| If you have bad credit and a low income, it's very | | | | should be considered a last resort. |
| challenging to get approved for a car loan. This article | | | | Your Local Bank |
| looks at the basic requirements set forth by | | | | Local banks or credit unions have different loan |
| companies that do offer auto financing for people in | | | | requirements so you will need to consult with your local |
| this situation. | | | | resources. If you have an account with a local bank or |
| If you have low income and are in need of a car loan | | | | credit union, then you may find favor when applying |
| with bad credit, there are a few options that are | | | | locally at one of these locations. |
| available to you. Buy here, pay here car dealerships, | | | | Looking Online |
| local banks and online financing solutions have various | | | | Online financing options for people that have bad credit |
| pros and cons while online opportunities through | | | | can offer you an opportunity to be matched with an |
| companies that have low income requirements may | | | | auto lender that caters to people in your particular |
| be the most convenient solution. | | | | situation. Some lenders work with marginal, fair and |
| In-House Dealer Financing | | | | bad credit, and each lender is different. Some sites |
| Buy here, pay here car dealerships are car lots that | | | | have large databases of lenders that you can be |
| offer to finance their own vehicles without a credit | | | | matched with based upon lender approval criteria and |
| check. A minimum down payment is required in most | | | | your credit and income. A low minimum income of |
| cases and payments can be made on a weekly, | | | | $1500.00 per month is required. Bankruptcies must be |
| biweekly or monthly basis. The interest rates and | | | | discharged and repossessions are ok, so long as |
| prices are usually high, so this option is something that | | | | some requirements are met. |