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Applying for Online Auto Loans with Bad Credit

For consumers with questionable credit the choice of where to apply for an online auto loan has gotten simpler since the Better Business Bureau began using a letter grade

Our Experience

The current grading system for businesses used by the Better Business Bureau makes it much easier for consumers with poor credit to compare the various online auto loan websites.

Here at Auto Credit Express we feel this was the right move by the BBB. That’s because for over a decade we’ve been helping car buyers with problem credit find those new car dealers that can give them their best opportunities for approved auto loans.

Why it matters

Buying a new or used vehicle is usually the second-most expensive purchase most people will ever make. For this reason, car shoppers should do their research and, if they have bad credit, it should include the web site where they plan to apply.

It’s also why we paid particularly close attention to information released both the Detroit BBB office and the Denver BBB office that described the new rating system.

This is what it had to say:

In order to help consumers make better-informed decisions on where to spend their hard-earned dollars, BBB will now assign letter grades to local businesses ranging from A+ to F beginning on December 29, 2008. The letter grade system—which replaces a less-detailed scale of “satisfactory” or “unsatisfactory”— represents BBB’s degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve customer concerns.

“…consumers literally can’t afford to make bad buying decisions,” said Vickie Galpin, President & CEO of the BBB Serving Eastern Michigan. “These reports make it extremely easy and convenient for consumers to research and compare local businesses—before they buy.”

BBB’s proprietary ratings formula takes into account 16 weighted factors, using objective information and actual incidences of a business’ behavior that have been verified and evaluated by BBB professionals. Specific issues affecting a business’s rating are described in detail in BBB Reliability Reports™. Ratings factors include:

• The business’s overall complaint history with BBB, including the number and severity of complaints to BBB from customers
• Whether complaints have been resolved in a timely manner or the business has demonstrated a good faith effort to resolve them
• How long the business has been operating and whether it meets appropriate competency licensing
• Government actions against the business related to marketplace activities
• Advertising issues evaluated by BBB
• Whether the business is a BBB Accredited Business and has committed to BBB standards

Both BBB Accredited Businesses and non-accredited businesses in the Better Business Bureau’s database will receive a letter grade as part of their report.

Checking those grades

Dale Mingilton, President and CEO of the Denver/Boulder BBB also suggested that, in addition to checking a company’s letter grade, consumers also read and consider the full BBB Reliability Report(TM), which includes more information and details.

“We also offer help to BBB Accredited Businesses in overcoming any deficiencies that might develop. We always recommend that every business consistently treat its customers in a fair and honest manner. And, if mistakes are made, take prompt and appropriate action to resolve issues as quickly as possible,” Mingilton explained. He added, “It is more important than ever for businesses to contact their BBB to make sure we have up to date and accurate company information.”

Mingilton also warned consumers about alternative screening or referral services that are profit-oriented and based on tiered advertising programs. These services typically do not investigate, nor help resolve complaints and therefore may result in unreliable and unverified information. Mingilton adds, “BBB is really the gold standard – everyone knows it. In fact, BBB ratings are used by these other services to prescreen businesses.”

The Bottom Line

With the new realities of online shopping and information sharing, it’s more important than ever to be able to trust the businesses behind the web sites to which you’re entrusting your private data.

As a BBB Accredited Business, we want our applicants to know that we adhere to the bureau’s standards of addressing customer concerns and resolving any disputes in a timely manner.

We also want you to know that Auto Credit Express specializes in helping applicants with car credit issues find those dealers that can give them their best chances at auto loan approvals.

So if you’re ready to reestablish your auto credit, you can begin now by filling out our online auto loans application.

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