Why the Type of Car Loan you Get Matters?
Getting a used car auto loan is as convenient as ever – especially when you choose a dealer who follows all the regulations. You can get a used car loan with 3 headache-free steps.
1. Choose your favorite pre-owned vehicle from the inventory
2. Fill our secure credit application form
3. Get a quote and a used car approval loan at a preferable rates
You want affordable loan payments of course– and that is a realistic expectation as in-house financing used car dealers connects you to lenders at a very good rates forwarding the savings down to you. This is the nature of the business – as competition tightens, many used car dealerships are willing to offer you zero down payment with decent interest rates – even with bad credit. Yes, you read it right – bad credit is not an issue anymore. However, there are other things to consider – like the condition, quality and the honesty of the car dealer. A professional car dealer will understand your financial situation and will present to you with good options that will benefit you in the long run and help you in the credit re-building process.
You might feel that you are restricted to get a used car auto loan because of your bad credit – and you just might be right if dealerships didn’t offer a “bad credit re-building process”. As we mentioned getting a used car auto loan doesn’t only give you the car you want, but also helps you rebuild your credit.
Here is what you need to look for in a professional car dealership that help people with credit issues:
1. Their car inventory – You need a plethora of options, not to mention a good car dealership reviews
2. Are they offering you to build your credit through car financing? – Every payment you make is reported to the credit bureau, the car dealer acts as intermediary and helps you build a relationship with the lender boosting up your credit score.
3. What will be the car loan interest rate on the second year of financing? – As you may know interest rates are starting to go up so locking up a rate might be a good idea right now.
4. Are their finance managers trained? – For a quick ‘same day’ approval, a vehicle finance manager MUST be experienced – and trained to handle your requirements while giving you the best payment options.
5. Does the dealer offers used car warranty? – This point is important, you don’t want to be on your own after buying your car.
Make sure to get ready your checklist when you start your pre-owned car shopping!
All the best