Why Should You Opt For Dealership Financing?

If you are scanning through used cars or new cars for your next purchase, there is a good chance that you may choose auto loans as your preferred option of financing. Due to the current state of economy, not many potential car buyers pick cash payment for the purchase of their new car. Majority of the drivers opt for auto loans. There are numerous ways of obtaining finance for the purchase of your new car, some methods being simpler than the rest. Dealership financing is one of the preferred methods that not only helps you in getting a tailor-made auto loan, but also eases the whole process of acquiring a new car. 

How is Dealership Financing different?

Typically, a dealership financing is when the dealers extend a loan to their customers. Simply put, dealership financing is an in-house financing method wherein either; the dealer will himself finance the auto loan or find an auto loan for you by visiting banks and credit unions, ensuring that you get the best loan. Usually when you shop around for cars, it becomes an added task of finding a lender for your auto loan. A dealership financing is different with regard to its aspect of keeping the transaction strictly between the buyer and the dealer, thereby making the whole process a lot simpler.

What are the Reasons for choosing Dealership Financing?

• Convenience

One of the best parts of choosing dealership financing is that everything that you need for the purchase of your car is available under one roof. In a usual case scenario, you might have to make rounds between the dealership lot for choosing your car and the third-party lender for obtaining an auto loan. However, with dealership financing, the process is simplified as your dealer becomes your lender. It is convenient in the sense that you can choose the car of your liking while arranging the auto loan, all at the same place. 

• Flexibility

Accommodating a tailor-made auto loan that suits your needs is another feature of dealership financing. As dealership financing consists of a more realistic approach, dealerships often provide flexibility in auto loans. It means that you can have flexibility in choosing a budget for your car as well as deciding the monthly payments of your auto loan. Although every lender makes sure that you do not miss out on your auto loan payments, a dealer presents you with additional financing options that are flexible according to your needs.

• No Discrimination on the Basis of Credit Score

Ideally, a dealership financing is an arrangement between you and the dealer to ensure that you make monthly payments comfortably. Thus, while negotiating for the finance of your car, the dealership will take into consideration a lot more than just your credit score. Therefore, if you want to buy a car with poor credit score, you can still stand to get your auto loan approved. Also, it can prove to be a credit booster as you are availing a loan with a low credit score.

Dealership financing has its own set of benefits. From arranging a deal that can put you in a position to afford your monthly payments, boosting your credit score and getting you the car you desire, a dealership financed auto loan may just be what you need.

3 Laws to follow for selling your Car in Indiana

Selling a car is a long process. Many a times, providing incorrect paperwork can lead to delays in the process. The major reason for providing incorrect paperwork stems from the unawareness of the laws. Indiana is the 38th largest state by area, amongst the 50 states of America. Additionally, in the year of 2009 the total number of registered automobiles in Indiana was 3.14 million. The numbers point towards the ever-increasing market for selling cars in Indiana. However, before you decide to get rid of your old car in the Hoosier State, make sure that you have proper knowledge of the laws prevalent in Indiana. 

1. Provide Bill of Sale

It is a legal document that ensures proof of ownership. Typically, a bill of sale contains data such as the name of the buyer, purchase price of the car and its description. According to the laws of Indiana, you are required to provide the document while selling your car. Additionally, you need to fill in the details of the bill of sale in the Form 44237. 

2. Disclosure of Condition of the Car

Mentioning the present condition of the car is an ethical way of selling it. The laws of Indiana emphasize on submitting a written application that discloses the condition of the car. It reveals if the car is salvaged or rebuilt. The law applies to cars manufactured in the last seven years. In case, you decide to withhold the information from the buyer, he is eligible to file a lawsuit against you to claim damages in the future. Thus, it is a good idea to provide adequate information to the buyer. 

