There is a common misconception that bad credit auto loans cannot be found these days. You have probably heard this yourself if you are one of the millions of people with a challenged credit history. Maybe you’ve been told that you cannot get financed for a new or used vehicle because you have had a few late payments, a charged off account, or even a repossession.
The good news is that those misconceptions are simply not true! Bad credit auto loans in Brunswick (and elsewhere) are indeed available to people with a wide variety of credit problems. From slow payments to bankruptcy, there are lenders who will work with bad credit customers.
Lenders want to lend money. That is how they stay in business. With the economic downturn over the past few years, many people have had dings to their credit rating. Lenders have to be willing to work with these situations, because the number of stellar credit customers has diminished greatly.
Lenders Want to Issue Bad Credit Auto Loans
So why would anyone give you a car loan if your credit is not so good? As discussed above, lenders make money by lending money. Again, the current state of the economy has put more people in the credit challenged category. Lenders need these borrowers.
As you are probably aware, lenders generally charge a bit higher interest rates for loans that are considered to be riskier. That means they make more money on those loans.
It also means you will probably pay more for the loan than someone with a higher credit score. But you knew that already, right? While a bad credit score does not mean you cannot get financed, it does mean you will generally pay a higher interest rate.
The good news is that by getting a loan and making your payments on time, you will be improving your credit rating. The next time you buy a car, you will be in much better shape and will reap the benefits.
Car Dealers Want to Sell Cars
That’s pretty obvious! However, many people live under the impression that dealers don’t want to bother with them because of their credit status.
Nothing cold be further from the truth. Auto dealerships are there to sell vehicles. Part of that process includes getting you approved for a loan. Like us, some dealerships have relationships with the right lenders who handle bad credit auto loans every day.
Here at Dan Vaden of Brunswick, we work with these lenders all the time, meaning we can often say yes when other dealerships say no.
The only way to know for sure is to get in touch with us. Regardless of what questions you may have about bad credit auto loans in Brunswick, we can answer them. We cannot help if we are not aware that you need help!
Please feel free to contact us with any questions, or take a look at our Credit Application process and get started right away.