Getting a bad credit auto loan with no down payment is easily approved provide the applicant is a U.S. citizen and 18 years of age. He or she must also have a minimum monthly income of $1800.
People who dream of driving a swanky car of their own can opt for auto loans online and return the sum availing easy schemes. There are service providers who specialize in bad credit auto loan and come to the rescue of customers having a poor credit history. The amount of money you get as loan depends on several factors like employment status, age, citizenship, and income. There are possibilities of getting the amount sanctioned at the lowest possible fee, sometimes even at zero down. Wonderful, right?
The key parameter for getting your amount sanctioned with zero down payment is the least monthly income of $1800. However, it’s good to keep your credit score below 640. This is important as the lending firms need the minimum so that consumers are able to pay the amount including an entire insurance coverage after settling all utility bills and monthly expenses.
Another aspect that is taken into consideration is the W-2 employee v/s 1099 situation for poor credit financing with zero down fee. So, if you are a W-2 employee, you will get more preference than others as your employer will provide you with a W-2 tax form at the close of a financial year. However, the situation is a bit different with self-employed individuals. The lender will consider the bad credit auto loan of self-employed individuals provided they furnish 3 years preceding tax returns and supporting bank statements proving the income.
If you are keen on buying a new car and require the loan to be approved, ensure that you have completed at least one year of service with your present employer. Also, you are required to show 3 years of provable employment record for the fast processing of loans with no down payment. And, as far as age and citizenship are concerned, you need to be 18 years old and a citizen of the United States of America. Ensure that there are no issues concerning repossession and bankruptcy; else you application might get disqualified.
So, customers who wish their zero down payment application to be approved must ensure that all conditions are adhered to, and necessary documents are in place. Good luck!