3. Provide the Car Title

 

A title certificate is an important document that is required for selling your car in Indiana. Without a title certificate, the process will stagnate. If your original title certificate is lost, stolen or broken, you can apply for a duplicate title for the car. You can obtain it from Indiana Bureau of Motor Vehicles. Once you have applied for a duplicate title, you are required to produce the following things: 

1. Form 205 pertaining to the application of title registration,

2. A photo identity proof,

3. An amount of $8 fee which is payable to Indiana Bureau of Motor Vehicles. 

Often while selling a car, we tend to forget the basic law requirements of the state. It can make the selling process difficult and lengthy. So, do not forget the laws prevalent in the state of Indiana and enjoy a comfortable process. 

Are you interested in buying a new car? If you want to become a proud owner of a new car, do not wait till you get rid of your old car. Apply with CarDestination, the auto financing company that makes pre-approved car loans possible for everyone. Get in touch today for quick sub-prime car loans in Indiana State.

Military Auto Loans: What sets them apart from Regular Loans?

‘Freedom doesn’t come for free. It requires bravery and sacrifice.’

An individual serving in the military forces is a great hero of our nation. It is a matter of pride to serve the nation and be responsible for the millions of lives. 

Individuals serving in military are appreciated for their extraordinary work but they too have ordinary needs such as buying a car. If you are military personnel and want to buy a car, military auto loans are tailored to suit your financing needs. The loans can make buying a car easy and provide comfort to your family while travelling to different places. 

Why are Lenders lenient towards Military Personnel? 

Being in military inevitably puts you at a big advantage and it gets you much better loan deals. So what makes your loan application look good? The answer is simple. It is your steady income and rock solid job security. 

There is one more reason. Lenders are more lenient towards you because they understand that you have to stay away from civilization for a long period of time. Therefore, it becomes difficult for you to establish a good credit score in the traditional way. So, lenders go easy on you when they consider your application for the loans. 

What makes Military Auto Loans different? 

When you are serving the nation, you are the one who is different from the rest. So lenders provide you with an auto loan that is different from the regular loans. So what sets military auto loans apart from other loans? The answer lies here:

• You don’t have to save a big amount for buying your new car. Lenders allow you to buy a car with a smaller down payment.
• You get the benefit of long repayment periods and low monthly payments.
• With the convenience of internet, it becomes easy to locate lenders who specialize in military auto loans.
• The loans are not only offered to those who are in active services of the military forces but even retired personnel are eligible to apply.
• You get flexible terms and conditions.
• Even when you are stationed abroad, you can apply for the loans and buy a car for your family.

So when you have done an exceptional work for the nation, lenders provide you with exceptional benefits. Military auto loans give you benefits which no other regular loans provide. So, apply for the loans and give a comfortable life to your family. 

CarDestination.com provides pre-approved auto loans to help military personnel buy the car of their choice. Apply with the reputed loan expert to enjoy no money down car financing.

3 Regulations to consider while selling your Car in Wisconsin

While many of us may like to hang on to a car for a long time, there comes a time when we eventually have to sell it. The reasons to sell your car may be plenty. Some may wish to sell it because it’s worn out while others may want to invest the same money elsewhere. Whatever the reason, once you have decided to sell your car, considering a few regulations that will benefit you in making the whole process a lot smoother. According to the reports of 2009, Wisconsin had more than 2.53 million registered automobiles. The statistics only point towards the ever increasing demand for cars and the huge opportunity to get the best selling price for your car. 

Follow Regulations for a Smooth Car Selling Process

It is essential to consider the following Wisconsin regulations while selling your car in the state: 

1. Complete the Transfer of Title

In order to sell your car, you need to ensure that the transfer of the title of the car is made successfully. According to the laws of Wisconsin, you can only sell your car if the title of the car is under your name. If it is either missing or damaged, you will have to apply for a duplicate title at the Wisconsin Department of Transportation. You will have to fill the replacement title application (Form MV2119) in order to obtain a duplicate title. Once you have received the title, you can move ahead with the process of selling your car in Wisconsin. 

