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Bad credit can make it difficult to buy a car from a traditional dealership. Bad credit car dealerships work with credit-challenged buyers to arrange financing. But beware: these agencies usually charge high interest rates and fees, and your payments may not be reported to the credit bureaus.
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Compare the rates and fees offered by the bad credit car dealer with the rates offered by banks and credit unions to make sure you’re getting the best deal. You may find that a loan from a traditional lender is more suitable.
Buying a car through a credit car dealer is similar to buying from any other dealer. The only difference is that you may have more difficulty finding a competitive interest rate. But, like a traditional dealer, you walk away with a new car — or a new one for you — and a loan to pay off.
Because you have a less than ideal credit score, you may be offered a higher interest rate than a customer with good credit. The dealership also charges a commission, which is usually added to the interest rate offered.
Bad credit car dealers may still require a credit check depending on the type of case you are going for. Pick all the places you want to apply in advance and be prepared to do fresh research on your report so you can keep your shopping window closed and avoid taking a hit on your credit. The FICO credit scoring model considers all auto loan applications submitted during a 14-day period as one inquiry.
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Many bad credit car dealers will finance a car regardless of your credit. However, your options are limited. Some sellers may charge an additional fee or higher commission for the financing option.
At a “buy here, pay here” dealership, you may be offered a loan without a credit check. It’s attractive to customers with subprime credit who might find it difficult to get a car loan elsewhere. Also, financing is done in-house making these dealerships a one-stop shop.
However, you will only have used cars to choose from. You still need to meet the eligibility criteria. You can expect steep borrowing costs, and the lender may install an immobilizer or tracking device on your car to make it easier to recover if you fall behind on your loan payments.
Additionally, you can be enrolled in a financial program that does not report your payments to the three major credit bureaus, such as Experian, Equifax or TransUnion.
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Other agencies work with credit-based lenders to provide financial assistance to borrowers with bad credit. These lenders may or may not report to the credit bureaus. If you’re not sure, ask. An auto loan can be a good way to improve your credit health if the lender reports payment activity — assuming you make your loan payments on time.
Whichever option you choose, it’s a good idea to compare rates and fees to what you get from your bank or credit union to make sure you’re getting the best deal.
To get the best deal, think about your needs before you arrive. If you know you want a specific car, it’s best to shop local inventory online while doing your research. You will get a better chance to know your options and the cars you want to drive. Be careful in the sales process and avoid sudden purchases that you may regret later.
Setting your budget is an important step in the car buying journey. Experts recommend that you spend no more than 20% of your net income on car loan payments and other car-related expenses. Your budget should include labor insurance, gas, maintenance and registration fees.
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A large down payment can be enough to increase your chances of approval and sweeten the deal offered by the dealership. This lowers the loan amount and provides a more affordable monthly payment. Plus, you’ll walk away with more equity in your vehicle and pay less interest over the life of the loan.
You want to save at least 20% for the down payment. But if your finances don’t allow that, save as much as you comfortably can – we recommend 10% of the purchase price.
Use a down payment calculator to determine how much you can save on your monthly auto loan payment.
Before you head to the dealership, check with banks, credit unions and online lenders that offer auto loan pre-approvals. The dealership will most likely give you a car loan, but foreign lenders may offer better rates and terms.
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Also, getting pre-approved gives you an advantage at the dealership. You can negotiate like a cash buyer to get the best deal. Or the seller may be willing to match or bypass your loan pre-approval to get your business.
Even if you get pre-approved for a good rate, don’t jump at the first loan offer you get. Shop around to see if you can get the best rate
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