What Are Guaranteed Auto Loans and How Do They Work?
A guaranteed auto loan is a type of loan specifically designed for people who have been denied a traditional auto loan. It provides an easier way to get finance and purchase a vehicle, regardless of credit history or low income. A guaranteed auto loan typically requires little to no money down, has less paperwork involved and provides more flexibility in the terms of repayment.
Guaranteed auto loans are offered by subprime lenders and other specialty lenders that specialize in working with those customers who have had difficulty getting a loan through traditional means. The lender takes on most of the risk associated with the customer’s credit score and income level when approving them for financing. When applying for this type of loan, applicants will be asked to provide personal information such as their Social Security number, employment information and monthly income statements.
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