Get the best auto loan for bad credit
Buying a new or used vehicle requires a considerable amount of money. Fortunately, thanks to the auto loans for bad credit by wowloans packages, it is possible to finance the purchase of his car, even if you have bad credit.
If you already have a car model in mind, here are the different steps necessary to obtain credit.
Review your situation as a borrower
The first step towards obtaining a car loan is to make an analysis of your personal situation. A credit institution will only grant you financing provided that you present solid guarantees that prove your ability to repay.
This implies to justify a stable employment situation, a regular income and a debt ratio lower than the maximum threshold.
On the other hand, it is important to define your needs. Most borrowers enjoy high capital with long payment terms to borrow more than expected. It should be reasonable and knowing that each monthly payment will have a significant impact on your income.
Make simulations online
Take the time to go to our online car credit simulator. This exercise provides an idea of its borrowing capacity based on the proposed monthly payments. This is also the place to report the interest rates charged.
Once you have done enough simulations, you could then point to either a new vehicle or a used vehicle. You will also have the latitude to choose the financial institution that offers the offer best suited to your needs.
Make an approach to the structure to have a concrete proposal in hand. Pay special attention to monthly deferral clauses and late payment penalties.
Prepare the supporting documents
As soon as you obtain a favorable opinion in principle at the end of your steps, it will be necessary to prepare the credit file by attaching all the necessary supporting documents. In the case of a classic car loan, you must:
- Employee: a copy of the latest payslips
- Retired or self-employed: a copy of the latest tax notice
- A bank account number
- A copy of the identity document
- A copy of proof of residence (electricity, telephone or gas bill)
The borrower may, however, be asked to provide a purchase order proving that the auto loan will be used to finance a vehicle.
Payment of funds
As soon as the file is ready, signed and sent, the applicant has a legal period of 14 days (from the date of signature) to retract. Meanwhile, the bank or credit institution will study the file and give its answer in a few days. As soon as the request is accepted, the fund's transfer deadline varies between 2 and 5 days.