American and Canadian car shoppers can be confident that they will be able to get financing for a car even if they have bad credit or no credit. Consumers who have good credit would have a credit rating or FICO score of 680 or above. The individuals with a bad credit history with a credit rating between 620 and 680 is considered near prime or a slight risk on payment history. A credit rating of below 620 is considered sub prime and puts you at the highest repayment risk and less likely to get financing. Don’t despair, there is an Auto Loan for you too. You don’t have to give up on owning a new or used car. There are lenders that are willing to help you qualify for Auto Finance in a matter of minutes. If you’ve had financial troubles in the past you can still get the car that you want, it just takes a little understanding about how the financing works.
The consumer comes into the dealership and wants to purchase a car either with cash or by getting a loan. The dealership will get financing for you, but it isn’t the dealership that is loaning you the money it is from a lending institution that they do business with. The dealership will get cash from either the consumer or from the bank, they aren’t in the financial business. Dealerships will assist you with finding a loan for you, however the loan that you obtain through them may end up costing you a few more percentage points even if you have excellent credit. The dealerships do business with a certain companies that do the actual financing.
You, the consumer should understand there are other financing companies that will approve Bad Credit Auto Loans to consumers who traditionally are considered a bad risk by many lending institutions. There are companies who have loaned over a billion dollars in car sales throughout America and Canada to help even those with bad credit get the loan they need within minutes. There is help and money to lend to those of you with no credit, bad credit or with little or nothing down. You can find a loan online before you go looking for your new car. This is not a new concept and even in today’s declining economy there are loans without hassle that you can pre-qualify for before you even step foot in a dealership showroom looking for your next vehicle.
