How To Get A Car Loan with a Bad Credit Score
Many people require a car for commuting to their workplace and other activities. However, they do not have enough savings to make a down payment for the car and wish to take a car loan. However, in some cases, the potential car buyer has Bad Credit since his credit score is fairly low. Hence he will usually find it difficult to get a Car Loan from the conventional lenders for car loans since the credit score of the loan applicant, is the main criteria for approving the car loan. To overcome this problem, car buyers can now get a loan at affordable rates from LendingArch, one of the most reputed lenders in the United States.
Poor Credit Auto Loans - How to Get Pre-Approved
LendingArch offers Guaranteed Pre-Approval for car loans to all car buyers who are employed and earn more than $1800 every month before taxes. Unlike other companies giving a car loan, approvals are based on more than credit history, nor do we ask for co-signer. LendingArch realizes that the ability of a car buyer to repay the car loan depends to a great extent on the monthly income of the individual.
While the income of business owners, self employed professionals can fluctuate to a great extent, almost all salaried individuals are paid their salary monthly due to stringent labor laws. Hence car buyers who receive a monthly salary should be able to repay the car loan without any problem.
Many people wish to purchase a car quickly since their old car may have got damaged or was involved in an accident. Hence they require a Fast Car Loan, so that they can purchase a car quickly. One of the main advantages of taking a car loan from Lendingarch is that the car loan will get approved fast. The car buyer can conveniently apply for the loan online, providing the information requested.
Car Loan Approval Timeline
Usually if the car buyer fulfills the loan approval criteria mentioned above the loan application is approved. The car buyer can then choose from the thousands of cars listed. Often the car loan is approved in less than 48 hours.
Many people who do not have a good credit score are unable to get a car loan from most lenders. The credit score is a particularly important factor for many lenders, who use it for evaluating the risk involved in giving a car loan.
How LendingArch Can Help Connect Poor or No Credit Drivers
However, LendingArch realizes that the ability of a person to repay the loan depends to a great extent on the monthly income and the credit score may not be good because of factors beyond the control of the car buyer. Hence they are help connect customers through a pre-approval process to No Credit Car Loans, without checking the credit score of the loan applicant, if the car buyer is employed with monthly salary greater than $1800. LendingArch allows the car buyer to compare the rates and other terms from hundreds of car loan givers conveniently online using their website.
Customers can decide how much they can afford to pay monthly for the car loan repayment and then search for a lender accordingly. Some car buyers can afford to pay less than three hundred dollars monthly for the car loan, while other can afford to pay far more. So, based on his monthly budget for repayment of car loan, the car buyer can search multiple lenders to get the best possible deal, saving a large amount of money.
One of the main advantages of applying for a car loan at LendingArch is the Quick Car Loan Pre-Approval. Since the car buyer applies for the loan online, it is easy to process the data and approve or reject the loan. LendingArch has one of the highest approval rates for car loans, at 98% since it is mainly considering the salary of the person applying for the car loan. An additional advantage of applying for a LendingArch car loan, is that no co-signer is required for the loan. This is a major advantage for a person who is new to a city and does not know anyone who will sign for them. Using the above information, people with a Bad or No credit score can quickly get a car loan with the help of LendingArch and purchase the car they want.