Bad Credit Car Loans | WA Auto Credit

Washington Auto Credit is fortunate to have many financing options available to our customers. We are currently compiling a list of the auto lenders we deal with on a day to day basis. The list is located HERE.

We will do our best to keep the list of auto lenders current. As we sign up new lenders all the time, and lately, many lenders seem to be going out of business, it may not always be 100% accurate. However we will give it the “ol’ college try” and see how good of a job we do.

www.washingtonautocredit.com/auto-lenders.php

The list is not currently “complete” and will often change, but you can check the status. We will attempt to keep current addresses, phone numbers, and descriptions for the lenders. As well as links to their websites.

Disclaimer: Neither WashingtonAutoCredit.com nor its affiliates are responsible for the actions, statements, or policies of the auto lenders on the list or the content of their websites.

Well Fargo, one of the biggest and best banks for the auto industry recently pulled out of auto lending, as far as dealers are concerned. For years Wells Fargo offered the largest advance (loan to value) for customers with moderate credit. Apparently, that decision has been eating into their profits with the recent recession in the economy.

When a lender is proud that they will give larger loans to customers than any other bank, on the same car, there is a huge problem with the lender, and eventually it will bite the lender in the britches.  The Sub-prime crisis is not just in the housing market. It is not just on Wall Street. It is everywhere. If a lender as established as Wells Fargo is having problems with auto loans, it affects dealers and customers everywhere.

Luckily, these types of problems are cyclical. It alwas seems that the pendilum swings too far in each direction. New auto lenders will emerge, and the lenders that do survive this crisis will come out stronger and leaner. The same thing goes for auto dealers, manufacturors, and even home builders. We will get through it. Washington Auto Credit is here to help you. Even though we have less lenders than we used to, we still have a full spectrum of auto lenders. We will help you get approved for an auto loan.

Ok, not really a picture of dealer inventory. We thought it was funny though.

This gives a whole new meaning to being “upside down” in yout trade-in. Do not let a little negative equity keep you out of getting another vehicle. WashingtonAutoCredit offers Guaranteed Credit Approval. That means even if we cannot trade you out of your car, we can still get you an approval to buy another vehicle.

Some of our customers even have four or five car loans in their name, but it does not matter. They were still approved, and no trade-in was required. To find out more, contact WashingtonAutoCredit.com today about your next auto loan.

Auto Loans have been tougher to get in the latter part of 2008 than in years past. Some people who had good credit do not have it anymore. Some people that have mediocre credit are being treated like people with really bad credit by many lenders. At WashingtonAutoCredit.com, we want to make sure you understand your options when it comes to vehicle financing.

You should not be forced to pay a high auto loan interest rate unless there are no better options for you. Even then, you need to have a plan for how to get out of the high interest rate cycle. Let WashingtonAutoCredit.com help.

If you are in Western Washington, and you need a car, give us a try. We want to help you get the best auto loan interest rate you qualify for. We have over 50 auto lenders in our directory. For those applicants outside of Western Washington: we still accept auto loan applications from the entire country. WashingtonAutoCredit.com is part of the JumpStartMyCredit.com network. If you apply on WashingtonAutoCredit.com, we can process your application exactly like you applied for a car loan at JumpStartMyCredit.com.

“If I am making a payment, I have to want it.” -Says a customer with 2 Repos.

If you want to have the ability to buy whatever you want, whenever you want, pay all your bills on time (no late payments) and you will never have a problem. If you are reading our blog, it may be too late for you.

Since the example customer with the quote did not want the previous 2 vehicles enough to pay on them as agreed on the contract, that customer has a lot less bargaining power when it comes time to purchase their next vehicle.

Some people do not understand the difference between NEEDS, and WANTS. I have created this handy little table to give some examples:

WashingtonAutoCredit.com Wants to Help You with Both Your NEEDS and WANTS

It is important that our customers understand what needs and wants are. We want to help you get all of your needs, and as many of your wants as possible. If you want a truck, and you qualify for a truck, we are going to help you get a truck. If you want a Honda with leather, and you qualify for a Honda with leather, we are going to help you get a Honda with leather.

When we can help you get what you want, our job is very easy.

