Poor credit indicates that the borrower must have delayed in payments of loan earlier or must have defaulted in making previous loans etc. Therefore, no lender today want to offer loans to people with poor credit, considering offer loan to people with poor credit a risky business. There was a time when people with poor credit had to visit lender to lender to borrow loans. However, considering the fact that at time even genuine borrowers get poor credit due to unintentional activities, there are lenders who have started offering loans to people with poor credit. Now if you want to buy a new automobile and have poor credit, you don’t need to worry since there are lenders who now offer poor credit auto loans. Therefore fore, you can get auto loans in spite of poor credit.In case of poor credit auto loans loan amount is decided on the basis of your monthly income and monthly expenses. Most of the lenders offer loan amount up to 80 per cent of the cost of the automobile. You may have to make down payment up to 20 per cent of the cost of the automobile. Similarly, rate of interest is based on the amount of loan and repayment duration. Amount of monthly installment is decided on the basis of your income and expenses as well as the amount t that you can pa comfortably every month.
The eligibility to borrow poor credit auto loans are quite simple and are given below:
Borrower must be at least 18 years
Borrower must have a permanent source of monthly income
Borrower must have a currently operating savings bank account
Overall, poor credit auto loan is a best source for borrowing money to buy any automobile, in case you also have poor credit. Borrowing process is quite easy and repayment can be done in monthly installments.
Frank Dervin completed his Masters in Finance, he undertook to provide useful advice through his articles that have been found very useful by the residents of the
