Consumer Car Buying Advice Blog

There are car dealers out there that say they will sell you a car if you have no credit history, but here at Auto Credit Express, we know there is a downside…

The ads look good.

Whether they’re in the newspaper, your local auto trader magazine or on the internet, the promises of “all applications accepted”, “everyone approved” and “100% accepted guaranteed”, the ads that say these things sure sound good. I’m positive that there are thousands of people out there with no credit history at all that dream of driving a new car by just filling out the application or stopping by the dealer. After all, if you read it on the internet, it has to be true.

If it sounds too good to be true…

Remember the old saying? Well, it’s just as true now as it was then. If it sounds too good to be true, it probably is. There are a number of things that a bank or lending institution looks at to determine whether or not they will loan you money: your credit history, the credit application and the down payment.

Your credit history is divided into the categories of habitual or situational credit. Applicants who have never paid an account on time will find it difficult getting a loan. On the other hand, there are many instances where a job loss or medical bills caused a situation in which it was difficult to pay bills. This person will find it much easier to obtain credit, although the interest rate will probably be higher than normal.

Information on the credit application can also help or hurt your chances. Low income and spotty job history can negatively impact a credit decision, while above average income and a history of job stability can help overcome a somewhat negative credit history.

Down payment is also important. When a bank sees a large percentage down, they are more apt to approve your loan and even give you a better interest rate. A larger down payment means that both you and the bank have an equity situation in the car. The more you put down, the better your chances that the loan will be approved.

Without knowing all this, how can those ads make all those promises?

They can’t. Most of those come-on ads have a lot of fine print at the bottom, or at the end of the application process. Remember: an accepted application is not an approved application.

Here at Auto Credit Express, we’re different.
We have helped thousands of customers, through our affiliate dealers, drive new or low-mileage, dependable used cars while rebuilding their car credit. Our web site, autocreditexpress.com, can help you in your car buying decision. We explain the application and buying process. In addition, our nationwide network of affiliated dealers specialize in financing for credit challenged customers.
Once you’ve had the chance to research the process, you can fill out our secure application in the comfort and privacy of your home. Remember: here at Auto Credit Express, we want you “on the road” to better credit!

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