What Information is Needed to Buy a Car with Guaranteed Loan Approval?
- June 2, 2022
- Bad Credit, buy here pay here, Car Purchase Tips, Ohio
- Posted by Alysia
- Comments Off on What Information is Needed to Buy a Car with Guaranteed Loan Approval?
Purchasing a car is already stressful enough without having to worry about your credit history. Thankfully, guaranteed loans are available for individuals with bad or non-existent credit. The team at Car N Credit is available to help you get a guaranteed loan and purchase a vehicle.
What is a Guaranteed Loan?
For individuals who don’t have a credit history or who have a low credit score, getting a loan from a typical bank is difficult. Instead of relying on a bank, some dealerships offer customers guaranteed loans. A guaranteed loan is a promise of repayment on the loan by the dealership should the payer default. This means that instead of working with the loan institution, you work with the dealership to arrange payments. At Car N Credit, we offer guaranteed loans to individuals who live within a 60-mile radius of our dealership.
Information Needed to Buy a Car with a Guaranteed Loan
In order to qualify for a guaranteed loan, you still need to be able to show you can make the car payments. To do this, you will need to bring proof of identity, income information, and show your credit history.
Proof of Identity
Your identification will demonstrate that you are who you say you are. In addition, a Driver’s License will prove you have the ability to drive and will list your address.
Income information can come in the form of paystubs, W2s, yearly taxes, etc. While a guaranteed loan can help people with low or no credit, you still need to be able to pay back the loan. The dealership will need to see proof of income in order to provide you with a loan.
While your credit history may not affect your ability to get a guaranteed loan, it is a necessary part of the loan application process. In addition, many dealerships use your credit information to report to credit institutions when you make a payment on time. This can help increase your credit score overall without affecting it negatively. At Car N Credit, our loan application does not affect your credit score. This makes applying for a car loan with Car N Credit risk-free!
Get a Guaranteed Loan at Car N Credit
At Car N Credit, we know that you are more than your credit score, that is why we work with everyone, regardless of their credit score. Stop by our Piqua dealership, call us (937) 773-0895, or start the car-buying process online today!