2. Disclose Accurate Brand Information

A brand disclosure is an essential element that you should consider while selling your car. It gives the buyer the required information so that he/she can make an informed decision. Consider the following different brand titles that your car can receive:

• ‘Rebuilt Salvage’ -Your car will be allotted the title if it is salvaged and the damage is more than 70% of its market price.

• ‘Flood Damage’– You will receive the title if your car was flooded and the damages total up to 70% of its market price.

During the selling process, if your car has any kind of brand title, it is mandatory for you to share the information with the buyer. In case, you withheld such information, you can be penalized up to $5000. Therefore, make it a point to disclose the correct information while selling your car in Wisconsin. 

3. Submit Odometer Mileage Statement

Prior to selling your car in Wisconsin, you need to submit a statement of the current odometer mileage. An odometer mileage reading measures the total number of miles that the car has travelled. If your car is less than ten years old, you are required to submit the statement. Every seller should submit it to the Wisconsin Department of Transportation. 

Selling your car is an important step. Keep the above regulations in mind while selling your car in Wisconsin. It will ensure a smooth car selling process and enable you to buy your next car easily.

If you are interested in buying a new car in Wisconsin, do not wait till you sell your old car. Apply with CarDestination.com for low-rate auto loans in Wisconsin. Enjoy guaranteed approval on no down payment auto loans.

Understanding the Nitty-Gritty Details of Making an Online Car Purchase in Florida

Buying a car is one of the most expensive experiences in our lives. While buying a car, there are plenty of options to choose from. Therefore, shopping around becomes the utmost important aspect when you are selecting a car. When you shop around in Florida, there are two means of buying a car; namely from a physical dealership or making an online car purchase. Florida, being the third most populous and eighth most densely populated state in the United States of America, has many transactions that include online car purchases. Though, the process of making an online car purchase in Florida is not a complex procedure, you need to understand the nitty-gritty details of the rules prevalent in the state. 

An Online Car Purchase in Florida

There is no shortage of car buying options in Florida. However, the following points will help you while you make an online car purchase in Florida:

• Ensuring a Motor Vehicle Check

Any car that is titled in Florida can be inspected for potential damages under ‘Motor Vehicle Check’. The test is conducted by the Florida Department of Highway Safety and Motor Vehicles. Essentially, the ‘Motor Vehicle Check’ examines if the car has any outstanding payments or if the car has been a victim to flood damage. Additionally, there are several other motor history tests that can be conducted to estimate any potential damage made to the car. Therefore, prior to making an online car purchase in Florida, make sure you have carried out all the required tests.

• Complete Required Title Procedures

In the case of an online car purchase, the dealer is required to apply for the title registration on behalf of the buyer. According to the rules prevalent in Florida, the dealer is given a period of thirty days to complete the title registration procedure. Florida Department of Highway Safety and Motor Vehicles acts as a formal authority that regulates the car purchases, provides licenses and resolves disputes and grievances. Thus, it becomes essential to complete the required title procedures within the stipulated time frame.

• Consider Taxation

Different states have different rules regarding taxes on the purchase of a car. Florida has rules relating to taxation that include the imposition of sales tax. The current sales tax rate in Florida is 6 percent on the total purchase price of the car. In case you make an out-of-state purchase, you are liable to pay a sales tax that is prevalent in the state from which you are buying the car. Additionally, many counties in Florida impose a discretionary sales surtax. The sales surtax is applicable when you reside within a county of Florida that imposes it. The sales surtax is applicable to the first $5000 amount of the car purchase price and its form is DR-15DSS. It contains all the information regarding surtax rates in different areas of Florida. 

The aspect of taxation is often ignored while making an online car purchase. However, considering the current sales tax rate in Florida will help you in making an accurate calculation of the amount that you will be spending on your car. 

An online car purchase expands your current car shopping options and exposes you to new possibilities. Making an online car purchase in Florida is not a difficult task. However, it is best to understand the nitty-gritty details in making an online car purchase in Florida because it will help you to become an informed purchaser. 

