Thinking About Financing a Used Vehicle? Few Words of Advice for You
It is true that financing a used vehicle has never been easier. There is now a flurry of lenders in the market who are not traditional banks yet, ready to extend a loan to you to help you purchase a car. However, we have also complicated the whole debt system with various financial innovations that these very lenders easily approve loans of a few people while giving others a hard time. The credit score system is what always stands between you and financing your used car and if you happen to have a bad credit score, getting an approved loan starts seeming like a distant dream.
But there is hope here as well. There are buy here pay here used car dealerships in Greer, SC who help bad credit score holders finance their cars without going through the hassles of the whole credit score mess. If you can show a steady paycheck to cover your credit premiums, you are eligible to buy a used car. Sounds fair? But if you rush into the first dealer with a buy here pay here sign put up, remember the following pieces of advice. You will be buying a used car in a financially risky market and there are a few things that will matter.
There is no reason to make your approval difficult
Many BHPH affordable car dealerships in Greer, SC try to make the best of your bad credit score. Now, a couple of things are given. One, the dealership will entertain customers lying in the entire range of subprime score, that is from 350 to 600 or 650 which is generally considered as bad or no credit score. And two, the interest rate that you are to pay to the dealer for the financing will be higher than that of banks as you are a risky prospect and the high rate helps to averse the risk.
To reiterate, as long as your present paycheck can cover the credit premiums, your loan approval should be easy. Yet, you might find dealerships making excuses about your low credit score and trying to increase either the interest rate beyond the market value or sell you a lemon car. Walk out of such dealers immediately. Just because you are choosing buy here pay here financing, it does not mean you deserve the hassle.
You should get flat warranties on your car
Right! Not just CPOs, buy here pay here used cars in Duncan – Greer SC area also come with flat warranties where the deal is comparable to certified pre-owned vehicles. It does not matter who covers the warranty, the dealer or any third-party service, but having it ensures the quality of your used car which you are about to buy. This does not mean that dealers who are not giving you warranties are selling you tin boxes. But if you get a warranty with one and not with another, why visit the latter at all?
Additionally, keep in mind that the warranty you get with your used car should come with the package. You should not be paying anything extra for the deal. Extended warranties are like insurances that require one-time payment upfront to keep you covered for a particular span and these are not the same as flat warranties you get with the best BHPH dealer.
Pay the down payment you want
Sure, down payment is an easy way to get your loan amount down and improve your chances of getting approved but the dealer should not force you to pay a high down payment “owing to your bad score”. The motive here is to secure the cost price that the dealer had to pay initially and just extend the profit as credit. Not that there is anything wrong with this strategy but you should have the option of paying the down payment you want. Flexibility will help your buying experience.
Also, look for trade-in offers. This is how you can adjust your down payment without burning through your savings. Not only do you empty your garage for the new used car but also add the monetary value to reduce your loan amount. Used car dealerships in Greer, SC with trade-in are the best place to get your car financed. Among all the affordable car dealerships in Greer, SC, Family Auto ticks all the above boxes. You get flat warranties on the entire fleet, easy approval is guaranteed, and flexible down payment is always on the cards with the best trade-in policies. So, go to Family Auto and apply for bad credit financing. You will have a car buying experience that you shall remember for years to come.
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