The process of buying a car while having bad credit or no credit can feel like an uphill battle, but when you partner with the right people, it doesn’t need to be stressful or confusing. At Source Save Money we’ve helped hundreds of Seattle drivers secure auto loans, even while facing tough financial challenges.
And, we can do the same for you.
Ever wonder what you need to secure an auto loan and make your car ownership dreams a reality? Here are a few things to consider:
1. Income: If you are employed and have been at your job for more than three months and earn at least $1,800 monthly, you’ll have a better chance of being approved for an auto loan. Other forms of income are acceptable too, such as pension, disability and child tax benefits.
2. Driver's license: Since you are buying a car, you’ll need a valid driver’s license.
3. Bank Account: Auto loan payments will be withdrawn via your bank account each month, so you’ll need to be able to provide a void check or complete a pre-authorized payment form.
4. Down Payment or Trade-in: Although a down payment or trade-in isn’t always necessary, it can work in your favor when securing an auto loan by lowering the amount of money that you need to borrow.
Are you ready to apply for your car loan? Our online application only takes a few minutes to complete and a Finance Specialist will be in touch with you within 24 hours to get the ball rolling. For more information, contact us or apply now.
Do you have bad credit? No credit? Have undergone bankruptcy or credit counselling? Are self-employed, a student or new to the area? Regardless of your current situation or past financial struggles, we can help!
At Source Save Money, we specialize in working with Seattle drivers to rebuild their credit by securing an auto loan. Our team is comprised of understanding and non-judgmental Finance Specialists who work quickly with our clients to get them approved for the perfect vehicle that best suits their needs.
We can do the same for you.
All you need to do is fill out our secure online application, which takes just minutes to complete. After receiving your application, our team will contact you directly to review the information provided, talk about your vehicle needs and understand your budget. From there, we will work with you to make your car buying dreams a possibility while rebuilding your credit at the same time.
In fact, we’ve helped people turn their credit troubles around in as little as a year.
Getting approved for a loan without a credit history can be tricky, especially since lenders want to see that you’ve borrowed money before and successfully paid it back.
But, having no credit history or an inactive credit report doesn’t mean that you’ve reached a dead-end – there are ways to qualify for a loan.
Here are three options to consider:
1. Show Proof
If you have no credit history to fall back on, you can gather documents, like your bank statements, employment history, past residences and utility receipts, to show lenders that you are financially responsible. Depending on what information you provide, this may help you qualify for a loan.
2. Find a Co-Signer
If you have a relative or close friend willing to be your co-signer, lenders may be more apt to approve you. Keep in mind that your loan will reflect your co-signer's credit rating and that they will be responsible for any debt you’re unable to pay.
3. Start Building Your Credit History
It’s never too late to start building your credit history. Start small by signing up for a low limit credit card or see about qualifying for a car loan. As you pay your balance on time each month, your credit rating will go up, which will help you establish a history.
Have no credit and need help securing an auto loan?
At Source Save Money, we’ve assisted hundreds of customers from across the Northwest to establish healthy credit scores by getting them approved for auto loans. We can do the same for you!
Click here to complete our quick and secure online application. It takes just minutes to fill out and one of our Finance Specialists will be in touch within 24 hours.