Credit Clinic Auto Financing After Foreclosure
Getting An Auto Loan Is Hassle-Free At Team One Gadsden Chrysler Dodge Jeep and Ram In Gadsden, AL
Do not let a recent foreclosure stop you from getting into a car. While a recent foreclosure means that difficult times are ahead, it does not mean that a reliable vehicle is out of reach. If you have had a recent foreclosure on your credit history report, you can still get bad credit auto loan from Team One Gadsden. Our finance professionals will assist you in getting a hassle-free auto loan that fits into your current situation. A reliable vehicle is necessary to maintain your current driving lifestyle after a foreclosure, you can rely on Team One Gadsden for all of your bad credit loan needs.
If you are planning on applying for a bad credit auto loan after a foreclosure, these tips will help you get approved, which include:
- It doesn't matter whether you're living in the foreclosed property or not.
- You can get a bad credit or sub-prime auto loan whether the foreclosure process is complete or not.
- If you are still currently residing in the foreclosed property, yourlender can use your mortgage payment in calculating your debt to incomeratio.
- Be ready to put down a larger down payment. When it comes to puttinga down payment down on a car, every state in the US has various regulations. However, when receiving an auto loan after a foreclosure, you can assume to put down approximately 20 percent to 50 percent of thecar's value as a down payment.
- If you are not living in the foreclosed property, your lender will use your current rent or mortgage payment to calculate your debt to income ratio.
- Your interest rate will most likely be higher for a bad credit loan that one from a conventional auto loan.
- Understand that the length of a bad credit auto loan term will be shorter than the terms allowed for a conventional loan. Be ready to pay off your loan within two to four years and have a slightly higher payment than one with a conventional auto loan.