Buying a car can be exciting. Such a purchase is often as emotional as it is financial or practical, and the thought of zipping around in a new ride usually brings a smile to your face. That is, if you’re sitting pretty as far as your credit and thus don’t anticipate any problems obtaining financing.
However, if you have bruised credit you may not qualify for traditional car loan financing with a bank, manufacturer or finance company. Furthermore, many dealers who do offer private in-house financing do so with very aggressive repayment terms, sky high fees and loans that do not report to the credit agencies.
Neither of these scenarios should work for you. There are other options.
If you have bruised credit, taking out a car loan from the company you buy the car from is a good plan because that company will have more incentive to make sure that the car is in good condition and to support you through the life of your car and your loan.
Look for a dealer that has an established track record financing vehicles. This shows good standing and if they have a reputation for being forgiving when it comes to offering credit you know you are in a good place.
Look for ability. A dealer who is simply a dealer may not have the financial standing to offer you a car loan over a repayment term that provides affordable payments. A dealer who is established as a lender as well will offer more affordability and flexibility.
Look for a dealer who doesn’t penalize you for having problem credit by jacking up the price of the vehicle or charging unreasonable rates. While this is not only totally unfair, it shows that the dealer is less than savory. Such behaviour does not speak well of anyone, least of all someone you are dealing with financially
Also, you want your car loan to report to your credit – this way you are getting the best of both worlds: the car loan you want and also the ability to have your positive payments reported to your credit. This will help you rebuild your credit with positive credit behaviour.
At Prudent Value Cars, we have great financial ability and won’t penalize you for having bad credit. We know life can be tough – buying and financing a car shouldn’t have to be.
For more information, please get in touch today by calling 1.888.852.7647.