You can still own a great used car regardless of your financial situation!
Have you been turned down for an auto loan before? According to a study, there is now an estimate of over 100 million Americans who have bad credit. This estimate shows that about one third of the entire United States population and more than half of all the people that can be considered part of the car buying age group require alternative financing methods. So with that, you can now rest assured that you are not alone.
Many banks, credit unions, and other traditional car lenders rarely approve auto financing for someone with common financial hardships. Usually with these outside lenders, which is what most car dealerships use, the long drawn out financing process can hold your life up. So where does someone affected by severely damaged credit turn when they need a vehicle? After all it’s difficult enough trying to repair bad credit. Then throw in the fact that you can’t get a reliable car to get to work. This makes for a predicament. Unless you are fortunate enough to be able to walk to work and the store you need a car. The most viable option is to go to car dealerships that have in house financing or in other words “Buy Here Pay Here”. Credit scores aren’t everything when it comes to car loans. Some lending companies that specialize in helping people with poor credit take more into account than simply what is revealed in a credit report. This includes the honesty and accuracy of the information you provided in the application, income, job time, and other factors. Even with a credit score as low as 480, it is still possible to obtain financing through a buy here pay here organization.