Guaranteed auto loans are a more expensive option

Guaranteed auto loans are definitely the way to go for anyone with really bad credit but they are very difficult to obtain. They are usually used car loans. The interest rates will be higher it is a great opportunity for you to get into a new car and rebuild your credit. There are a few minimum requirements you must meet before you can get guaranteed auto loans but a certain credit score is not one of them.

It’s important that you have a job. Most companies that offer guaranteed no credit auto loans will want proof that you have had your job for at least one year. Pay stubs or some other evidence will be required. If you work from home you may need to work out another arrangement to provide proof since most jobs from home don't pay with a paycheck.

To get a guaranteed auto loans a down payment is required. The payment will vary depending on who you go through and how much the entire loan will be for. The average down payment is between $1,000 and $3,000. You may be able to negotiate the down payment if you are willing to make higher monthly payments or have another car to trade in.

To qualify for guaranteed auto loan rate you have to be over the age of 18. You'll also need to have a checking account and a savings account although there isn't a minimum of what you need to have in each. There is also an income requirement but it varies depending on the car you choose so you may have to settle for a car that wasn't your top choice.

If you qualify for used auto loans, they are often an overall better financial way to go.