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.
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.
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:
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.
Many Newark car loan lenders will look at your debt to income. If your monthly bills exceed 50% of your monthly income, then most New Jersey lenders will not allow you to take on additional debt. Lenders also consider payment to income. Most Newark lender that will finance a car with bad credit will not allow your car payment to exceed 20% of your monthly income.
Even if you don't have the credit score for a pre-approved loan in Newark, don't be discouraged. Many situations are temporary. Debt to income problems can be solved with either less debt (paying off your bills) or more income (an increase in the amount from your income source). What is holding you back now could change in 6 months to a year.Other New Jersey Auto Finance Opportunities: New Jersey