If you’re planning to purchase a vehicle at the end of December, your best bet is to get your financing squared away right now. Think about it: Everyone is waiting until after the holiday, so lenders are slow. It’s the calm before the storm.
The peak of the holiday buying season may not be the best time to buy a new car, but, for some, it cannot be helped if their current vehicle has become unreliable. What can you do when you need a car loan, but don’t have the funds for a down payment?
Done correctly, a subprime auto loan is an excellent credit-building tool that can start you on the path to improved credit. Conversely, there are mistakes you can make that can further damage your credit that you’ll want to avoid.
In our experience, bringing in a list of at least six complete references from people an applicant knows who have given their permission, during the first dealer visit, will move the loan process along more smoothly and quickly.
Sometimes when the need for a car arises, it isn’t always at the best moment. And for some car buyers, that means that they need a car, fast. Simply looking at a monthly car payment could lead to some hasty decision making and, possibly, financial trouble down the road.
It can be hard trying to get approved for an auto loan with bad, thin or no credit. You need to be aware of the major factors that dealers and lenders use when determining auto loan approval.
No one wants to spend more money than necessary on an car loan. And the best way to avoid throwing your money away on a car purchase is to avoid making one of these all-too-common errors.