Great site I just found about how to buy a car with bad credit. Check it out!
When you have bad
credit, car dealers frequently want down payments for car loans for a number
of reasons. Sometimes it's the lender that wants a down payment as part of what
is called a 'stipulation'.
I'll explain to you how this works and give you a practical example.
When you fill out a credit application and to try to get
approved for a car, the finance manager (at one time was me) would then fill
out the rest of the credit application with the information about the car that
you wanted to buy. This would include the vin number, make, model, mileage and
all that jazz.
What happens then, is that the credit application is received by the lender.
In some cases, the application may be submitted to numerous lenders to not only
see what you could get approved for, but also how much money can be made on your
car loan with each particular lender. (This is why when you have even good
credit, your application gets sent to multiple lenders by the dealer.) Each
lender then replies with a response.
Based on a vehicle that you have taken a look at or wanting to buy, the
lender may approve you for financing for that particular vehicle, but add the
stipulation that they will only finance a particular amount for that particular
vehicle. This then places the burden on the dealership of doing one of two
things... either lower the price of the car to the amount that the lender will
allow or the dealer has to request that you make up the difference.
While supply and demand can dictate that some vehicles will require them to
be sold at a higher price and far above loan value, there are a lot of great
deals on both used cars and new cars right now. Finding a good price on a
vehicle is the key to eliminating the need for a down payment.
One of the easiest ways to get approved and get the best deal on secondary
financing (bad credit car loans) is to compare offers online. There are a few
good sources that allow you to do this.
Thursday, 7 March 2013
Friday, 30 October 2009
testbylupus: Testing everything, anywhere...
Me gusta.
Yo no soy con América, pero yo hablo un poco ingles.
Yo no soy con América, pero yo hablo un poco ingles.
I'm testbylupus and I'm here to post comment's about every web site or software that i used. I'm using now this web photo editor, called pixlr. You can find it at: www.pixlr.com
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