It can be frustrating trying to be approved for auto loans with bad credit. Many banks and other lenders who do not specialize in bad credit car loans have minimum credit score thresholds; if your score is below that number for any reason, it is likely that you will be automatically declined.
One of the first things you should do to help yourself get approved for a car loan is to pull a copy of your credit report and score from the credit bureaus. You can accomplish this online, or you can have a paper copy of your report mailed to your home address. It may be discouraging or upsetting to view your report if you have bad credit, but the point of this is to ensure that everything that is on the report is actually correct. Many people go for years with significant errors on their reports that could make the difference between being approved for a loan, and not.
If you find any discrepancies, you can go straight to the credit bureau and submit an official dispute. The bureaus are required to respond to this dispute request; you should hear from them within 30 days from the time they receive it. You may need to supply additional documentation to help prove your case, so it is important to stay patient and try to remain positive. It is not uncommon for you to have to submit multiple disputes in order to clear things up once and for all.
Once your reports have any potential errors removed, it is time to go to the dealership. It is important for those with less-than-perfect credit to find a car dealership that specializes in bad credit auto loans like Loan Doctor we work with a variety of different lenders who are more tolerant of lower credit scores. Apply at Loan Doctor today! We can get you approved.