understand these
important tips and follow them.
Credit History
Your credit scores play an important role in getting any type of loan. Even if you have
subprime credit, it is necessary that you check it. An accurate credit score can help you avoid
scams. There is a possibility that lenders may con you by not offering lower rates under the
pretext of a bad credit score. So, always check your credit score.
When you check your credit ratings, you must go through your credit report as well. Look for
discrepancies. If you find any error, report it to the concerned credit bureau. It is better to
remove all errors from your credit report because it will improve your credit score. You can
also increase your credit score by making regular monthly payments.
Down Payment and Co-Signer
A large down payment increases your chances of getting a subprime auto loan. When you
put money down, the car loan amount reduces. There is also a decrease in the lender's risk.
As a result, getting lower interest rates becomes easy for you.
When you have a co-signer, the lender is sure that his investment is safe. This will increase
his trust in you and your car loan approval chances will increase.
Search for Lenders after Making a Budget
When you make a subprime car loan budget, you get an idea of your affordability. A budget
is a necessity because a planned credit purchase is easy to manage.
Once you know how much you can actually afford as monthly payments, start your search of
finding a subprime lender. It is always better to search for car loans first and then choose the
vehicle. When you have a pre approved auto loan, it takes pressure off your mind and you

2. are able to make a better car choice. Also, you avoid unpleasant car financing surprises at
the dealer's lot.
Submit your car loan application at many places because lenders don't have common criteria
for subprime auto loans. It is possible that few lenders may consider your score very bad
while others may think of it as average. So, it is always better to apply with several car
lenders.
Traditional financial institutions and banks are reluctant in offering auto loans to subprime
credit borrowers. So, it's better to avoid them. You can apply with a credit union if you are its
member. You can even opt for online subprime auto loans by applying with online auto
financing companies. These companies offer instant approval because they work round the
clock with a large network of lenders and dealers. Remember to check the authenticity of the
website. Apply with only reliable car financing companies.
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