As more and more people are experiencing credit problems and looking to get into a new or used vehicle, special finance companies are becoming more popular. Car loans for people with bad credit are usually very difficult to obtain from a traditional lender such as a bank or credit union. These types of lenders make your credit score the most important factor in deciding whether or not to grant an auto loan approval because it determines your likelihood of default.

Requirements for Special Financing Car Credit

Many people that are in the market for a bad credit auto loan believe they will only be able to afford an old, beat up, unreliable used car with high mileage. This is simply not true. Legacy Ford offers special auto financing on new cars and pre-owned, like-new vehicles.

As with any auto loan, whether it is conventional or not, there are minimum requirements that must be met in order to be approved. These include, but are not limited to:

  •           A down payment
  • ·         Gross monthly income of $1,500
  • ·         U.S. or Canadian residency
  • ·         A valid driver's license
  • ·         No repossessions within the last year unless included in a bankruptcy

When it comes to special financing, a down payment can play a big role in car loan approval or denial. Sub-par credit scores raise a red flag to lenders that you are at a higher risk of defaulting on the loan. Therefore, putting money towards the vehicle up front shows the lender that you are committed to paying for the loan and vehicle. Down payments also help you lower the total finance amount and monthly payment on the vehicle, helping you save money over time.


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  • Friday 9:00AM - 7:00PM
  • Saturday 9:00AM - 7:00PM
  • Sunday Closed

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