There are a lot of requirements for an auto loan to be prepared for, and there can be even more qualifications to meet if you’re struggling with credit issues. Though all requirements will vary by lender, the basics, like being 18 years of age, having a valid driver’s license, and being a legal resident of the US, typically remain the same.

Requirements for a subprime auto loan get a bit more specific. You’ll need to provide proof of your identity, income, and residency, as well as provide proof of a working telephone and a list of references. Some of the specifics typically include:


  • $1,500 to $2,000 of monthly pre-tax income from a single source and a recent pay stub to serve as proof of income.
  • Six months on a current qualifying job, with at least three years of employment history.
  • A utility bill in your name for the address listed on your application to serve as proof of residence.
  • A phone bill to serve as proof of having a landline or contract cell phone from a national carrier in your name. No pre-paid phones qualify.
  • A list of six to eight personal references complete with names, addresses, and phone numbers.

The one thing you won’t need with a subprime lender is perfect credit. These lenders are specially qualified to work with people who have poor credit, no credit, and even bankruptcies on their credit report. Subprime lenders only work through special finance dealers. Since you can’t go out and get a direct loan from them, this is where we come in.

At Auto Acceptance, we specialize in helping people who are struggling with their credit by connecting them with local special finance dealers that have the right lenders available to help them get financed.

Published On: November 19th, 2018 / Categories: Blog, FAQ / Tags: , /

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