Before we get started, I want to say that I have put together this list of banks based on my experience in the auto industry. During my 4 years of experience, I have been in sales, finance, and management. During my sales time, I sold over 500 cars and 65% of those sales were to customers with credit scores under 650. I know the banks that bought majority of the customers with those scores and narrowed them down to the top three. Of course, some people may agree and disagree with this list and that’s ok. The purpose of this article is to educate consumers on some of the choices out there. I would like to also point out that I am not getting paid to promote these companies and I genuinely want to see people have confidence when they walk inside of the dealership. Lets get started.
There are many bad credit auto loan banks between Credit Acceptance and Capital One. The reason why this is number 2, is simply the ease of getting a loan with them. They are the ONLY BANK to give consumers an auto loan while they are currently in a Chapter 7 or 13 Bankruptcy, Previous or current repossession, multiple bankruptcies, multiple repo’s, Expired or Revoked or Suspended Drivers License, State ID only, Cash income, 1099 Income, Disability Income, Self Employed, Closed Bank account, first time car buyer, low down payments, and a great selection of cars that work with their programs. I think I covered everything lol. The minimum income they work with is $800/month income before taxes. A checking account is not required but does help tremendously with the approval process. Because of the profit margin for the bank and the dealership, some dealerships don’t work with them with is the dumbest thing I have ever seen a dealership do as customers with all credit situations come in. I forgot to mention that they also approve consumers with open auto loans in which most bad credit auto loan banks would force the consumers to trade the open auto loans in a prefer them to have only one auto loan at a time unless there is a co-signer involved. Either way, you get the point. They are awesome.
For more articles like this one and to stay updated on discounts and upcoming free webinars, join our FREE email list!
Interested In Improving Your Credit Score
But Got A Few Questions? Fill Out Below
[contact-form-7 404 "Not Found"]