If you've got bad credit, you've probably been told that there's no way you could perhaps fetch a car loan and that the only way you could get a car would be to save up the money and pay for it all at once. While this might have been true in the past, it plainly is not the case anymore. At one time, those who had bad credit couldn't think of getting mortgages or loans. Now, even population with the worst possible credit who have gone through bankruptcies can get loans. The path to getting such a loan isn't easy, but it can be done.
Bad credit Car Loans from Dealerships
Bad reputation Car Loan
Most likely, you've seen the advertisements from local dealerships stating "no credit, no problem! We grant financing to anyone!" While some dealerships might be sincere when stating this, most exaggerate the claim. That's because it really isn't as easy as they make it seem.
In a lot of cases, the dealership will wish a down cost in order to even get financing. This down cost could be in any place in the middle of 0 and 00. Other dealerships won't wish the down cost and will, instead, give you a loan with a very high interest rate. With or without the down payment, you'll still be seeing at 0-0 a month in payments.
Dealerships may make it seem like they are in it to help you. The fact is, however, that most dealerships really don't have your best interest at heart. They're mainly in the business to make money. They'll take a risk and loan to a someone with bad credit, but only if there's a good opening they'll make a lot of money in the process. Dealerships perceive that there is money to be made by charging outrageously high interest rates. That's why they even bother to loan to very risky people--it can be highly profitable for them. And it comes at your expense.
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