So you're like millions of other Americans. You've got credit problems.
Doesn't everybody these days?
Don't let that get you down. People with bad credit buy cars and yes, buy NEW cars everyday. In many cases, it's actually easier, yes, easier to buy a new car than a used car with bad credit. Although, you shouldn't expect to drive off in a new Lincoln Navigator.
Doesn't it make sense that a lender (loan company) would rather have a newer vehicle for loan collateral than an older one? That makes a lot of sense if you think about it. What matters is the purchase price. With so many rebates on new cars these days with the downed economy, it's possible to drive out in a new car for just a couple thousand dollars more than a two or three year old car of the same model.
Lenders that loan money to people with bad credit look at what they will end up with if you don't make your payments. It's better for them to have a newer vehicle that will sell better and for more money at auction than to have an older car. The lender also considers that the newer car is more likely to be maintained better, as all new vehicles come with a manufacturer's warranty! Is it starting to make sense now?
So why don't more people with bad credit go buying new cars?
They don't THINK they can. That's it. The truth is that if you have bad credit and want to buy a car, a moderately priced new car is just as within reach as an old junker.
Don't be fooled by greedy car salesman that tell you that a used car is all that you're going to get. They make more money on used cars which is why they try to put you in one. The most important tip I can give you is to leave the cars to the car dealers and the loans to the loan companies.
That's right.
You don't have to use a dealer finance department! You can get your loan approved (if you know where to go) and walk into a dealership with a check to buy whatever car you want (up to an approved amount). Don't settle for less than you deserve.
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