Comb through our useful credit help area where you can learn more about your credit, how to improve your credit and what to do in circumstances of Bankruptcy, slowpays, hassle loans, and so on. Click any of the links below.
Here are other bad credit car loan articles...
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FREQUENTLY ASKED QUESTIONS
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1. Loan Approval
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Q: What is the minimum amount I can borrow on an auto loan?
A: You can apply for an auto loan for as little as $2,000.
Q: How soon will I know if I've been approved for an auto loan?
A: Our lenders can usually pre-qualify an auto loan application within minutes with our online stress-free application. In some cases, we may ask for additional application information before approving your loan. Once your application is approved, our loan representative will contact you within 24 hours to obtain any necessary documentation to prepare your loan package for signing.
Q: How long is my loan approval good for?
A: Thirty days.
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Q: What types of vehicles are eligible for financing?
A: All makes of passenger cars, foreign and domestic, and trucks up to and including one ton, from dealers, private parties, lease buyouts, and cash-outs.
Q: What types of vehicles are ineligible for financing?
A: Ineligible vehicles include those used for commercial/business purposes (e.g., taxis), salvaged vehicles, and Lemon Law buy-backs. If you have additional questions about a specific vehicle purchase, email help@getbadcreditautoloans.com. A loan representative will assist you.
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Q: What are your lender's auto insurance requirements?
A: We require proof of comprehensive and collision insurance. You may also want to consider a GAP protection product, which provides financial coverage for the difference between your loan balance and the auto's market value in the event of an accident or theft.
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MORE FAQ PAGES
Credit Reports
Credit reporting agencies maintain files on millions of people. Lenders making credit decisions buy credit reports on their prospects, applicants and customers from the credit reporting agencies.
Your report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you. Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether you've paid your bills on time. It tells lenders how much credit you've used and whether you're seeking new sources of credit. It gives lenders a broader view of your credit history than do other data sources, such as a bank or credit union's own customer data.
Creating Your Credit Report
Your credit report does not really exist until you or a lender asks for it. It is then compiled by the credit reporting agency based on the information stored in that agency's file. This information is supplied by lenders, by you and by court records.
Thousands of credit grantors - retail stores, credit card issuers, banks, finance companies, credit unions, etc. - send updates to each of the credit reporting agencies, usually once a month. These updates include information about how their customers use and pay their accounts.
Your credit report reveals many aspects of your borrowing activities. All pieces of information should be considered in relationship to other pieces of information. The ability to quickly, fairly and consistently consider all this information is what makes credit scoring so useful.
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