Guaranteed Approval of Low Income Car Loans Program Made Easier Online Now

• Credit rating – Most of the car loan low income lenders will take into account credit rating of the applicant as well as length for which credit services are being used for calculating interest rate on auto loan.
• Length of job – Majority of the lenders that offer car loan programs for low income families prefer working with individuals who have been working continuously for past 3 years and are with the existing employer for the last 1 year.
• Monthly income – It is easier to qualify for car loans low income earners if you have a pre-tax or net income of $1,500 every month. But make sure that you will provide verifiable documents for this purpose.
• Debt-To-Income ratio – To approve low rate low income car finance loan application, lenders ask for DTI ratio that is between 40 to 50%. So make sure that you meet this criterion if you intend to get fast approval.
• Payment-To-Income ratio – Lenders will approve no or bad credit low income auto loan request if applicants PTI ratio falls in the range 15 to 20%.
• Capacity to pay down payment – Borrower’s ability to pay sizable down payment or consider car trade-in can affect his chances having bearing on his probability of getting car finance low income bad credit approval faster.

List of other factors

• Currently availing a credit counselling program
• Bankruptcy petition has been dismissed by court
• Having more than twice car repossession records
• Filed for multiple personal bankruptcy previously
• Child support dues or tax liens have accumulated