If you've got bad credit, you've probably been told that there's no way you could perhaps gather a car loan and that the only way you could get a car would be to save up the money and pay for it all at once. While this might have been true in the past, it plainly is not the case anymore. At one time, those who had bad credit couldn't think of getting mortgages or loans. Now, even people with the worst inherent credit who have gone through bankruptcies can get loans. The path to getting such a loan isn't easy, but it can be done.
Bad credit Car Loans from Dealerships
Bad credit Car Loan
Most likely, you've seen the advertisements from local dealerships stating "no credit, no problem! We grant financing to anyone!" While some dealerships might be sincere when stating this, most exaggerate the claim. That's because it in effect isn't as easy as they make it seem.
In a lot of cases, the dealership will want a down payment in order to even get financing. This down payment could be everywhere between 0 and 00. Other dealerships won't want the down payment and will, instead, give you a loan with a very high interest rate. With or without the down payment, you'll still be finding at 0-0 a month in payments.
Dealerships may make it seem like they are in it to help you. The fact is, however, that most dealerships in effect don't have your best interest at heart. They're in general in the business to make money. They'll take a risk and loan to a person with bad credit, but only if there's a good opportunity they'll make a lot of money in the process. Dealerships realize that there is money to be made by charging outrageously high interest rates. That's why they even bother to loan to very risky people--it can be extremely profitable for them. And it comes at your expense.
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