Past repossession, bankruptcy, collections, or no credit history at all. This page explains what lenders actually look at, what to bring, and what happens after you apply, so you know where you stand before you spend an afternoon here.
Nobody honest can, and a dealership that guarantees one before looking at your situation is telling you what you want to hear.
What we can tell you is that we have three routes rather than one. Applications go out to outside lenders including several that specialize in credit challenges. We also run our own in-house financing, which means when a bank says no the decision can still be ours. And a trade-in, even a rough one, changes the arithmetic on both.
Call before you drive over. Describe your situation on (708) 722-0848 and we will give you a straight read on what is realistic, without pulling your credit.
The score matters less than people assume. These four things move a decision more.
Steady, verifiable income carries more weight than the number on your credit report. Time on the job matters, but less than most people fear. Bring recent pay stubs, or bank statements if you are self-employed or paid cash.
A repossession from five years ago is a very different file from one from last spring. A discharged bankruptcy is often more workable than an open collection, because the debt is resolved.
Money down reduces what is financed, which is the single fastest way to improve approval odds and lower the payment. No fixed figure applies to everyone, and any dealership quoting one before seeing your file is guessing.
Lenders approve a payment, not just a person. A less expensive vehicle fits more lender programs, which is why the Chevy Trax is frequently the answer for a file that a larger SUV would not clear. New Trax inventory →
Worth explaining why one vehicle comes up so often in these conversations.
The Chevy Trax is our most-approved new vehicle for damaged credit, and it is not because we are trying to move them. It is the arithmetic: it is the least expensive new SUV in the Chevrolet range, so the amount financed lands inside the payment window that subprime lender programs are built around. A file that gets declined on a $38,000 vehicle frequently approves on a Trax.
It is also a new vehicle with a full factory warranty, which matters more when your budget has no room for a surprise repair. A used car with an unknown history is how a recovering situation goes backwards, and a warranty is the cheapest insurance against that.
Turning up with these is the difference between an answer today and coming back next week. If something is missing, come anyway and we will work out what is needed.
Your two most recent pay stubs. Self-employed or cash-paid: three months of bank statements, or two years of tax returns.
A utility bill, lease or mortgage statement in your name from the last 60 days.
Valid and current. If you do not hold a US license, we work with lenders who accept foreign licenses and ITIN. ITIN financing →
Or your agent's details. You cannot drive away without coverage in place.
Some lenders ask for three to five personal references with addresses and phone numbers. Worth writing them down before you arrive.
Bring the title if you hold it, or the lender name and account number if there is still a balance. Any make, any condition.
Discharge papers, if applicable. Lenders want to see it closed rather than take your word for the date.
Tell us what is on your credit before we pull it. It changes which lenders we approach, and nothing you say will surprise us.
Currie Motors Chevrolet 8401 W. Roosevelt Rd, Forest Park, IL 60130 Sales: (708) 722-0848 Sales Hours: Mon–Fri 9 AM–9 PM, Sat 9 AM–7 PM, Sun closed Just north of I-290, minutes from Oak Park, Berwyn, Cicero, Maywood and the West Side.
We do not know until the lenders answer. Guaranteed approval is marketing, not a credit decision, and you should treat it as a warning rather than a welcome.
A headline payment that requires perfect credit and a large deposit is bait. Ask what any advertised figure actually assumes.
If more than one lender approves you, you should see all of them and understand what each costs over the term.
A lender approving an amount is not the same as it being sensible. If the comfortable answer is a used vehicle rather than a new one, we will say so.
Ten minutes to apply, or one phone call for an honest read before you do. Either way you will know more than you do now.
