Bad Credit Dealership Financing – Successful Tips for Car Buyers

Car buying is a pleasurable experience, and car financing is a painful process. We all love cars and hate car loans. But, now there is no need to spend several days in search of a lender. Your local dealer can help you in getting an auto loan.

Dealerships are very common. They provide a second chance to bad credit car buyers. Sadly, most people are scared of dealers because they have heard terrible stories about dealership. But, don't think that every dealer will cheat you. If you remain calm and cautious, you can get a low rate dealership financing program. To get approval, you should never say these things to the dealer.

Statement 1 - "I don't know my credit score."

You cannot go to a dealership lot without knowing your credit score. Dealers can take advantage of your ignorance and charge high interest rates. So, it is advisable to check your credit score before starting the car buying process.

Also, you must order a copy of credit report and read it thoroughly. It will help you in answering questions asked by the dealer.

Statement 2 - "I want any car. You are my only hope."

When you visit a dealership lot, your emotions should take a back-seat. If the dealer senses your desperation, he will have the upper hand in the negotiation process. Also, never let the dealer select a car for you. He may try to sell you a lemon or an expensive vehicle.

Statement 3 - "I can afford XYZ amount of monthly payment only."

It is not wise to reveal a specific amount of monthly payment to the dealer. If you inform the dealer that you can afford XYZ amount, he will set the same amount as your monthly payment. And, you will not have any chance of lowering it.

You should start discussing finance after selecting the car. This way the dealer will be sure of a sale and will offer you a better deal. Also, it is important to concentrate on the bigger picture. You should not talk about monthly payments only. The dealer may offer you lower monthly payments and high interest rates. So, calculate the APR and then decide whether it is affordable or not.

So, these are three things that you should not discuss with the dealer. If you stay away from saying these things, your loan approval chances will be higher.

Car Destination will help you in getting affordable bad credit dealership financing program. It is ideal for people with damaged credit history as it helps in improving your credit score. Apply now and get ready to be delighted.

Dealership Financing Guide – Prepare to win the Deal

Many people demonize auto dealers. They consider them frauds and avoid dealership financing. But, you must understand that dealers are like us. They are trying to earn their living. You don’t have to fear them. You can emerge successful in dealing with dealers.

Preparation for Winning the Deal

You can be a spontaneous person but that doesn’t mean you shouldn’t prepare for dealership financing. If you fail to prepare, you increase your chances of getting a raw deal. Here are five things which you must do before going to the dealership lot:

1. Prepare a Budget

You must know your spending limit. It will aid you in eliminating expensive cars. Also, it will help you to choose the right dealership financing program.

2. Check your Score

A credit score doesn’t remain constant. It changes over the period of time. It is possible that you may no longer be having a bad credit rating. Remember that if you fail to check your credit score, the dealer may take advantage of your ignorance. He may charge higher rates under the pretext of your terrible credit history.

3. Know the Kind of Car you want to buy

It is very important to have a basic idea about the car you want to buy. Before leaving your home, find answers to these questions. It will help in avoiding cars that don’t suit your lifestyle.

• Are you looking for a station wagon or a SUV?

• Which car will be appropriate for your geographical area?

• Who will be using your car?

4. Down Payment

Most dealers require down payment from a car buyer. They want to check your financial condition and ability to make regular payments. So, it is wise to start saving for down payment amount well in advance. It doesn’t make sense to opt for high rate personal loans for putting money down.

5. Co-Signer

Co-signer is a requirement if you have really bad credit score and a bankruptcy in recent past. You can ask someone with a good credit score to become your co-signer. A co-signer reduces the loan rates. So, it is advisable to bring a co-signer even when you have an average credit score.

So, these are the important things that you should consider before going to a dealer. Do keep in mind that this preparation guide makes you ready for dealership financing. So, make sure that you take advantage of it.

Car Destination will help you with your dealership financing program. The company doesn’t consider bad credit history a problem. It has approved several low rate dealership financing applications and helped bad credit buyers in improving their credit score as well. Apply now.