So you need a new car. If you are like most everyone else in the country, you are going to need some sort of financing. That may not be a happy prospect to face if your credit scores are less than stellar. If you follow some guidelines and keep your thinking cap on, you can find guaranteed auto financing or a bad credit car loan.
Give the Dealer the Brush-Off
If you walk onto a dealership lot with all your financing squared away, you are walking onto that lot with a certain amount of power to find the best car at the best cost. You will not have to worry about dealers doing you a big favor or making you feel lucky to even have a loan considered. Your credit challenges do not have to be any business of the sales clerk.
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Three Options to Consider
Since you know you have certain credit challenges, you should thoroughly understand the options available to you - bad credit car loans, guaranteed auto financing, or online lenders.
Bad Credit Car Loans
New car dealerships do typically offer bad credit car loans with the purchase of a new car or a pre-owned certified vehicle. Sure, all the paperwork may be handled at the dealership, but those loans are usually sold off to lenders on the side. That is the party that will maintain and service the loan. They can range in terms from 12 to 60 months. And the rates, fees, and costs can vary widely from dealer to dealer, but the options available at any one dealer can be severely restricted, offering no real choices.
Guaranteed Auto Financing
These types of loans differ from bad credit car financing in that they are offered by smaller or independent car financing facilities. The finance contract is provided by the wholesale auto dealer and is paid directly to the dealer that sold you the car. This financing never offers you the opportunity to apply your good faith payments toward helping your credit score. These are most often used for used or pre-owned vehicles. New vehicles are rarely financed this way. These require no credit check. Payments are usually made weekly and can even be made in person.
Alternate Online Lender Options
Another option concerns online lenders. Many people have suffered from bad credit lately so there is a large market for poor credit auto buyers. Many lenders have entered the market and competition can be fierce. You could find a very good deal and get your credit report updated too. If you have been turned down with the other options, go online. You may be surprised at how easily you will be approved. Some may even be willing to finance a new car for you.
Go Loan Shopping Before You Go Car Shopping
So, you do have options. Sit down, figure out a budget, calculate what you can afford every month, then approach a lender. Allow yourself time to do some diligent shopping. The more you do, the better you will come out on the overall price of the loan and the car. Once you have secured a loan, you can walk into a dealership with confidence and get the best car deal you can finagle. Bad credit car loans, guaranteed auto financing, and the internet are all good tools, use them.
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