Most people who need a car loan in Newark believe that banks and credit unions are pretty much the same thing. However, getting a car loan in Newark from each of these places is pretty different. Most Newark banks are publicly owned, meaning that the bank's owners are its stockholders. Credit unions in Newark, on the other hand, are nonprofit organizations that are owned by their customers, who are called "members".
When your looking for a Newark car loan we can help. Since 1997 AutoNet Financial has been helping people in Newark get a car loan with good or bad credit. Our Newark car dealer network spans the entire city and the suburbs so we can help you get a car with a bad credit car loan in Newark no matter your credit situation.
How to Finance Newark Used Cars with Low Credit
Not everyone gets approved for a bad credit car loan in New Jersey. In fact, it can be even more difficult qualifying if you live in Newark and have bad credit. Here is why:
As with any type of loan, car loans in Newark have some basic requirements.
- You must gross at least $1,800 in monthly income if your credit score is below 625.
- All bankruptcies in Newark must be discharged. Some car loan lenders in Newark will consider a Chapter 13 that is 2/3 completed with an order to incur additional debt. While others in New Jersey will consider a Chapter 7 if you've completed your 341 meeting.
- No repossessions within one year unless it was included in a bankruptcy.
- Loans are for new or used car purchases from an authorized licensed New Jersey car dealer that is signed up with that particular lender.
- You must be a New Jersey resident and at least 18 years of age.
If you can't pass these requirements, chances are you will not qualify for any type Newark car loan. But if you don't have a job, how can you meet the income requirements?
Here is how you can do it. Other than W-2 income, Newark car loan lenders will consider the following types of income:
- Retirement income
- Income from a settlement
- Disability income
- Child support income
- Rental income
- Investment income
If you have income from any of these sources, you will need to be able to prove it with, among other things, court documents, bank statements and tax returns.
