Automobile Acceptance, or AMEX for short, is a major mortgage lender and national title insurer who offer a wide variety of different products to consumers all across the state. With over 500 branches found in 19 states, and a well-established online portal, Automobile Acceptance is easily accessible from anywhere in the country. In short, AMEX is a bank that handle automobile loans, title loans, and general lending throughout the United States. However, this is not the full extent of what this company does. For those interested in purchasing a vehicle, as well as learn about finding auto loans in general, AMEX can help.
In most cases, when applying for an automobile loan rate: the lender will look at your credit score. The purpose behind doing so is that the higher your credit score, the better chance you have of getting approved on a car loan rate. For those with perfect credit, an auto loan rate may be as low as four percent. However, for those with less than perfect scores, it may be as high as eight percent.
For those with poor credit scores: there are options available for those with low scores, too. You can still get approved for an automobile loan rate, but it may take a little bit longer. There are lenders who specialize in financing for people with low credit scores, although these lenders are typically only in business during the most extreme financial times, such as during bankruptcy or foreclosure. There are also lending institutions who accept applications even if the person has a low credit score; however, these lending institutions are generally specialized in providing specific types of financing.
To find these lending institutions: begin by searching Google for “auto finance lenders” or “vehicle financing institutions.” Another option is to search through the phone book for “car finance institutions” or “appraisal agents.” Call each one and ask the following questions: when you last applied for a loan; what type of credit score; and how long it took you to receive an automobile loan. Be sure to tell the agents exactly how much you want to spend on a new or used automobile. Some will even offer you a free no obligation quote, which can save you from spending money you do not have.
Once you have found a lender who will accept your application: once it has been processed, it is very important that you promptly make payments on all your bills and credit cards. The faster you pay your bills off, the sooner you will get your automobile acceptance letter. Keep in mind that some lenders require that you submit your credit report before they will give you their approval; however, this is not always the case. If you know you have poor credit, don’t worry because there are still other ways to get approved. Many online lenders are now offering automobile loans that do not require the individual to have perfect credit scores. These online lenders are willing to approve automobile loans for those with average or below average credit scores.
If you have bad credit, remember that automobile financing is available to you: but you will need to work hard to obtain it. Take the time to research lenders who will approve you for automobile financing, including online lenders, so that you don’t waste your time applying to banks that will not approve your loan application. Good credit is definitely a plus but having an automobile that can help you get to work quickly and easily makes good financial sense.
