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.
google+ |
- Auto retractable phone clamp: hands-free and super stable. No switch, no magnet, only smart mechanism. Simply put in/take out your phone in just one...
- Maximum angle adjusting: this IPOW car phone holder can be adjust by 3 knots, 360 degree rotation joint ball, 180 degree rotation clamp and 120 degree...
- Versatile Reusable Phone Mount: With the ultra-strong sticky suction cup, this cell phone holder can be used both on dashboard and windshield. The...
- Compatible - Special design for Echo Auto and perfectly matched the size of device, a great small mounting accessories to mount your echo auto to...
- Magic Magnetic Force - 4 neodymium magnets create an unrivaled magnetic attraction. Ensure your Echo Auto device attached sturdily in the smooth...
- Super Stick Force - Reliable VHB adhesive sticker to keep the echo auto mount firmly fixed on your car dashboard or any other place, regardless of...
- STRONG MAGNETIC: This powerful magnetic holder can create a powerful attraction that firmly supports your device while allowing you to drive without...
- HIGH QUALITY: 3M VHB adhesive provides strong stick force between the dashboard and the mount, which can Hold the car firmly and prevent the device...
- 360° ROTATION: Adjustable swivel ball joint, and you can rotate your Auto that providing the best viewing angle. A unique mount for the car, suitable...
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
-------------------------------------------------------------------------------------------------------------
end of post idea
-------------------------------------------------------------------------------------------------------------
shop home improvement at our LetsRenovate center
Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.