The difference between us, and those other guys, is that we will be straightforward (if not blunt) if we have to tell you that your wants are not achievable until you reestablish your credit. We will go over your situation to you, and show you what it will take from you (usually down payment or credit) to get your dream vehicle. We respect your intelligence enough to tell you the truth about what kinds of vehicles will work for you, and what won’t work for you at this time.

Apply for an auto loan with WashingtonAutoCredit.com and let us help you get into a car that meets your needs, and hopefully your wants to.

In the sub-prime auto loan business, many of our customers do not make a lot of money. In fact, it is not any stretch of the truth to say that for the majority of our customers, their tax refund is the one and only time all year that they happen to have a large chunk of cash available to them. For most, the tax refund is larger than their gross monthly income.

Often, with bad credit, it is possible to buy a car with little or no money down. However, depending on your exact situation and what your needs are, for many people the only way they are able to buy a vehicle with a loan is to have $2,000-$4,000 in down payment.  Guess what time of year is the busiest for bad credit auto loans?

You guessed it:

Tax Time!

January, February, and March are BY FAR the best months for helping people with less than perfect credit buy cars. Why not April? Because most people who have a good refund coming file their taxes as soon as possible. People who wait until the last minute to file their taxes either do not NEED the refund, or they are not getting a large enough one to make a difference.

Can I access my tax refund before I get a W-2?

Sure. Using your last pay stub from December 2008, the income tax filing company we use can estimate your income tax refund and we can then proceed with helping you get and we can use a tax refund anticipation loan as your down payment to help you buy a car!

What do I need to get started and buy a car with my tax refund?

All normal tax documents that you need every year. We work with professional tax return specialists to help you get an accurate refund as soon as possible.

We use what we need to from your refund for down payment, and the rest you get to keep.

The first step is to apply for an auto loan at WashingtonAutoCredit.com and then we can set up a time to meet and help you buy your next vehicle.

I just got back from a Special Finance conference. After going to several different seminars, I found out that Buy-Here-Pay-Here (BHPH) dealerships seem to be doing better than most other dealers right now. The reasons are that with a bad economy, more people have bad credit and do not qualify for normal financing, and that more and more companies are using Starter-Interrupt devices with GPS.

Customers that are required to have a starter-interrupt device on the vehicle have a 5% +/- delinquency rate, while even people with decent credit have been recently showing delinquency rates of 20-35%.

How does it work?

Starter-Interrupt devices require that the customer make timely payments, otherwise the vehicle’s started is disabled and the vehicle will no longer start. The GPS portion of the device tells the tow truck company exactly where the car is.

With results that good, how long will it be before good credit lenders start requiring starter-interrupt devices on car loans?

Good and perfect credit banks will probably never require the devices. It would make the buyers choose other lenders. However, I believe lenders may start giving the customer a discount on the interest rate should they decide to have the starter-interrupt/payment reminder system installed. It might not be a bad thing given the number of repossessions that lenders are seeing right now.

If you are having a tough time getting approved for an auto loan, there is probably a company in your area installing the starter-interrupt devices on their vehicles and those devices can make it easier to get approved for an auto loan. For some, it may be their only option.

Sometimes customers ask us if they need a driver’s license to buy a car through one of our car dealerships. Often it is better to answer a question with a question. If you do not have a driver’s license, what are you doing trying to buy a car? Or perhaps, would you be able to provide full coverage insurance on a vehicle registered in your name without a license?

If you are a cash buyer, and you want to register the vehicle in someone else’s name (someone that has a valid driver’s license) then you can buy a car. Or if you are a cash buyer and you want to go buy a car from a private party, instead of going to a dealer or getting an auto loan.

Otherwise, if the WashingtonAutoCredit.com team is going to help you buy a car, then the answer is “yes” you need at least one driver’s license on the loan/registration. So, if you do not have a driver’s license, and your husband/wife has a driver’s license, then the only ways to try to get approved for the auto loan would be the husband/wife by themselves, or a joint loan with both of you on it.

If you have any other questions about buying a car with bad credit, contact the Washington Auto Credit team at 888-300-3502 or apply for a car loan online.