If you have bad credit, you are most likely wondering what the likeliness is that you're going to be able to get approved for a car loan. This is a common scenario that a lot of people find themselves in and the answer lies in whether or not you are able to find legitimate sources for an online car loan. If you've already been turned down locally, then using an online service that is legitimate is your best option.
Now, if you have had a repossession in the last 12 months it is going to be difficult. The lenders that I'm familiar with generally want you to have your repossession at least a year in the past unless it is a case of a repossession that has been included in a bankruptcy. In that case, it's a completely different story. You can get approved in that scenario.
If you have had a bankruptcy, your bankruptcy definitely needs to be discharged. Discharged or dismissed, that is. If you aren't sure if your bankruptcy has been discharged or not, what that simply means is that it needs to be over with. There should not be any more court dates that you have to go to or any more payments that you have to make. You will need documentation to prove that you are no longer in the midst of a bankruptcy.
As far as your monthly income goes, it needs to be $1500 a month or more. Anything less than that, you definitely need to have a cosigner or a co-borrower that will have additional income they can be added.
If you need is basic requirements, it's highly probable that all the financing will not be that difficult for you. You just need to know where to go. There are a few good sources online and I certainly would not recommend anything that I would not use myself.
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