If you have bad credit, you probably cant borrow enough to buy a Ferrari, but well work to find a reasonable loan for you.

If you have bad credit, you probably can't borrow enough to buy a Ferrari, but we'll work to find a reasonable loan for you. Image from Flikr. com.

At Car Deal Expert, we strive to work with every customer. Our lenders work with a wide variety of customer types, but there are a few factors that will help you qualify for an online auto loan.

If you are younger than 18, you will need to have an adult cosigner listed as the main recipient on your loan. Lenders cannot legally enter into contracts with minors. Other than that, remember that the list below doesn’t contain hard and fast rules.

1. Monthly income

If your individual monthly income is $1,500 or more, it greatly helps your chances of getting an online auto loan. Of course, many other factors are considered, most importantly your credit score.

Your credit score is weighed more heavily than your monthly income. Your credit score is based on your net worth, financial history and the amount of credit you have built up versus the amount you are using. If you have a great credit score and bunch of cash or other assets, your current income will be less of a factor.

2. Length of employment

Lenders prefer to give loans to people who have a steady job. If you have been at your current place of employment for six months or more, it improves your chances of qualifying for an online auto loan.

Of course, with the job market wildly in flux, some lenders may be willing to make exceptions. For instance, lenders will be more willing to work with you if you previously held a job in a high-paying field for years, even if you have only had your current job for a short time. If you have a strong, steady job history  and you are currently employed, lenders will be more willing to work with you.

Unfortunately, if you are unemployed it will be very difficult to get a loan from anyone. Also, if you are unemployed Car Deal Expert strongly advises against buying a new car.

3. Bankruptcy

If you have recently gone through bankruptcy, you already know that getting any type of loan is tough. However, if the bankruptcy was several years ago and you have managed to improve your credit score, you’ll have a better chance.

The lenders who work with Car Deal Expert are from reputable lending institutions and banks, so they look at the same factors a banker would if you were to go into a branch to get a loan. The same factors are considered if you get your loan through a car dealer — but Car Deal Expert will work harder to find you a good interest rate.

0 for 3? Get a co-signer

If you have bad credit and a spotty job history, it is a great idea to get a cosigner. If you have a relative with good credit who is willing to back you up on your loan, you have a much better chance of securing an online auto loan.

Remember, each loan appliation is considered on an individual basis. Requirements vary from lender to lender, so even if you have a bad credit score Car Deal Expert will try to find a lender for you. Most importantly, remember that it never hurts to try. Applying for a pre-approved online auto loan through Car Deal Expert is free and fast, so give it a shot and we will do everything we can to help you get an online auto loan.