Consumers today want car loans and they want them to be easy to acquire. While the internet has opened up financing for most, there are still age limitations and other minimum requirements everyone must meet in order to get a loan. Here is a breakdown of some of the basic requirements every lender will require:
Age Limits: First and foremost, age is the “no exception” rule when it comes to getting financed for a new or used car. The consumer applying for the car must be at least eighteen years of age. Most lenders do not put an age maximum rule in place but you must be a legal adult in order to apply for car financing.
Income: While every lender is different and has unique criteria, most will not offer you car financing unless you make a minimum of $1,200 per month. Many lenders require you to make much more just to meet their minimum criteria but $1,200 is just about rock bottom for even the most aggressive lenders.
Stability: Lenders are all looking for the consumer to have some stability in both their job and residence history. If you change jobs every few months and move around a lot, it will be difficult for you to qualify for car financing with any lender, especially one that offers prime rates.
Credit History: Most lenders are looking for some credit history even though there are a handful that offer a first time buyer program. They are typically looking for some established credit of a big ticket item so previous car credit with good pay history is a plus.
The world of auto finance can be a difficult one to migrate through. These are just a few of the minimum requirements that a lender has. Every lender is different so it makes sense for you to shop around and find the one that offers the most competitive program to fit your needs. You can find more information about getting your next car loan or refinance car loan online at OpenRoad Lending.
About the Author: Chris Goodman has been in the auto finance business for more than 20 years and has assisted thousands of consumers with their car loan needs. His articles are insightful and assist consumers in understanding the ins and outs of auto finance. OpenRoad Lending is an online lender with a consumer friendly website providing auto financing solutions to consumers in the process of purchasing a new or used vehicle or refinancing their existing auto. Visit the website at http://www.openroadlending.com for more information about how easy it is to get a car loan.