Bad Credit Guaranteed Auto Loans: Auto Financing Approval

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January 27, 2012

If you have bad credit and want to buy a new or used car, then researching for guaranteed auto loans may be able to save you a lot of time, frustration and expense. Typically, people with bad credit find it difficult to be approved for a car loan through traditional sources. In fact, many people that visit new car dealerships and apply for car loans are actually denied. But, in many cases those same people would've been approved for a car loan from a lender that makes guaranteed auto loans.

How Guaranteed Auto Loans Work

Generally speaking, guaranteed auto loans are loans for people with bad credit. There are lenders in the market that specialize in making these types of loans, and they make thousands of loans to people with bad credit every day. Even those with past bankruptcies. However, these loans usually have a substantially higher interest rate. In fact, it is not uncommon for some of the rates offered by these companies to be upwards of 20% annually. Therefore, it is prudent to always research as many lenders as possible when considering this type of car loan. The money you save could be a great deal.

Qualifying for Guaranteed Auto Loans

Usually, companies that make guaranteed auto loans have fairly strict requirements you must meet in order to be approved. While your past credit history is not of particular concern, they do look negatively upon credit problems that have occurred within the last six months, before submitting your application for the loan. Therefore if you have any substantial delinquencies or defaults within the last six months to one year, you may want to consider waiting before applying for this type of loan.

In addition, most lenders have minimum monthly income requirements and most also require you to have either a checking or savings account. Also, you will probably be required to make your payments using direct debit. This will allow the finance company to actually deduct the payment from your bank account directly. You will always want to make sure that you have enough funds available to cover the amount of your car payment. If you do not, then you will be subject to insufficient funds fees, as well as fees from the lender for not having those funds available.

Finding the Best Rates

As with any other type of loan, you will find the best rates for guaranteed auto loans by simply shopping for them. You can use search for guaranteed auto loans online, and you will find hundreds of websites that offer these kinds of loans. One of the easiest ways to be approved for a guaranteed auto loan is to visit a site like InstantCarLoans (

InstantCarLoans makes applying for a guaranteed auto loan quick and easy. You need only fill out a very short one-page application form and then submit it. If you meet the minimum requirements, InstantCarLoans will then contact you and have you make an appointment with one of their participating network dealers. InstantCarLoans works with dealers that offer virtually every type of car and truck imaginable. Therefore, you will always be able to find a car or truck that you want and one that meets your needs.

Once InstantCarLoans has approved your application, you will simply visit the network dealer and meet with the appointed dealer representative. The salesperson will then show you different types of vehicles that you may be interested in. Simply choose one, complete the expedited documentation and paperwork and take delivery of your new vehicle. It's as simple as that. Also, you can rest assured you're getting one of the best interest rate deals available under the circumstances.

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