Car dealers aren’t the only potential sources of bad credit auto loans out there. Many lenders make bad credit auto loans. Getting such a loan can enable a person with bad credit to go car shopping with an approved loan.
Internet Lenders
There are thousands of online lenders out there and many of them will make bad credit auto loans. Individuals who can prove that they have a verifiable source of verifiable income should be able to get an auto loan approved online quickly without a credit check. The main thing a person will need is a documented source of income such as a job or a pension.
Credit Unions
Some credit unions may be willing to make bad credit auto loans to members. Long term members and members with a lot of money in their accounts could be able to get an auto loan without a credit check. Credit unions may also be willing make equity loans against your mortgage for car purchase.
Banks
Banks may forgo a credit check and make bad credit auto loans to customers. Customers who have large accounts in the bank or run a lot of money through their accounts may be able to get a loan approved. Smaller locally owned banks will be more likely to make such loans for established customers.
Equity Lenders
Mortgage companies and other real estate equity lenders will often make bad credit auto loans to those who have equity in real estate. Equity is the amount by which the value of property exceeds a mortgage. The real estate is used as collateral for the loan in these cases.
Other Lenders
Hard money lenders, pawn brokers and other non traditional lenders may loan money for car purchase. Especially to business owners and people who can prove they have a lot of cash flows or income.
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