Want to buy a car in the Sunshine State? You need to obtain bad credit no money down car loans in Florida to help you expedite the car buying process. CarDestination.com will provide you with pre-approved bad credit auto financing in Miami, Jacksonville, Tampa and every other part of the state.

3 Tips College Students Must Follow While Purchasing a Used Car in North Carolina

When you own a car, college life tends to become a lot easier. A car for college students can be a means for a quicker commute to class. Additionally, having a car can be a convenient means of running errands and simplifying daily chores. North Carolina, being the ninth most populous state in United States, is home to many community colleges and state universities. Therefore, the upsurge in the number of college students opting for used cars has increased in the state. While buying a used car in North Carolina may not be a difficult process, there are some tips that will help you along the way. 

Consider the following tips as you set out to purchase your used car in North Carolina. 

Get an Inspection before You Purchase Your Car

Whenever buying a used car, it is imperative to evaluate its condition. North Carolina has two sets of inspection checks, namely the vehicle emissions inspection and the vehicle safety inspection. The vehicle emissions inspection, also known as the On-Board Diagnostic Emissions inspection, checks the emissions of the car. On the other hand, the vehicle safety inspection examines the safety of the components of the car; for instance it inspects the working condition of headlights, directional signals, steering and the brake systems. For many first-time buyers and college students, it is one step that is often overlooked. Therefore, before you purchase your next car, make sure to get an inspection. 

Ask for a Written Disclosure of Car Damages

With little or no experience of purchasing a car, asking for a disclosure of the car damages can greatly impact your decision to buy it. Under the laws of North Carolina, the seller must provide a written disclosure if the cost of damages exceed 25 percent of the fair value market price of the car. The written disclosure should be obtained before the purchase is finalized. The seller must disclose specific details of damages such as flood damage and reconstruction of essential car components. Asking for a written disclosure from the seller is essential. It is because the seller is not entitled to inform you about the car’s condition if the damages do not exceed 25 percent of the market price. Thus, if a seller is not providing you with a written disclosure of the car damages, reconsider your purchase decision. 

Get Protected Under the Magnuson-Moss Warranty Act

The Magnuson-Moss Warranty Act is a federal law prevalent in North Carolina that protects the buyer of any product with price more than $25. Also, it includes any manufacturer warranty during the purchase of the product. Under the act, you can be protected against a used car in North Carolina that does not perform as it is expected to. The Magnuson-Moss Warranty Act states that if your car requires repairs even after two or three repair attempts, you are entitled to a relief. Understanding the various acts prevalent in North Carolina can come to your help when you purchase your next car. 

Purchasing a car is major investment. For college students who are new to the various rules of buying a used car, the above tips will guide you when you set out to make a purchase in North Carolina. 

Buying a used car becomes easy when you obtain a bad-credit North Carolina auto loan. Apply with CarDestination to enjoy quick and stress-free approval on first-time car buyer’s program.

What details to consider while making an out-of-state car purchase in Missouri?

Prior to making a car purchase, conducting thorough research becomes inevitable. The pre-purchase research process becomes confusing when you plan to make an out-of-state car purchase in Missouri. But, remember that making an out-of-state car purchase is beneficial because it enables you to expand your market and helps you to shop at a lower price.

Another reason for choosing it is the small size of Missouri State. It is ranked as the 18th most populous state of the nation, comprising of 114 counties and one independent city. The statistics show that the state is not densely populated as other states of America. Low population limits your car buying options. So, making an out-of-state car purchase proves to be a viable option for car buyers of Missouri. 

How to make a Successful Out-of-State Car Purchase in Missouri? 

Transfer of the Title

One of the most essential steps of buying a car from a different state is to transfer the ownership of the car through the means of a title registration. A bill of sale is the most important document to show the transfer of ownership. The stipulated time to complete the title transfer process is 30 days. In order to complete the process, you will have to visit the office of Missouri Department of Revenue. The required documents to complete the process of title transfer include a bill of sale, an application for the Missouri title and license (Form DOR – 108) and Vehicle Identification Number. 

