Get Bad Credit Car Finance from a Dealership Latest statistics show that a lot of Americans do not have good credit. In fact, most people don’t – and it’s nothing to be ashamed of. There are many reasons, some of which are beyond your control, that can lead to you having bad credit. If you want to purchase a car from a dealer, it is important to know whether you qualify for credit. Many times, people with bad credit are approved for financing by dealerships. Below are some things you should find out before approaching a dealer to finance your bad credit car purchase. Get your Credit Report You should find out your credit score and check the credit history before starting to shop for a car. If you have bad credit, there are various strategies you can use to improve your chances of getting dealership financing. If you do not know you have bad credit but the dealer knows, getting a great car deal can be difficult. There are many car deals you will be offered even if you have poor credit.
Getting To The Point – Sales
What Lending Risk Do You Pose? So, you got your credit report and score – now what? Based on your credit score, the dealer with classify you as either a prime or subprime borrower. Borrowers that are classified as prime are those whose credit score is above 680. Subprime borrowers are those with a credit score of below 680. In most cases, you won’t get the best deal from a dealership if you are a subprime borrower. This is one of the facts of the auto industry that you will have to deal with. What you don’t need to deal with is dealers taking advantage of your challenged credit, and pulling the wool over your eyes.
The Path To Finding Better Sales
Having Bad Credit Does Not Mean Paying the Full MSRP Some dealers are so unscrupulous that they’ll tell a customer who has bad credit a horrible lie. For example, a dealer may indicate that the bank requires the full MSRP for the vehicle that a customer wants to buy. This is not only wrong, it’s a bold-face lie. Generally, dealers do not sell vehicles based on a specific price that the bank wants. Apart from this, there is no bank that would want bad credit car buyers to pay the full sticker price of the vehicles they want. In fact, banks would want you to pay less since you already have poor credit. If anything, they want you to pay less. We Can Only Get You Approved If You Buy the Extended Warranty Dealers are fond of using this trick. Uninformed customers with bad credit make dealers lick their lips with thoughts of crazy high profits. If a dealers is insisting that you purchase extended warranty in order to be approved for car finance, find another dealership. Keep the tips above in mind when going to apply for dealership financing.