How to Get Your Car Financed with Less-Than-Perfect Credit

How to Get Your Car Financed with Less-Than-Perfect Credit
  • Opening Intro -

    Buying a car while you have a blemished credit history is not an impossible task in 2017.

    For the most part, the major players of the auto lending industry prefer doing business with individuals whose credit histories are perfect because of what financial analysts call the "low-hanging fruit" effect.

-------------------------------------

What this means is that big banks and major auto loan providers are more interested in making Wall Street investors happy than helping prospective buyers with less than perfect credit.

Many people took a hit on their credit backgrounds when they lost their jobs during the global financial crisis of 2008. If you are one of these unfortunate individuals, or if your credit score is not good enough for traditional lenders, you should try the following methods.

Try Specialty Lenders

Many banks and auto financing companies insist that you fill out applications at the dealership or through the websites affiliated with the dealers. Specialty lenders will not force you into applying with dealers; they directly help buyers who do not have high FICO scores without forcing them to visit dealerships. Companies such as BlueSky Auto Finance issue approval certificates that can be used at any dealership. Specialty lenders can be a great option for those with credit issues.

Refinance an Existing Loan

If you wish to take a break on your current car loan obligations, try to get the debt refinanced. Even if your credit is not the best, the repayment of a refinanced loan will significantly boost your credit. You can also use the money saved from hopefully reduced rates to pay off existing and overdue debt to help repair that credit score.

Save Your Cash

If you have been setting aside money from every paycheck while looking at used car listings, you should not rush into buying a clunker. Flashing cash is a good method to get the attention of credit managers at car dealerships. Here’s what you need to know about dealership operations: they need to create a certain cash flow because they are always waiting on the lenders to wire funds.

This means that if someone with perfect credit buys a new Ford Fusion with zero down payment, the dealer will have to wait for the bank to send them cash; in the meantime, they would like to have some funds to cover their operational expenses. In other words, showing up at the dealership with $2,000 in your pocket could prove irresistible to credit managers.

Try Dealer Financing

Used car dealerships are often willing to offer financing options to buyers with any kind of credit. Similar to the step above, you can go to the lot with some cash to get them excited and motivated to move their inventory.

In the end, spotty credit does not mean you will never drive a car again. Try one of the methods above the next time you are shopping for a new or used car.

Consumer Financing reference:

about auto financing

 
SaleBestseller No. 1
Car Mount, X-AUTO One Touch Flexible Arm Universal Windshield Cell Phone Holder with Strong Suction Cup and Three Side Grips for Cell Phone iPhone Smartphones Android GPS Devices and More
10 Reviews
Car Mount, X-AUTO One Touch Flexible Arm Universal Windshield Cell Phone Holder with Strong Suction Cup and Three Side Grips for Cell Phone iPhone Smartphones Android GPS Devices and More
  • [Innovative Design] Long flexible arm/Gooseneck shockproof design allows for easy positioning, and bring device close to you. Keep your smartphone in sight at eye level and ready for GPS directions, streaming music, and hands-free calls.
  • [Quick Release Button] Press button on side of unit to slide open and then take out mobile phone. Press the arms on both side to clamp mobile phone again, simple of operation, save time and power.
  • [User-Friendly] Built with 2 separated and adjustable claw-like feet to allow you to charge your phone while it is sitting in the cradle. Soft rubber coated body and support arms hold your devices securely. Totally scratch free.
SaleBestseller No. 2
Car Mount, Volport 2 Pack Universal Magnetic Air Vent Mount Car Cradle Cell Phone Holder for Apple iPhone iPod Samsung Galaxy LG HTC Motorola Nokia, Android Smartphone and GPS Devices
  • Wide Compatibility - The air vent phone mount fits any car, bus, RV or truck's air vent. Securely mount onto most air vents (horizontal, vertical and angled air vents). Best car mount for Uber, Lyft and Taxi drivers. This mobile phone holder has two grip settings, one for thicker vents and the other is for thinner vents. The magnetic vent mount works great with all cellphones, mini tablets and GPS devices
  • 2 Pack for Multiple Use - Your package includes 2 pack of air vent car mount, 4 mount metal plates and a set of 4 protective clear films. You can share this vent mount or any other accessories with your family members or closest friends. 4 metal plates for up to 4 devices. The 4 protective films are designed to avoid the mount metal plate to be stuck directly at the back of your phone. Remember to apply the film BEFORE sticking the metal plate
  • Adjustable Viewing Angle - This mobile phone car mount is allowed to adjust to the perfect viewing position. Great for smartphones and GPS, giving you the ultimate flexibility in viewing your device from any angle. You can also use it as a navigation holder and keep your phone visible as a GPS without sticking on your dashboard, or put it horizontally as a phone stand at home and office desk
Bestseller No. 3
Koomus Pro CD-M Universal CD Slot Magnetic Cradle-less Smartphone Car Mount Holder for all iPhone and Android Devices
820 Reviews
Koomus Pro CD-M Universal CD Slot Magnetic Cradle-less Smartphone Car Mount Holder for all iPhone and Android Devices
  • Innovative and easy installation on any CD slot
  • Cradle-less, hassle free Quick and Easy snap-in one hand mounting system
  • Full 360 degree rotatable, can be mounted with protective case on it

Last update on 2017-07-20 / Affiliate links / Images from Amazon Product Advertising API

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

Categories: Consumer Financing

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload CAPTCHA.