Using Child Support Income to get Approved Auto Loans
What we knowIf you have bad credit and are responsible for child support or receive child support income you need to be aware of how this will affect applying for terrible credit auto loans .
We understand these situations because since 1992 we’ve been doing bad credit auto sales here at Auto Credit Express. Our website is even designed so that applicants with poor credit can better understand topics such as repossession and tote the note loans as well as today’s topic, how child support impacts getting approved for a bad credit car loan .
Income issues
You might have a problem getting approved for a bad credit auto loan if some of your income comes from child support payments. The main reason it’s an issue is because child support income cannot be garnished.
What this means is if someone with child support income has their car repossessed, the lender can’t get a court order to take that income to pay off the loan.
As a result, lenders are especially careful when considering applicants with child support income. But there are at least two situations when bad credit lenders typically might consider someone with this type of income:
1) If the borrower has additional income from a job or other source that can be garnished (the longer the job time and the higher this income, the better the chance for an approval). 2) Contributing factors such as long-term residence stability and “situational” bad credit versus “habitual” bad credit (when poor credit stems from a single issue, such as a medical problem, instead of a history of never paying any bills on time) can also help increase a borrower’s chances.
You’ll also need proof of this child support income. In most cases, copies of the court order or divorce decree stating the amount and length of your payments will need to be provided to the lender.
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You should also know that at Auto Credit Express we specialize in assisting people with bad auto credit find a dealer for their best chance at getting approved auto loans. So if you really want to get your car credit back on track, you can begin now by
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The fact is, we know about this decision because we've been connected with bad credit auto sales for two decades here at Auto Credit Express. We even have a web site so that applicants with poor credit can read up on subjects such FICO scores and
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