Safety Inspections

Once you make an out-of-state car purchase in Missouri, you will have to conduct safety inspections of the car. The Missouri State Highway Patrol is the concerned body that regulates the safety inspections in the state. It is mandatory for you to conduct a safety inspection of the car that you purchase. The safety inspection will check the working condition of the following:

• Brake system
• Headlights and turn signals
• Horn system
• Tires
• Airbags, etc.

Once you have completed the safety inspection of the car, you will receive a certificate of Inspection and Approval. The Missouri Department of Revenue will require it for registering your car. A safety inspection is essential as it will make you aware of the damages. 

Accurate Odometer Report

While purchasing a car from outside of Missouri, make sure that you consider its odometer reading. In case you are buying a used car that is less than ten years old, you should ensure that the title assignment includes an odometer reading of the car. According to the rules prevalent in Missouri, if you have an out-of-state title, you are required to fill an odometer verification form and obtain the Vehicle Identification Number from the seller. Therefore, make sure you verify every document before finalizing the deal. 

Making an out-of-state car purchase multiplies your car buying options. If you opt for it, you can choose the car which is available in a different state at a cheaper price. But, before making the decision, refer to the above details and make a successful out-of-state car purchase in Missouri. 

Buying a car in Missouri can be simple with CarDestination. Trust the bad credit auto loan expert for making your car purchase easy and affordable. Get in touch now for quick bad credit Missouri auto financing.

A Blank Check Auto Loan is the Answer for acquiring Competitive Interest Rates

When you are in the automobile market, it is essential to have a budget for the car that you want to buy. A smart car buyer is someone who is well aware of the exact amount that he can spend on a car. But, even if you do not have a car budget in mind, blank check auto loan can prove to be a good choice for obtaining finance for your car. 

A Blank Check Auto Loan is a Pre-Approved Loan

A pre-approved loan means the loan is approved by the lender before the car buyer chooses a car. It makes car buying process easy. A blank check auto loan is a type of pre-approved loan. It determines the maximum amount that the lender is willing to lend to the borrower. It gives car buyers an approval for a loan up to a specific amount. The fear of auto loan rejection is eliminated as the loan is pre-approved. Once the car buyer chooses a car, he can write a check of desired amount to buy the car from the dealer. 

Watch out for these Factors to ensure the Best Deal!

• With a good credit score on hand, you can grab competitive interest rates on blank check auto loan. But if you have bad credit, the best place to look for loans is the internet.

• The loan terms are important to understand before you sign on the dotted line. So read and understand them. It is not something to be ignorant about.

• Even if you have been approved for a blank check auto loan, it is vital to negotiate the price of the car with the dealer.

• Take the help of a car loan calculator to determine the monthly payment amount that you can afford.

• Don’t go with the first loan that is offered to you. Shop around for the best deal.

A Blank Check Auto Loan is a Favorable Answer to Your Car Loan Worries

• The negotiation becomes easy as you are aware of the maximum amount that you can pay for the car. You possess more negotiating power as you know the price range of the car beforehand.

• As you know the estimated price range, car buying process becomes easy.

• It offers you competitive interest rates which add to its advantage. The interest rates are low as compared to dealership financing.

• Internet is the answer to all the queries about blank check auto loan. Internet eases the approval process too.

• When you have no idea about the car that you will buy, having an estimated price range will be helpful. Such loan will provide you with the maximum amount that you can spend on the car.

Blank Check Auto Loan Risks Examined

 

There are definite benefits for the borrowers who qualify for the blank check auto loan. However, you must look out for the following risks:

• If you have bad credit, it may not be in your best interest to apply for a blank check auto loan. Think of applying for the loan only after checking your credit score. A co-signer can improve your chances of approval.

• There may not be any face-to-face interaction between you and the lender. So, it is better to read the loan terms properly in order to avoid any unfortunate surprises in the future.

A blank check auto loan will allow you to purchase a car even with bad credit. As the loan is pre-approved, it reduces anxiety and builds up your confidence during the car buying process. With competitive interest rates on hand, it truly shines in comparison to other auto financing options. 

