So what is the actual process when someone with bad credit applies for an auto loan?

If you have credit problem, it doesn’t really mean that it’s practically impossible to get a poor credit car loan online. As a matter of fact, you can apply for an auto loan right online and usually find it pretty easy to get a fast approval. There are many auto finance banks out there offering all types of special programs for people with poor credit, even if you filed for bankruptcy within the last 7 years.

What you will need in order to apply for one of these bad credit auto loans is some of your personal information for the credit application, for example, job info, car type and some personal info such as your social security number so the lender can review your credit report. A majority of the auto loan applications online take about 1 to 3 minutes to complete and many online auto loan services can give you a credit decision on the spot!

Because of the recent down turn in the economy, many lenders have loosened their criteria a little bit and have been approving more bad credit auto loans than ever before. Late payments on peoples credit reports in this economy are basically almost unavoidable. You may get a higher monthly payment because of a higher interest rate on your loan, but in the long run you will get the approval you need and they will get you on the road, driving the car you need, plain and simple!

Once your information is submitted, you can literally be driving away in your new car within 24 hours. If you apply with a lender directly, sometimes they can give you a blank check approved for a certain dollar amount, which can give you the privilege of shopping around and negotiating like a cash buyer.

Other times if you apply directly at a car dealership, they can get you approved and driving your new car within practically an hour or so. This is because car dealerships who specialize in special finance auto loans have access to a variety of lenders that they are connected to electronically, and can get a fast approval from a number of lenders literally within minutes. They will match you with the best deal, collect some loan stipulations such as pay stubs and references, and off you will go in your new car. It’s really that easy!

Want to find out more about Car Financing After Bankruptcy, then visit Frank A. Williams‘ site on how to choose the best Guaranteed Bad Credit Auto Loans for your needs.