So if you have really?poor credit or you live paycheck to paycheck like 70% of the population does then this article will explain some basic strategies to use so that you can save money and find bad credit car finance options.
The fact is, the dealerships simply want to make money, and they are sometimes able to benefit on the fact that the buyer is eager to get the car and?will accept poor loan terms.
The truth is it?s possible for anyone to get approved with a company that specializes in bad credit car finance if you work with them directly.
Indirectly applying to a finance companies through a dealer finance department 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.
If you have good credit then you should be able to get approved for a loan paying as low as 3-4%.
Some dealerships only offer as low as 7% to good credit customers, so just imagine what they will do for?poor credit applications!
The majority of customers with a poor credit history often are misguided by dealerships and end up paying higher than 12% on their loans. Many bad credit car finance companies offer loans lower than this and usually around 9%.
It doesn?t seem fair that car dealerships can end up making a huge profit off of you when you could have easily bypassed their financing services. The reality is negotiating interest rates with your car dealer is extremely difficult if you are in a poor credit situation.
Many people end up paying huge payments and higher interest simply because they did not know how the system worked. You can easily bypass the dealership financing option even if you have bad credit.
If you want bad credit car finance services, the easiest way to shop around and get approved instantly is to arrange for your own financing through bad credit lenders.
Basically go directly to the source!
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Source: http://www.best-consumer-finance.info/bad-credit-car-finance-how-to-outsmart-car-dealership.html
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