Going to the dealership for a loan can often mean ridiculously high repayments and more a lot of the time you cant get the car you really want.
You need to search for financing just like you search for a car, exploring various options and doing your homework. Buying cars for bad credit shoppers can be intimidating, but that is where we are here to help, after all we are experts.
Be realistic with your expectations, before beginning your search, know your budget and the kind of monthly payment you need. One of our representatives can provide you an estimate of the repayments by answering a few general questions over the phone regarding your credit rating.
Its probably the single most important step you could take. Getting pre-approved takes the pressure off of going into a dealership empty-handed. Why put yourself in a position of disappointment if you find a car you love but no finance companies will give you a shot. Our service is obligation free and it doesnt cost you a cent to apply for a pre-approval, take 10 minutes out of your day, apply for an approval and know what you have to work with before finding a car.
Bad credit can limit the amount of financing you can get. A used car may be a better suited for your price range. Also the money you save on a less expensive car can be put towards other debt and general living costs.
If you know your credit score is going to make some lenders hesitate, a co-signer can help your loan application get approved. Many lenders will approve a bad-credit car loan provided that a co-signer is willing to guarantee the repayment. Keep in mind, your co-signer needs to have a good credit history.
If you are in a situation where you were only approved at a high repayment because of your credit rating why not come back to us for a review. In some cases when you have maintained excellent conduct on your loan and your credit rating has improved we might be able to refinance the loan to another lender and save you some money.
There are many reasons as to why a person may have poor credit. Often times, this occurs as a result of situations that are beyond the person's control. For example, a person may be unexpectedly laid off from his or her job due to budget cuts and may be unable to make payments on one's loans and other debts. Missing even one payment on a debt can instantly result in a drastic hit to one's credit score, so a person who suddenly becomes unemployed may suffer from a severely damaged credit score as a result of a situation that they had no control over. While irresponsible spending can be a contributor to a person's poor bureau score, the fact remains that many people who have bad credit are actually very financially responsible individual who have just landed upon unfortunate circumstances.
Unfortunately, having bad credit for any reason can make it difficult or seemingly impossible to get approved for a loan of any kind. This is especially true when it comes to auto loans or mortgages through banks and other large financial institutions. Since these lenders are federally regulated, they require applicants to meet strict criteria in order to be considered for loan approvals. This may include not only having a steady source of income but having a certain minimum credit score as well.
The good news, however, is that Federal banks are not one's only option when it comes to taking out a car loan. Specifically, if you find yourself in need of a reliable vehicle, you can actually get approved for auto loans through a private lender as a way of making this happen. Since private lenders (such as dealerships) are not run by the Federal government, they do not have to adhere to the same strict standards for loan approvals that many banks do. As a result, the requirements for being approved for a loan are more lenient. Many of these loans rely primarily on your employment and income situation to determine your ultimate approval for an auto loan.
Dealerships realize that, in these difficult economic times, it is necessary to give consumers a break if they want to make sales. This is exactly why we are beginning to see a rather large increase in the number of private lenders and dealerships that are offering options for on-line auto financing these days. Therefore if you are one of many who may have bumpy or bruised credit and are in need of a new or used car, then an auto loan may very well be your best option.