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It doesn’t matter how your credit went from good to bad. It could have been from missed payments, late payments, collection notices, loan defaults, repossession or bankruptcy. But unfortunately, it happens to a lot of people and it can make getting new lines of credit for things like a home or car loan difficult.
As more and more people are experiencing credit problems and looking to get into a new or used vehicle, special finance companies are becoming more popular. Car loans for people with bad credit are usually very difficult to obtain from a traditional lender such as a bank or credit union. Unlike tote the note dealers. these types of lenders make your credit score the most important factor in deciding whether or not to grant an auto loan approval because it determines your likelihood of default.
Special finance companies, or subprime dealerships, don’t care about your credit score. In fact, certain dealers won’t even run a credit check when you apply with them. These places are referred to as:
All of these car lots work in a similar way. They believe that “your job is your credit,” meaning as long as you can prove that you have a steady income and residence, you will be approved for an auto loan.
There are also new and used car dealerships that don’t offer in-house financing. but will still accept your low scores. These dealerships use third party lenders that know the ins and outs of subprime auto financing and, they can get you approved. Typically, these loans have slightly higher interest rates and shorter loan terms due to the risk the lender is taking on you.
If you have been struggling to find a subprime automotive lender that will work with you and approve you for a car loan with bad credit. your struggle is finally at an end. When you work with Auto Credit Express, our network of dealerships will find a way to approve you for the car credit you need. No more denials, just a smooth ride from here on out.
Auto financing is one of the best ways to rebuild your credit history to a prime level. Although your loan may come with a high interest rate, you will be improving your credit each month, since your payments will be reported to the three major credit bureaus:
With consistent, on-time payments being recorded to your credit report each month, your credit score will have improved drastically by the time you have the loan paid off. This will help you get a lower interest rate and monthly payment on your next vehicle purchase from a conventional lender.
Another big benefit to these auto loans is if you make your payments on time each month, then you may even be able to refinance somewhere down the line. Depending on how much your credit score has improved, you could be eligible for a lower interest rate, which will lower your monthly payments and save you money on interest charges. So, not only do special finance companies give you an opportunity for auto loan approval, they can help you save money over time.
“They really helped me get into my new car, something I didn’t think was possible.” Linda M. Trenton
Special Financing Articles
Looking to get an auto loan in Dallas? Many dealerships will offer bad credit financing in the area, but they can be hard to get in touch with without our help.
Sacramento residents that may have damaged credit think that they can not get approved for bad credit car loans, but you can through buy here pay here car lots.
Get pre-qualified online in about 3 minutes with little or no money down.