Credit Acceptance and Auto Loans

So you need a new car, or at least you want one pretty badly.  But you’ve been rejected for a line of credit before, or you’re afraid of being rejected.  First off, don’t get down about it.  Studies show that nearly 23% of Americans have bad credit (a credit score of about 620 or below), and we know from experience that nearly every auto loan applicant is anxious about getting approved.  We urge you to be consoled by the fact that if you’re reading this, you’re already in one of the best spots for getting approved.

How to Get your Auto Loan Line of Credit Approved

• Use the Internet. More specifically, use our website.  When you fill out our application form, your credit request is “pinged” to a vast network of lenders, thereby maximizing your chances of securing the right loan you need for the car you want.
• Be Honest. When you complete any application form, online or offline, be as honest and accurate as possible with the data you enter.  Why?  Lenders often use sophisticated technology to double-check your answers.  If you say you live in Arizona but your Home Phone Number is from North Carolina, a red flag will be thrown and your chances of approval will be crushed.  Same with email and SSN.
• Be Open to Dealer Finance. If you have poor credit, dealer financing or a buy-here pay-here dealership may be your best option.  Yes, the interest rate will be higher, but the minimums for credit score and income are typically much lower than those for a bank or credit union.
• Cosigners and Down Payments. If you can either secure a cosigner or put down a substantial down payment (10-20%), then lenders are much more likely to approve your loan.

Ultimately, it’s best to remember than lenders, dealers, banks, and other financial institutions that extend credit are incurring risk when they lend a consumer $5, $10, $20, or $30+ thousand dollars to buy an automobile.  You, as a consumer, want to make them as comfortable as possible giving you that amount of money. This only maximizes your chances of auto credit acceptance.

We really do the rest of the work for you.  We work hard to offer you the most vast network of potential lenders available.  Don’t go filling out paperwork all over town — our service can put you in touch with your most optimal local lender given your vehicle needs, credit, income, and a zillion other factors.  That means the perfect match between lender and borrower, which means the best deal.  That’s the magic of The Auto Loan Network, right at your fingers.