Have poor credit? In Washington, the average car owner has got a credit rating of 691. This itself is generally considered subprime credit. This means many men and women need bad credit auto loans in Washington.
If you have bad credit, Car Loan Washington works with companies who provide Washington bad credit auto loans on a regular basis. Visit here to apply online.
A lot of loan companies require individuals with a bad credit score to have an income of $1500 monthly, at least, and a maximum of $750 each month in debt payments (including your auto loan).
Here are a couple things you can do to boost your chances of meeting any lender’s approval criteria.
- Make Sure No Errors Are Lowering Your Credit Ratings.
- Supply a Larger Down Payment.
- Get a Co-signer.
- Don’t Allocate More Than 20% of Your Monthly Income to Paying Off Your Auto Loan
- When Necessary, Get an Auto Loan Through a Buy Here Pay Here Car Dealership.
What kind of vehicle should you purchase? Used. Used automobiles are cheaper to buy and insure.
What Rate Will I Have to Pay?
Good question. As your credit score decreases, the interest rate you’ll be charged quickly climbs. The exact rate you’ll have to pay is difficult to calculate in advance, based as it on such a wide variety of factors: credit score and profile, income and debt-to-income ratio, type of vehicle, length of loan, and much more. In general, though, you can expect to pay from 8-18% APR, with a credit score ranging from 660 down to 500 (source). We do not have a minimum credit score for application.