Bad Credit Car Loans Online

Bad Credit Car Loans Online – What You’ll Need

If you have decided to pursue financing for a bad credit auto loan online, your chances of success and prompt approval will be much greater if you have prepared ahead of time to meet the requirements of the dealer or online bad credit car loan company. Putting together the following information before applying will save you a great deal of time and stress, and impress the lender with your promptness and preparation.

Proof of Income

First, you’ll need to provide proof of income. Have at least your last 3 months worth of pay statements on hand. If you don’t have them, request copies from your employer. If you are self-employed, you can utilize monthly cash-flow statements instead.

Bank Statements

Next, obtain 3 months worth of statements from your bank account. If there are overdraft fees on your account in the last 3 months, don’t attempt to hide this. Though this won’t necessarily prevent you from obtaining financing, you are certain to obtain better rates with a clean bank account. If you are not in a hurry, in might be better to wait 3 months, and make sure that your bank account is clean during that time period. If you bounce checks without a car payment, the lender will not but be able to help wonder how it will be with a car payment added to your expenses.

Tax Returns

You’ll also need your previous years tax returns. If self employed, you’ll need to show returns for at least two years, so obtain returns for the past three years just to be on the safe side.


When applying for bad credit car loans online, the lender will want to see multiple references – anywhere from 6 to 12. Put together a list of 12, including name, address, and phone number, and you won’t be struggling for names when the dealer makes the request

Proof of Identification

Finally, you’ll need to provide proof that you are who you say you are. Make a photocopy of your driver’s license and social security card, and you’ll be prepared.

Gathering the documents, information and materials above before applying for a bad credit auto loan online will greatly expedite the process, and improve your chances of approval. Lenders who specialize in marginal credit situations look at other factors besides your credit score, so if you can demonstrate to them that you possess both initiative, determination and preparation, you will impress lenders of bad credit car loans online as being an above-average risk. So do as the boy scouts do, and be prepared.