Car Dealerships and the Truth Behind “Guaranteed Approvals”

Bryan Metzger

Have you seen this sign before? I am sure you have. Everyone can say that they guarantee finance approvals but it’s the terms that make all the difference in the world. Traditional dealerships have access to multiple lenders from national banks, credit unions, and subprime lenders. The national banks like 5th 3rd and Chase require perfect credit and offer the best rates. Credit unions offer great rates as well but will make exceptions on the credit files of their members more frequently than national banks. Subprime lenders like Santander and Credit Acceptance will do a more credit challenged customer. Subprime lenders typically charge a large fee to the dealership which makes it harder to negotiate the best price as that is an added expense to the dealer. These three resources that traditional dealers use will cover the credit score ranges of 580-perfect. So what if your score is below the…

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