Giving You a 2nd Chance on Car Loans!

Second Chance Lenders Consider More Than Your Paycheck

Lenders who specialize in bad credit auto loans consider more than your weekly take home pay. To them, your debt to income ratio is the most important factor in determining eligibility.

You can follow a formula similar to the lender’s prior to applying. All you need to do is total all of your regular monthly bills: mortgage/rent payments, credit card payments, loan payments, average utility payments, and anything else you are required to pay such as child support, alimony, or rent-to-own furniture or appliances. Once you have that seemingly astronomical figure tallied, divide it by your total income before taxes. It should be less than 50% or you will probably be denied.

When you are adding all of your expenses together, it can be easy to forget to toss gasoline in there. At $4 a gallon that is a mistake. Assume you need to fill your tank 1.5 times per week and you should be able to insure a comfortable payment. Hopefully, this tip will help you get the second chance car loan you need to repair your credit.

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