Need Credit? What Banks Want to See
There are two things that banks want to see ideally before deciding to issue credit to a person; they are ability to repay and a good history of repaying debts. It is entirely possible to get a loan if you are stellar in one and not so good with the other, but it becomes more difficult and your terms are probably not going to be as favorable.
Ability to Repay
This is the factor that is hardest to change in a short period of time. Banks want to know that you have enough reliable income from whatever source, to pay all of your current obligations as well as the new one you are considering picking up with them. This means that if you are a millionaire and can prove it, getting an auto loan will probably be fairly easy, despite what your history of repayments may be, since auto loans are collateral loans.
If your ability to repay is not sufficient to get the loan you want, you might want to consider picking up an additional source of income like a job, but this will not help you much in the short-term. In addition to making good money, banks are looking to see how long you’ve been making that money. Having a job that pays $100,000/year salary for three months is not as good as having had a job that pays $50,000/year for the past ten years.
Good Credit History
Your credit history is a measure of how well you have handled credit in the past. Have you paid your bills on time or are you regularly late? Are there any obligations that have gone into collections? If you have been diligent and successful in your life in paying all of your bills in a timely manner and never letting them get away from you, then your credit history is very good and banks are encouraged at the prospect of lending to you. Even if your income isn’t all that stellar, but you can show with your credit history that you are a person of principle that always repays on time, you can receive a loan with favorable terms.
Most people have a balance of good income and credit history, and so banks have to go through complex formulas to determine who is and who is not credit worthy. If it is possible for you to know well in advance that you will need credit for an auto loan, paying down some old or late debts may show up on your credit report on time and increase the odds that you will not only get a loan, but get a great one.
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