How Hard Is It to Get an Auto Loan
Consumers with questionable credit should know of a special version of the Experian credit report that helps car dealers and lending institutions avoid missing information in the car loan history of applicants
Car buyers with problem credit might want to know about a special version of their credit report that makes it easier for both car dealers and lenders to view the history of their car credit.
At least that’s our take on it here at Auto Credit Express where, for the past two decades, we’ve been helping car buyers with bad credit searching for online car loans find those dealers that can offer them their best chances for a loan approval.
In fact, our website contains a resource section with information on the high-risk auto loan application process to help these applicants – which why we feel it’s important that they also be aware of a credit profile that Experian created five years ago called the Experian Automotive Credit Profile.
Experian Automotive Credit Profile
It seems that at least once a week one of our credit-challenged applicants asks us, “How hard is it to get an auto loan?” Since each person’s situation is different, that question can be difficult to answer. In many cases it comes down to how a lender views the information in their credit report. Coming to the aid of many of these applicants is a special credit profile created by Experian.
The Experian Automotive Credit Profile is designed expressly for automotive dealers and lenders. While it uses the same scoring model that can be found in their other automotive-weighted reports, specific automotive-related information
it contains is presented in a special way.
In this instance instead of having to manually scan the report for automotive information, a special section – what Experian terms its “Automotive Profile Summary” – provides a snapshot view of a consumer’s automotive finance history along with information for each open automotive loan. The information includes the total number of automotive loans, total number of open automotive loans, current monthly payment for all open automotive loans and a delinquency counter for all past due loans.
Not only that, the profile sorts and prioritizes all automotive loans in the report and lists them at the beginning, eliminating the need to read through an entire credit report to find this vital information. It also means that neither dealers nor lenders will overlook any information.
According to Experian, the Automotive Credit Profile has been available to dealers and lenders since April of 2008.
The Bottom Line
If the Experian credit report that the car dealer has looks different from the one you’re used to, it’s probably because it contains the Automotive Profile Summary – something that helps both dealers and lenders view automotive-specific loan history.
One more thing: if your credit scores indicate that you may have problems getting approved for a conventional auto loan, you should know that Auto Credit Express matches people that have experienced car credit difficulties with those new car dealers that can offer them their best chances for car loan approvals.
So if you’re ready to reestablish your auto credit, you can begin now by filling out our online car loan application.
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