Blank check car loans will help a bad credit car buyer in buying a car quickly. Apply with Car Destination to enjoy bad credit no money down auto loans and bring home your favorite car.

Selling 101: Which Set of Rules Will Help a First-Time Car Seller in New York?

Selling your car isn’t as simple as it seems. The process becomes even longer when you are a first-time car seller. There are a number of things you need to consider, if you reside in the state of New York. Due to an estimated population of 8.55 million in New York, there is a good probability that you find the perfect buyer for your car without a lot of problems. However, the rules and laws sanctioned by each state are different in terms of taxation, paperwork and the overhead fees required for buying a new car. The set of rules might be alien to those who are first-time car sellers. Therefore, it becomes imperative to study them in order to ensure that you get the best price for the car that you wish to sell in New York. 

Which Set of Rules should be followed by First-Time Car Sellers in New York?

• Producing a Bill of Sale

Unlike Pennsylvania or New Jersey, the law of New York does require the seller to produce a bill of sale when a car is sold. For first-time car sellers, it is essential to take it into consideration as it is evidence that the transaction took place. A bill of sale, typically, means that the responsibility of the car shifts to the buyer. Also, it is a good idea to keep a hold of the original bill of sale as the New York Department of Motor Vehicles does not accept any copies of the document.

• Displaying Damage Report

Every car undergoes some damage during its usage period. Therefore, it is mandatory for sellers to display a damage report. According to rules followed in New York, the seller has to fill out the MV-103 form which gives an overview of the condition of the car. The point to be noted for first-time car sellers is that those who sell their car without displaying the damage report, prior to the sale of the car, can be subject to heavy fines or imprisonment in New York.

• Compliance of Sales Tax

The sale of any car in New York includes a sales tax. The current sales tax in the Empire State is 4 percent which is applicable to sale of cars within the state. Also, different cities and counties can levy additional taxes on the sale price of the car. As a first-time car seller, you can easily calculate the sales tax by filling out the New York specific DTF 802 form. Therefore, sales tax is a detail that first-time car sellers should not overlook. 

If you are a first-time car seller in New York, make sure you advertise your car properly and provide the necessary documentation. Keep the bill of sale and damage report ready. Also, make sure that you comply with the taxation requirements in the state because it will make selling your car in New York a smooth task. 

A car is a necessity in New York. So, before you sell your old car, make sure that you obtain pre-approved auto financing in New York to buy a new car. Apply with CarDestination. The loan expert provides bad credit auto loans NYC and every other part of the NY state.

Car Buying Guide: 4 Questions to Ask before Purchasing Your Next Car in Georgia

Purchasing a car can be a financially straining process; if not a confusing one. Many a times, the car purchasing laws can be baffling and it only makes sense to be thoroughly prepared when you set out to purchase your next car. The state of Georgia is party to car purchasing laws that need to be understood in detail before you make a car purchase. As it ranks as the 24th largest state amongst the 50 states of America, Georgia is home to multiple car purchasing platforms. With various laws and procedures, understanding the right questions to ask is essential. 

Therefore, before you set out to purchase your next car in Georgia, ask the following questions to get a comprehensive perspective of the situation. 

1. When moving to Georgia, from a different state, which primary car purchasing laws should be taken into consideration?

According to the laws prevalent in Georgia, the car purchase should ensure the completion of a few basic requirements. These include a completed title application of ‘Form MV-1’, a vehicular inspection certificate and a bill of sale. However, registering a car from a different state, you should ensure that you learn about the EPA declaration of importing cars in Georgia and duly comply with the documentation process. 

2. What is the tax rate applicable for the car purchase in Georgia?

The tax amount for the purchase of a car changes as per the state laws. Unlike other states of America, there is no sales tax applicable during the purchase of the car in Georgia. Instead, you have to pay ad valorem tax. The ad valorem tax is a one-time title tax which is calculated on the total value of the transaction. The final price that you pay for the purchase of your car will include the ad valorem tax as well. Therefore, make sure that you are aware of the tax amount when you purchase your next car in Georgia. 

