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Bad Credit Auto Loans with No Money Down
Every day, new articles are posted on the internet suggesting unrealistic lies about car financing. Bloggers will make claims about bad credit auto loans with no money down and sometimes, this just isn't the case.
For over 17 years, our business has been helping customers with bad credit reestablish car credit with bad credit car loans. In the past, we did it by running subprime departments in dealerships located all over the Midwest. Our tactic now, however, is to match customers with dealers in their area that specialize in bad credit car financing. We also aim to help customers at the two new car dealerships our company owns. Needless to day, we know a lot about bad credit car loans and bad credit auto loans with no money down.
It is incredibly frustrating when bloggers clearly have no idea about the bad credit lending process. They write about bad credit auto loans with no money down and they sound ridiculous to people that actually know what they're talking about. Here are some excerpts from a recent article we have come across:
Direct quote from an article: "First, there are only two reasons that a dealer would want a down payment...
The most common reason is because it adds profit to the sale. The other less common reason is because it's needed to lower the total amount financed for approval by the lender. Trying to figure out which is the real motivation to pressuring you for cash is a little difficult so long as, you are depending on the dealer to get you approved."
This is the truth: When it comes to vehicle pricing, lenders have very strict requirements. A lot of the time, lenders will only allow dealers to sell a car for 120% of NADA trade value including taxes and fees. You, as a car buyer, must be aware that trade values are published online, and it is smart to base your purchase on them.
Additionally, in order for you to have some cash equity in the car, the lender will ask for a down payment. There's a higher risk for default on bad credit car loans and it has been proven that buyers that made substantial down payments are far less likely to allow their vehicles to be repossessed than those buyers who have been given loans with no money down.
Here is another false claim from the article: "Most people think that if they have bad credit, they have to use the financing offered through the car dealership. After all, the local bank won't give you a loan right? This is a common mistake that can cost you thousands of dollars in outrageous finance charges."
This is the truth: Even if you have bad credit, you should definitely check with your bank or credit union to see if they'll finance you. If you have a bad history with these lenders or you have truly bad credit, your best bet would be going to a bad credit car lender. A majority of these lenders only do indirect lending through car dealers. Going online or walking into a branch office and applying for a loan isn't an option in this case, especially for no money down auto loans.
The bottom line is that you must know how the process works if you're looking for bad credit auto loans with no money down. When reestablishing your credit, it is crucial that you take precautions in order to make sound financial decisions. When you look at the loan process as a series of steps, you will soon be taking each one as a step closer to better credit.
For over 17 years, our business has been helping customers with bad credit reestablish car credit with bad credit car loans. In the past, we did it by running subprime departments in dealerships located all over the Midwest. Our tactic now, however, is to match customers with dealers in their area that specialize in bad credit car financing. We also aim to help customers at the two new car dealerships our company owns. Needless to day, we know a lot about bad credit car loans and bad credit auto loans with no money down.
It is incredibly frustrating when bloggers clearly have no idea about the bad credit lending process. They write about bad credit auto loans with no money down and they sound ridiculous to people that actually know what they're talking about. Here are some excerpts from a recent article we have come across:
Direct quote from an article: "First, there are only two reasons that a dealer would want a down payment...
The most common reason is because it adds profit to the sale. The other less common reason is because it's needed to lower the total amount financed for approval by the lender. Trying to figure out which is the real motivation to pressuring you for cash is a little difficult so long as, you are depending on the dealer to get you approved."
This is the truth: When it comes to vehicle pricing, lenders have very strict requirements. A lot of the time, lenders will only allow dealers to sell a car for 120% of NADA trade value including taxes and fees. You, as a car buyer, must be aware that trade values are published online, and it is smart to base your purchase on them.
Additionally, in order for you to have some cash equity in the car, the lender will ask for a down payment. There's a higher risk for default on bad credit car loans and it has been proven that buyers that made substantial down payments are far less likely to allow their vehicles to be repossessed than those buyers who have been given loans with no money down.
Here is another false claim from the article: "Most people think that if they have bad credit, they have to use the financing offered through the car dealership. After all, the local bank won't give you a loan right? This is a common mistake that can cost you thousands of dollars in outrageous finance charges."
This is the truth: Even if you have bad credit, you should definitely check with your bank or credit union to see if they'll finance you. If you have a bad history with these lenders or you have truly bad credit, your best bet would be going to a bad credit car lender. A majority of these lenders only do indirect lending through car dealers. Going online or walking into a branch office and applying for a loan isn't an option in this case, especially for no money down auto loans.
The bottom line is that you must know how the process works if you're looking for bad credit auto loans with no money down. When reestablishing your credit, it is crucial that you take precautions in order to make sound financial decisions. When you look at the loan process as a series of steps, you will soon be taking each one as a step closer to better credit.