Obtaining a bad credit, special finance car loan approval is a hot topic among people that have been turned down by dealerships. It's not as hard as the dealers make it out to be. You can get approved for a car loan without having to go through dealer finance departments or having to go through in person credit interviews. If you doubt this, it's simply because you're unaware of what's available to you, based on your income.
Car dealerships are not the best source for auto financing. The reason is simply because they mark up interest rates just like they mark up the price of the car to make a profit. If your auto loan is approved at 9%, you'll be told that you've got it at 12%, 14% or more. The difference between the rate that the lender will give you and the rate that you actually sign for on the contract, is dealer profit. Yes, dealers make money on your interest rate when they get you approved and you sign on the dotted line.
So, if car lots aren't the place to go, then where in the world are you going to get approved?
There are a few sources on the internet that provide real, bad credit car loans to people that have had a hard time with their finances. Loans are based on your income and generally, there is little need for a down payment. You'll get lower interest rates (that aren't marked up), which results in lower payments, if you shop for your auto loan on the internet.
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