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+ |
- Simple To install - adjustable base fits perfectly and securely into your cup holder. Compatibility- 3.5'' Arm (6.5'' Total height) and one-button...
- Universal Compatible fits for Samsung Galaxy Note9, Note8, S9, S9+, S9Plus, S9 Plus, S8, S8Plus, S8+, S8 Plus, S8 Active LG Q7+, Style 4, Q Stylus,...
- Universal Compatible fits for Apple iPhone X, X Max, X, X, 10 SE, 9Plus 9, 8 Plus, 8, 7 Plus, 7, 6S Plus, 6S, 6 Plus, 6, 5S, 5C, 5 Lighting Apple 30...
- An adjustable firm grip mount fits the latest iPhones (XS XS MAX XR, X(10), 8, 8+, 7, 7 Plus, 6s, 6 Plus, SE and previous generations), Samsung Galaxy...
- An adjustable base for a perfect fit in cars, trucks and other vehicles with standard sized cup holders
- 8" inch long flexible neck and 360-degree rotatable holder to suit your desired angle
- 2 IN 1 MULTIFUNCTIONAL DEVICE: Save space in your car by combining the function of a car phone mount and charger into one device
- 2 HIGH POWERED USB PORTS & 2 CLA SOCKETS: Quickly charge your smartphones and tablets with 2 x 2.1A USB ports & use your other cigarette lighter...
- ADJUSTABLE BASE: Fits in cars, trucks and other vehicles with standard sized cup holders
Last update on 2019-02-16 / 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.
