Buy Here Pay Here Waukegan, IL

This is a phrase that you'll find on any number of bad credit web sites: car loan no down payment and 100% approved. First, let's go straight to the truth: not everyone gets approved for bad credit car loans. There are a number of reasons for this, but first, an example: We were recently contacted by an applicant. This person was having trouble getting approved for a car loan and their question went something like this, "I have bad credit and I have been trying to get a car for awhile. Every dealer that I've been to wants a big down payment or they can't help me. If that's the case, why do they say you can get a car loan no down payment and no one gets turned down?" This is the short answer: "Not everybody qualifies for a car loan no down payment." If this person had been visiting a legitimate web site instead of one that just wanted their personal information, they probably would've seen something like this list:

1. You must have at least $300 in disposable monthly income if your FICO score is below 640.
2. All bankruptcies must be discharged. (Some lenders will consider a Chapter 13 that is 2/3 completed with an order to incur additional debt.)
3. You must have no repossessions in the last year unless included in a bankruptcy.
4. Loans are for automobile purchases from an authorized licensed dealer partner.
5. You must be a U.S. resident and at least 18 years of age.

If you can't pass these requirements, chances are you will not qualify for any kind of bad credit auto loan – especially a car loan no down payment. However, just because you meet these requirements does not guarantee that you'll get approved. In addition to the basic requirements, lenders also look at your debt to income. If your monthly bills exceed 50% of your monthly income or if you car payment exceeds 20% of your monthly income, then most bad credit lenders will not allow you to take on additional debt. Lenders will also look at the source of your income. If you are a W-2 employee with multiple years at the same job, this works in your favor. If you are self-employed or have less than a year on the job, getting a lender to approve your application could prove to be more difficult. Another question you might be asking yourself is that if there is no such thing as a car loan no down payment for someone in your credit situation and you don't get approved now, will you ever get approved? The answer is yes. Many credit situations are temporary. Not enough job time can be cured by more time on the job. Debt to income problems can be solved with either paying off some or all of your bills (giving you more income) or by getting a better job or getting a raise at your current employer. Many self-employment issues can be resolved merely by keeping better records and having a tax professional prepare your income taxes. What is holding you back from a car loan no down payment now could change in six months or a year. Here is another important thing to remember: the best legitimate web sites will never mislead you by using phrases like "all applications accepted" or "car loan no down payment guaranteed approval". Legitimate bad credit web sites have helped thousands of customers get either a new car or a dependable, safe, low-mileage used car through their affiliate dealers. This is done by being up front about the bad credit buying process and by furnishing their customers with tools such as loan calculators to help them make informed choices.