Bad Credit Auto Loans
Auto Loans for those with a previous bankruptcy
Just because you have had a previous bankruptcy doesn't mean you cannot qualify for an auto loan. Keep in mind that a previous bankruptcy is just one of the pieces of the puzzle that a lender looks at. Winn VW Woodland Hills and our lenders understand that sometimes people just need a helping hand. You can get approved with the proper documentation and a few simple steps. The next three points listed will you on you way to getting approved. The good news folks that even with a poor credit scoreyou can get approved interest rates and loan terms may very depending on your credit score and credit history.
1) Check you current credit score and see what you can do to improve your score.
Yes it may be painful looking at a low score but is needed. This will assist in looking
at your expectations when you are looking for your next vehicle.
2) Be prepared to bring at least 2 paycheck stubs, drivers license, a utility bill and at least 5
verifiable references with you.
3) Fill out a credit application and complete it in its entirety to ensure a smooth approval process.
How much down payment is required?
It is a common misconception among consumers that a previous repossesion of bankruptcy means that you will be required to put down 20 percent or more down towards your next auto loan. This is not necessarily true. Your down payment yes, may be higher but there are other factors at play that may determine your down payment such as amount of loan, make of vehicle and the term of your loan OAC. You can expect a down payment of 10 to 20 percent depending on your credit and loan term. Do not worry as Winn VW Woodland Hills has flexible down payment agreements to get you approved
When you visit the dealership, we will discuss with you the interest rates that various lenders have available. Keep in mind that your interest rate will affect you monthly payment. Generally those with poor credit can expect an APR of 14.9 percent or more. We will work with over 20 lenders to get you the best interest rate possible.
What will be my loan terms?
Loan terms vary from lender to lender. Most lenders will usually have a loan terms from 60 to 72 months. We can also work with lenders to customize a loan term that work for you.
Cosigner can help with loan approval:
Depending on your credit a co-signer with good to fair credit can go a long way in ensuring your loan approval with a better interest rate.
What types of makes and models are available?
Winn VW Woodland Hills is apart a large auto group. We have VW, Toyota, Chrysler, Chevrolet, Audi and Mercedes pre-owneded vehicles available. Certain restrictions may apply depending on loan approval available.
Getting a auto loan after a repossesion:
So you have had a vehicle previously reposssed. This can have a devastating effect on your credit score as it may drop up to 200 points and stays on your credit report for 7 years. Well we may be able to take this big negative and turn into a positive. If we can get you approved this may be a great way to restablish your credit.
Save time by getting preapproved:
The one thing that keeps most comsumers from visiting an auto dealership to purchase a vehicle is the amount of time it takes to complete that transaction at the dealership. Well a great way to save time is to fill out a credit application and submitting documents that a lender may ask for prior to going to the dealership. One thing we do not like to do at Winn VW Woodland Hills is waste a customers time. If all documentation is sent to us and a full credit application can save you up to a couple of hours at the dealership.
Ready to get your next car?
Now if you are ready to take that leap of faith and get your next car. Let Winn VW Woodland Hills help you walk through the process. Remember at our dealership Your Job is your credit. Now to get started click on the button and fill out your credit application and one of our credit specialist will contact you shortly.
A subprime lender specializes in auto loans for comsumers with bad or challenged credit. Interest rates may vary from lender to lender and interested rates tend be higher that prime lending institutions. Approval are OAC.