Bad Credit Auto Loans Quiz...


Bad Credit Auto Loans Quiz...

True or False. I have bad credit and am applying for a used car loan. My bad credit score is the sole determinant on whether or not I get an auto loan.

False. Lenders use a number of facts in addition to your FICO score when making credit decisions. While your score is part of the decision making process, lenders will also consider the amount of debt you can reasonably handle based on your income, your employment history, and your credit history. Based on their subjective perception of all this information, lenders may extend an auto loan to you even if you have a bad cedit score.

Conversely, they may also use this same subjective information to decline you even if your score is high.

Related Posts:
Bad Credit Car Loans and Dealer Financing

Recommended Reading:
37 Days to Clean Credit is a "well-written and very effective course - one of the most popular self-help guides in the credit repair genre these days!"
       - Bad Credit Auto Loans Blog


7 comments:

  1. I have bad credit... What do you think about buy-here-pay-here places?

    ReplyDelete
  2. I heard that Fair Isaac, the company that created the FICO score, has created a new scoring model that may help customers with a limited credit history.If you have been turned down for credit in the past because of a missing or incomplete credit file, the new FICO Expansion Score may make a difference. Now you may not have to settle for getting another old car at a buy here pay here lot. According to Fair Isaac, the new program could add an additional 50 million consumers to their database. What do you think?

    ReplyDelete
  3. This will be really useful for people who have credit problems

    ReplyDelete
  4. Seriously... credit is everything... make sure you have good credit, and you don't have to worry about all that mumbo jumbo! protect your credit!

    ReplyDelete
  5. Yess...I agree..this post will give us information about credit problem....

    ReplyDelete
  6. Great post Looking Beautiful Car Useful for People.

    ReplyDelete

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