You don`t have to turn to a buy here pay here car lot to get used car financing if you have bad credit. There are much better options for you. Here`s a few things that will help you along your way to getting the car that you really want.
Sometimes lenders will approve you for a lower priced new car than a higher priced used car, if you have bad credit.
Buy Used Car
How is this?
It`s simple. New cars come with new car warranties which cover the cost of repairs. If the cost of maintaining a vehicle is lower, then you`re better able to make the payments, right? It makes perfect sense. Plus, if the lender ever has to repossess the car, they`ve got a newer model that will bring more money at auction. It`s a win-win proposition for both you and the lender.
When looking to get approved… you`re more likely to get the car loan if you are trying to buy a car that is »justifiable». That means that with bad credit, you`re more likely to get approved for a Ford Taurus than a Trans Am. It`s all about practicality and necessity. If the lender can see that you`re buying something that is practically a need, rather than a want, it shows responsibility. Don`t think for a second that the vehicle you`re trying to get isn`t a factor when the loan officer is reviewing your credit application.
Getting approved online is a new trend as more and more special finance companies are using the internet to find new customers. Banking is a competitive market just like any other business and you may be surprised to find that it`s much easier to get approved online than it is at a car lot.
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Jason Lanier is a Platinum Level Author with over 1200 published articles regarding secondary auto finance.