Car Loans – Specialized auto financing is a subprime vehicle loan, which could be given to people who might be considered too high risk to be approved for credit by a top-notch lender, such as a bank. If you have been refused car financing from a top-notch lender offering low APR financial products, you may find it easier to get approval from a lender who can offer you a specialized auto loan.
Who is a specialized car loans for?
A specialized auto loan could be an option for people who are struggling to get their loan application approved for loans with a low APR and want to boost their creditworthiness.
You may need to pay a higher APR for a specialized auto loan, but this could lead to greater access to lower APR financing in the future.
How does specialized auto financing work?
Lenders who specialize in auto financing usually have broader criteria than major lenders, which allows them to make some exceptions that a major lender cannot afford to risk when considering whether to give you credit.
A specialist lender may require you to have a payment reminder system installed discreetly in your car during your car loan agreement.
This process is also known as car finance black box.
Do specialized auto lenders perform a credit check?
Yes, a credit check is done for a number of reasons:
- To make sure you don’t take on too many credit commitments at the same time
- To see if it is likely to make repayments based on the previous repayment of other loans
Is a specialized auto loan for poor credit history?
You may have a bad credit history due to defaults, judgments of the county courtsmissed payments or even a loose bankruptcy.
You might get car financing with bad credit by applying with a specialized auto loan lender.
Is specialized auto financing for a low credit score?
You may have a low credit score for a variety of reasons, some include:
- Don’t be on the electoral roll
- Unused credit cards
- Mistakes on your credit report
- No credit history at all
While a specialized lender will see your credit score, they may have their own way of scoring, which is based on your credit history but with a few exceptions, if your loan criteria allow.
Is car financing specialized for people who benefit from subsidies?
If you wish to include certain benefit income in your auto loan application, a top-notch lender may not allow this due to strict income criteria.
If their custom criteria allow, a specialist lender may be able to include some of your earnings when evaluating your accessibility.
Is specialized auto credit for low-income people?
The basic criteria of specialized lenders usually include a minimum income to be considered for a car loan.
If you find that your income is too low, you may have the option to add a joint applicant to your application to bring the income amount to the minimum level.
Do I have to pay a deposit to get a specialized car loan?
No deposit is required for a specialized auto loan with Go Car Credit, however offering a deposit will obviously reduce the amount borrowed.
Do I need a guarantor for a specialized car loan?
If you choose Go Car Credit as your specialized car lender, you will not need a guarantor for our rental purchase agreement.
This article was published by: Gemma Simpson by title: Auto Finance Specialist | Bad Credit Car Loans
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