Free 60 Second Application with 98.9% ApprovalIncome Tax Refunds Can Help Your Car Loan Approval
Auto credit approval chances for credit challenged consumers are much brighter during this phase of the year. There is a couple of factors that they can benefit from because the income tax season is about to arrive soon. Valley Auto Loans specializes in offering top notch auto loan support to poor credit consumers, and we are aware of the fact that timing can be an extremely important factor for these customers.
The Current Situation
There has been a slight improvement in the bad credit auto loan scenario all over the country. However, the market still has rather strict parameters for these applicants. These high risk auto loans still have two important requirements. W-2 wage statements are required as income proof document while dealing with sub-prime lenders. The requirements are even more stringent for the self employed applicants. They are required to furnish tax returns for three previous years showing net earnings as per their wage threshold. Supporting documents from the bank are also required at times.
Down payment is another requirement because these lenders feel that this ensures timely payment and successful completion of the loan. Industry figures also show that the borrowers walk out of a loan more frequently when down payment is not a requirement.
Most of you are presently busy preparing your income tax documents. This is the best time for you to repair your FICO credit score by rebuilding your car credit. The first of the two requirements described above are taken care of by employers in most cases. Employers are required to distribute W-2 wage forms to their employees within the 31st of January. As a bad credit borrower, what you can do is pay a part of or the entire tax refund amount as your down payment for an auto loan. This will dramatically improve your chances to qualify an auto loan.
It is important to know that there is nothing shameful in having a bad credit, and there are so many things that one can do to improve the same. At Valley Auto Loans, we help bad credit borrowers find out the right lender and dealer so that they are relieved from the embarrassment of rejection. Since the introduction of our new approval system, we have been able to offer approval to almost all poor credit applicants. Moreover, all these customers receive excellent rate of interest from us.
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