Poor Credit Sign and Drive Auto Loans

There is a reason consumers with less than stellar credit will typically not qualify for a sign and drive car loan program

Qualifying for cheap car loans

Applicants for auto loans with low FICO scores sometimes ask us if there is the chance they might qualify for a sign and drive car loan.

Here at Auto Credit Express we know why they ask this question (most of the time these loans require either little or no down payment) because we’ve spent the last two decades helping people with credit problems find dealers that can arrange for approved auto loans.

So why is it so tough to get a sign and drive loan if you’ve had credit problems?

Controlling Car Ownership Costs

Car buyers with bad credit that find themselves on a tight budget should check out what Kelley Blue Book has to say when it compared the ownership costs of compact cars

Budgets and poor credit

One of the keys to successfully completing a high-risk car loan and moving the credit repair process along is understanding the total cost of vehicle ownership.  At Auto Credit Express we have come to realize how important this is after spending more than two decades helping car buyers with credit problems find dealers that can offer them the opportunity of an approval for a car loan.

Clarifying No Credit Check Auto Loans

While no credit check car loans may solve the transportation problems for people with credit issues they will not help to reestablish car credit

Credit repair and auto loans

There are still many credit-challenged consumers that pick a tote the note car dealer because there is no credit check involved, but also because they believe it’s their only choice once they’ve been turned down for a conventional auto loan.

New Car Affordability Remains Good

Second quarter report from Comerica Bank shows there is more good news even for consumers with credit issues as it shows new vehicle affordability remains stable

 New cars

Even auto loan applicants that face credit-related problems ought to know if now might be the right time to finance a new car.

 

At Auto Credit Express we understand this because for the last two decades we’ve been helping credit-challenged buyers find dealers for their best opportunity at approved auto loans. It’s also the reason that our website’s resource section explains subjects such as guaranteed auto financing as well as today’s topic: the continuing affordability of new cars as reported by Comerica Bank.

Comerica discusses auto affordability

What FICO Does Not Consider

Car shoppers with poor car credit should also know the consumer information that is not considered when computing FICO scores

Our take

Here at Auto Credit Express, where we’ve spent the last two decades helping car buyers with low credit scores find dealers for their best opportunity for auto loan approvals, we very rarely have to explain what”s not involved in computing certain credit scores.

Loan Lexus CT 200h

 

 

The 2012 Lexus CT 200h comes in the following bodystyles: Sedan and has 2 styles for consumers to choose from. Engine options include 4-Cylinder; drive train choices are FWD; and fuel types available include Hybrid. 2012 Lexus CT 200h base price ranges from $29,120 to $31,750.

Avoid These Bad Credit Car Loans and Others

Car buyers with poor credit should stay away from any lender that requires an application fee

Loans requiring a fee

One way people with credit problems can tell if lenders are legitimate is if they ask for a fee up front to process the application.

We are aware of this here at Auto Credit Express, where, for more than two decades, we’ve been helping applicants with less than perfect credit find those car dealers that can give them their best opportunity at approved car loans.