Auto Loans For The Self Employed With Bad Credit 5 Things To Do To Get Funded

By Robbie T. James

Being self-employed for some people means working out of a home office with little need for a car on a regular basis. But for most other people who work for themselves, having access to a set of wheels is essential for making money. Whether the nature of the work be laying sprinkler pipe or selling shoes or involves running a home Internet marketing business, for most self-employed people owning a car is not just an option – it is a requirement.

One key obstacle to qualifying for an auto loan is that of having a bad credit score. Yes, if there is one thing that can easily get in between a self-employed person and qualifying for an auto, it is having a low credit score (below 600).

Fortunately, there are options for people who need to qualify for a low-interest auto loan fast. If you are looking for auto loans for the self-employed with bad credit, here are 5 things to do to get funded:

1. Prepare a record of your current and past employment history:

When your credit score is not strong, an auto loan lender who specializes in working with bad credit individuals is going to have to look at other aspects of your financial and employment history to determine your credit-worthiness. While there is no one, single formula that will translate into your getting funded, it will be a feather in your cap if you can prepare documentation of your past/recent employment history. The more details regarding company names, dates and salary data you have the better.

2. Run your own credit report to find out your score:

Next, even though your credit score is low, it is still helpful to run your credit report. At the very least, you will be able to confirm with certainty what your current score is. Be sure to run your score with all three major bureaus.

3. Fix any problems with your report:

Review each credit report very carefully. Use a highlighter pen to make notes about any suspicious-looking activity. And, be sure to mark any errors; the credit-reporting agencies are obligated to get these corrected on your behalf if you bring them to their attention.

4. Build a list of at least 5 reputable bad-credit auto lenders:

Now, it is time to widen your playing field a bit by creating a good-size list of bad credit auto lenders. Do an online search to start your list, and be sure to examine the website of each one and check online discussion boards to find out if they are reputable. While are you are at it, write down the company name, contact number, and any advertised rates that appear on their website. This information will come in handy when you get to the next step.

5. Apply to each and every lender on your list – and never accept the first offer:

Now, it is time to apply to every lender on your list. You should be applying to at least 3, if not 4 or even 5 lenders. And, be sure to avoid accepting the first car financing offer any one of them gives you. By asking them to go back to see if they can do a bit better with a lower interest rate, you are likely to negotiate for yourself the best-possible rate.

Follow these 5 things to do to get funded for auto loans for the self-employed.

About the Author: Get a list of bad credit auto loan lenders near you at:

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Source:

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