Auto Loan Credit Profiles: What You Should Know

Determine how your bad credit is profiled by major credit bureaus, and how this information relates to your credit score.

Your credit history is used to determine your creditworthiness. Regardless of your credit standing, you should always know what your credit profile and credit score are because you can then gauge what lenders are prepared to offer you; you can also determine what type of loan you can get and afford. Knowing your credit profile allows you to set realistic expectations when you begin looking for a new auto loan and evaluating your monthly budget for costs associated with your car. 

Basic delinquencies such as slow pay, defaults, collections, and judgments all factor into your credit score. While traditional auto lenders use all of this information against you, CarLoan.Expert provides you with auto lenders that say; "Yes!" 

CarLoan.Expert's nationwide group of lenders and dealers can help any credit profile get a great deal on a car loan. In fact, it's our specialty! We pride ourselves in being America's #1 solution for bad credit auto loans. Our company is dedicated to providing you with fast and free auto quotes, so be sure to check with us first when you apply for a new car loan or used car loan.

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Credit Profiles

Here is a list of the most common credit profiles. Which credit profile describes you?

Good Credit.

A good credit profile is characterized by existing credit lines in good standing. These credit lines include a variety of credit loans on file such as credit cards, mortgages, personal loans, and auto loans. This profile has had very little trouble with slow pay or defaults throughout the last twelve months, and shows no serious delinquencies over the past 3 years. Also, this credit profile will not show a bankruptcy within the last 7 to 10 years, as well as no collections records within the last 10 years.
Apply for a Good Credit Auto Loan

Fair Credit.

A fair credit profile will have a consistent payment history and may show few, but infrequent, late payments less than 60 days overdue. In general, all scheduled payments are made with this credit profile, but there may also be a slight history of delinquency. Repossession and bankruptcy may have occurred over 18 months to 2 years ago, but this credit profile will not show any major credit issues before then.
Apply for a Fair Credit Auto Loan

Situational Bad Credit or Slow Pay.

A situational bad credit or slow pay credit profile is usually due to a significant event or circumstance that caused the credit problem. Situational bad credit can occur from a variety of issues such as divorce, an illness or injury, loss of employment; or bankruptcy due to loss of income, credit card debt, and medical problems. It is generally easy to identify the event or issue that created the credit problem because of either a dramatic difference from previous credit history and/or because of a specific time frame in which the event occurred.
Apply for a Situational Bad Credit Auto Loan

Bad Credit or No Credit

A poor credit profile, generally known as bad credit, will consist of either numerous delinquencies, or simply a lack of credit on record. No credit is viewed as negative or bad credit because there is nothing to base the consumer's credit on. A bad credit profile will show numerous delinquencies, late payments over 60 days, bad checks, and various other unpaid bills. This credit profile can also show collection activities and bankruptcy within the last 7 to 10 years. 
Apply for a Bad Credit Auto Loan

Really Bad Credit.

Consumers with this profile show a long term, consistent history of bad credit within the last 3-7 years that cannot be attributed to a single event. Credit problems show no signs of improvement, and credit problems can include multiple bankruptcies, multiple repossessions, consistent delinquencies in the past and also in existing obligations, as well as bad check writing over a long period of time.
Apply for a Really Bad Credit Auto Loan

 

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