According to the popular facts and studies FICO score below 550 for a car buyer or if he or she is in bankruptcy or has a household income of less than $1200 a month may have a little chance to qualify for a car loan through the subprime lenders.
Most of the consumer who need car financing faces this circumstance and ends up eitherpayingcashfor a vehicle or financing one from the BHPH car dealer.
Well, there are many car buyers searching for the “no income auto loans” that have successfully completed a bankruptcy and have credit score of mid-500 or a little better than that. With a gross monthly income of $1800 or more they fail to qualify for an auto loan if the lender reviews their credit report, however, in most cases this is not true.
No income loans are going to explore more desperate future by luring more customers to the automobile industry. However, how can one pay off a loan if all the roads are closed? Moreover, this program is not able to reestablish your credit. So, we ask borrowers who meet most high-risk lender’s minimum requirements should drive a more reliable car that’s either covered by a new car warranty or a used car service contract, helping you to reestablish credit score.