Do you have beyond doubt bad prestige and want to drive out in a new or used car in the next day or so? Have car dealerships or local finance associates turned you down for car credit? Maybe the dealer says that he can get you approved, but only on a distinct car and with a big down payment? If so, this article is for you.
From years of experience, I can tell you that the biggest mistake that car buyers make when it comes to getting a car loan with bad prestige is this... They rely on the car dealership to tell them either or not they can get approved.
BAD
The fact is, it's easier to get approved with a business that specializes in bad prestige auto finance if you work with them directly. Indirectly applying to a finance business straight through a dealer finance division puts you at risk of paying a much higher interest rate. Why? It's because dealerships mark up interest rates just like they mark up the price of the cars.
Bet you didn't know that, did you?
Good prestige customers that could get approved to pay 4% are commonly told by dealerships that the bottom rate ready to them is 7%. The 3% divergence is profit for the dealer.
Bad prestige customers (good people, though) that could get approved at 9% are commonly told that they have to pay 12% or more. The divergence is profit and commissions for the dealer, which results in Much higher car payments for you. It doesn't seem fair, but it's a reality and negotiating interest rates with a car dealer is very, very difficult especially if you've got poor credit.
If you want to get approved for a car loan and have beyond doubt bad credit, the easiest way to get approved is to avoid the dealer finance division and arrange your own financing.
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