What No One Knows About Cars

Get Bad Credit Car Finance from a Dealership 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. In most cases, even if you have poor credit, dealerships can offer you a loan. Below are some things you should find out before approaching a dealer to finance your bad credit car purchase. Check Your Credit History You should find out your credit score and check the credit history before starting to shop for a car. If you think you might have bad credit, it’s even more crucial to be prepared. 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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Are You a High Risk Borrower? What is the next course of action when you have your credit report? Depending on your credit score, you can either be a prime or subprime borrower. If your score is above 680, consider yourself lucky – you fall into the prime category. If your credit score is below 680, you are considered a subprime borrower. 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 usually the way dealers operate. What you don’t need to deal with is dealers taking advantage of your challenged credit, and pulling the wool over your eyes.
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You Don’t Have To Pay MSRP Just Because You Have Bad Credit Some people who have bad credit get taken advantage of by unscrupulous dealers. The dealer will say that they have to charge full MSRP for the vehicle – that the bank requires it. 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. They most certainly wouldn’t require you to pay full sticker price. 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 This trick is one that dealers use. If you are uninformed and are buying a car when you have poor credit, you are likely to make the dealer a lot of profits. If a dealer ever tells you that the bank requires you to buy a warranty because of your credit – turn around and walk out immediately! The above are some tips you should know when going to apply for dealership financing.