3. How to obtain a temporary tag for the purchase of the car?

When you purchase your car in Georgia, obtain a temporary tag from the car dealership. The temporary tag will be valid for a period of 30 days, within which the required paperwork for the title and registration of the car will be carried out. Under the laws of Georgia, if you are not able to complete the registration within the stipulated time frame, a penalty of $10 is applicable. If you do not obtain your temporary tag within the first 25 days, you can apply for another temporary tag at the local tax commissioner’s office of Georgia. 

4. How to obtain Auto Loans in Georgia?

There are several options for obtaining bad credit auto loans in Georgia. If your credit score is excellent, traditional lenders such as local banks will offer you quick loan quotes. But, if your credit score is bad, it is advisable to opt for bad credit auto loans from online financing companies. Such companies have connections with several lenders and dealers. And, it will increase your chances of getting approval. 

Buying your next car in Georgia should not be confusing. Asking the right questions makes all the difference. Keep these questions in mind as you purchase your next car in Georgia. 

Buying a car in Georgia can be a confusing task. But, applying for a bad credit Georgia auto loan is simple and easy. Apply with CarDestination.com to obtain no down payment auto loans in the state.

Auto Loans for a Self-Employed Individual: Definitely But Not Immediately

Today, there is no stability in a traditional workplace. So instead of finding a full-time job, people are more inclined to the idea of being self-employed. It helps them to be independent in making their own decisions. Being your own boss comes with a lot of perks but there can be a couple of problems as well. For example, a lender may not consider you worthy for an auto loan. But, do not worry. If you have the required documents, you will get one step closer to your dream car.

Who is a Self-Employed Individual? 

A self-employed individual is not what happens to him but what he chooses to become.

Being self-employed means you get to be your own boss. But, it also comes with its own challenges. You have to generate your own finance while maintaining the expenses of your company. Getting any type of loan is a challenge as the lender takes your unsteady income into consideration. 

Any time you need to purchase a car, you should arrange an auto loan in advance. You, as a self-employed individual, may face certain challenges while applying for an auto loan. 

The lender will ask you to submit tax returns of at least past two years. If you don’t have two years of tax return, you can present your bank statements. Be prepared, the lender may ask you for bank statements of last six months. Now, if you don’t have any of the documents, the lender may consider you nothing but a tax-evader. 

Documents Required for Easy Auto Loan Approval for a Self Employed Individual

1. Provide copies of tax returns.
The tax returns report will include all of your taxable income. It serves as a proof of your income. The lender may ask you for copies of tax returns of at least past two years. Moreover, the lender takes a look at your gross income which is not a taxable income. So don’t worry about the tax deductions. 

2. Bank statement is yet another method to prove your income.
A bank statement provides information to the lender about your income. It proves that you have income but do not give information about how you have earned it. It is possible that you might have bank statements, but you can not provide the lender with copies of tax returns. In such a situation, he might charge a high rate of interest on your auto loan. 

3. List down all the invoices.
It will provide information to the lender about your past income and also give him an idea about the sources of your income. 

4. It’s time to prove your residence.
If you own a home, a mortgage statement will help you to prove your residence. It should be a recent one to prove that you still reside at the same address. 

5. Are you a tenant? If yes, then provide a cancelled rent check as a proof.
A cancelled rent check can help you prove your residence. Your landlord’s signature is needed to verify that you live at the mentioned address. 

6. A utility bill can also work as a proof.
You can provide an electricity bill or a phone bill, which is in your name, as a proof of your residence to the lender. 

7. A lender may ask you to produce Form 1099which reports self-employed income. 

Be a Smart Self-Employed Car Buyer

You can ensure easy auto loan approval by following the smart tips mentioned below:

1. Maintain a good credit score by paying off your debts on time.
2. Stop and watch around; choose your lender smartly.
3. Get a cosigner. It will increase your chances for getting an auto loan approval.
4. Be aware of predatory lenders. A predatory loan includes high interest rates.
5. Examine all the paperwork related to auto loan carefully.

