With so many dealerships out there, a car buyer with a low credit
score can feel lost. There are many questions that arise. Some are
looking for what financing options are out there? Others are wondering
which dealer would even finance them? Yet others need dealerships that
do not ask for high down payments. Let us see how a car buyer with low
credit should start looking for answers.
First, before digging to find answers, car buyers with bad credit need to prepare their proof of income documents! Yes, it should really be the first thing on their mind especially if their credit score is not helpful! There are many dealers who offer financing using "buy here pay here" methods who do not check the credit score but do ask for the customer's proof of income. So the faster that the clients can provide that proof, the faster they can get those keys. Remember that having a stable and decent income indicates to the dealers that this car buyer is financially capable of paying the monthly car payments. So a higher income would mean that the loan amount that is approved can be also high resulting in more modern cars.
A great way to find an answer to all these questions and many more would be to start online! With many dealers moving to the web for better organization, many provide online applications. There, the car buyers can find out if they are pre-approved at a given dealership before they go there. This saves the car buyers needless trips to dealers that might not accept them even after they inspected the cars and test drove them. Another advantage of the online application is the time saved. There are websites that combine many dealerships into a network of dealers. This is often a better choice. By applying to a network of dealers at a time, one form allows the car shopper to apply to see which dealer fits them the most. This provides faster help and hence faster results. Remember that not all dealers accept the same criteria for financing even if they are all offering "buy here pay here" financing. While they should all not check the customers' credit scores, some of these in-house dealerships are looking for proofs of income higher than others. Also, some locations might accept forms of incomes other than work, like Social Security Income, while others will not. In addition, the down payments that the customers plan on paying might be too low for some locations while others might offer zero-down incentives to increase their number of sales. So one application can often filter all these criteria and give the best-fit result for any given applicant.
First, before digging to find answers, car buyers with bad credit need to prepare their proof of income documents! Yes, it should really be the first thing on their mind especially if their credit score is not helpful! There are many dealers who offer financing using "buy here pay here" methods who do not check the credit score but do ask for the customer's proof of income. So the faster that the clients can provide that proof, the faster they can get those keys. Remember that having a stable and decent income indicates to the dealers that this car buyer is financially capable of paying the monthly car payments. So a higher income would mean that the loan amount that is approved can be also high resulting in more modern cars.
A great way to find an answer to all these questions and many more would be to start online! With many dealers moving to the web for better organization, many provide online applications. There, the car buyers can find out if they are pre-approved at a given dealership before they go there. This saves the car buyers needless trips to dealers that might not accept them even after they inspected the cars and test drove them. Another advantage of the online application is the time saved. There are websites that combine many dealerships into a network of dealers. This is often a better choice. By applying to a network of dealers at a time, one form allows the car shopper to apply to see which dealer fits them the most. This provides faster help and hence faster results. Remember that not all dealers accept the same criteria for financing even if they are all offering "buy here pay here" financing. While they should all not check the customers' credit scores, some of these in-house dealerships are looking for proofs of income higher than others. Also, some locations might accept forms of incomes other than work, like Social Security Income, while others will not. In addition, the down payments that the customers plan on paying might be too low for some locations while others might offer zero-down incentives to increase their number of sales. So one application can often filter all these criteria and give the best-fit result for any given applicant.
So to sum it up, car buyers first need to prepare their proof of income and then go online to apply.
Article Source: http://EzineArticles.com/8411055
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