If You Think You Understand Automobiles, Then Read This

Dealership Bad Credit Auto Loans Latest statistics show that a lot of Americans do not have good credit. There is nothing to be ashamed of if you don’t have good credit. If you don’t have god credit, you should not be ashamed of yourself. There are thousands of reasons why you may have bad credit, but that’s not were going to go over today. It is important to find out whether you qualify for a car loan prior to starting your search for a car. Generally, dealers can offer you bad credit loans to allow you to own the vehicle you have always wanted. Prior to applying for bad credit finance from a lender, find out the following: Get your Credit Report It’s important to get your credit report and credit score before you go car shopping – I recommend that everyone do this. If the dealer knows you have bad credit, and you don’t know the details, he can and will use this to his advantage. There are many car deals you will be offered even if you have poor credit.
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Subprime vs. Prime Borrower 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. If your score is above 680, consider yourself lucky – you fall into the prime category. Subprime borrowers are those with a credit score of below 680. If you are a subprime borrower, the chances of getting a great deal from a dealership are quite slim. Subprime borrowers don’t always qualify for the best rates and financing terms. This is one of the facts of the auto industry that you will have to deal with. However, this is not to say that a dealership should take advantage of you because you have poor credit.
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MSRP and Bad Credit: You Don’t Have to Pay the Full Price Some people who have bad credit get taken advantage of by unscrupulous dealers. For example, a dealer may indicate that the bank requires the full MSRP for the vehicle that a customer wants to buy. This is a lie that you should not fall into. Generally, banks do not force the dealers to charge a specific amount of money for the vehicles they are selling. 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, given that you have poor credit, the banks would want you to pay less. Financing Approval is Only for Extended Warranty This is one of the tricks that most dealers like using. You are likely to make the dealer a lot of profits if you fall for this lie. 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.

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