Self-employed people, with an unsteady income, are believed incapable of making regular payments towards an auto loan. So, being a self-employed individual can often prove to be a challenge while applying for an auto loan. But with the right documents on hand, a lender will provide easy auto loan approval. 

Car Destination is the perfect destination for obtaining bad credit guaranteed auto financing. The company has experience of working with self-employed individuals and businessmen. Apply now for easy approval on auto loans for self-employed individuals.

Should a Subprime Car Buyer apply for an Auto Loan?

There is no end to a person's desire.

People are always on the lookout for commodities that can make their lives simpler. And most of the people aren't blessed with money, so they opt for loans.

Today, buying a car is easy because of lenders. In order to get approved for an auto loan, you need to provide them with financial information such as: 

>>Your income,
>>FICO score,
>>Current loans, etc. 

Once a lender analyzes your situation, he will approve you for an auto loan. But, what if you have an extensive history of late payments and excessive debt? Then, he will consider you as a subprime car buyer. 

According to the Federal Reserve Bank of New York, the total auto loan amount for the last quarter of 2015 was $ 1.1 trillion. Out of the total auto loan amount, 22% was provided to the subprime car buyers. And, with the rising delinquencies, subprime car buyers pose a threat to lenders’ investment. So, lenders charge subprime car buyers with high interest rates in order to secure the principle amount as early as possible. High interest rates put a subprime car buyer in a considerable dilemma of whether he should apply for an auto loan or not. 

What should a Subprime Car Buyer do?

If you are a subprime car buyer, you must not be hasty in obtaining an auto loan. Try to improve your creditworthiness. Once you see a considerable improvement in your financial situation, apply for the loan. Here a few tips to help you improve your chances of getting an auto loan: 

1. Never Hurry

Lenders are unwilling to pay for your car because of your credit history. So if you hurry, they might reject your loan application. Also, there are chances that they may approve you for a small loan amount and charge a very high interest rate for it. 

2. Try to manage your Current Debt

Take some time to improve your creditworthiness by managing your current debt. You can pay off a few of your debts to reduce the DTI ratio. 

3. Restructure Your Image at Your Office

It is an indirect way of consolidating your image before the lenders. When you apply for an auto loan, they will scrutinize every detail mentioned in the loan application. If they contact your office to find out more about you, it is necessary that your employers provide them with a positive review. So, it is important to restructure your image at the office. 

4. Find a Decent Cosigner

Try to find a cosigner with a good credit history. It will increase the strength of your loan application. Also, it will enable you to get an auto loan quickly.

5. Get Pre-Approval on Auto Loans

Getting pre-approved auto loans can be the most beneficial thing for you. You can get your loan application assessed before visiting the dealer. It will allow you to know your financial situation clearly and help you in making a wise car buying decision. 

6. Try New Lenders

Always look for new lenders. They are looking for people to lend money and establish themselves in the market. But, conduct adequate research before submitting your loan application to a new lender. 

7. Keep a check on your Salary

Salary acts as the deciding factor for getting a loan, so keep a close watch on it. Also, work hard in order to get a raise from time to time. 

8. Arrange a Large Sum of Money for the Down Payment

It is seen that lenders are reluctant to offer money to subprime car buyers. It is possible that they may approve you for a low amount. So, try to arrange as much money as possible for the down payment. It will help you buy a car quickly and reduce your debtas well. 

A subprime car buyer can get an auto loan. But, remember that the lenders are going to charge you with high interest rates. So, it is better to establish yourself as a decent borrower and then apply for an auto loan.

If you are a subprime car buyer, obtaining a pre-approved auto loan can become a difficult task. But, CarDestination.com will make it simpler for you. It works with several subprime auto lenders to give you lower-than-market interest rates. Apply now and obtain an subprime car loans.