How to Buy a Car With Horrible Credit - And I Mean Horrible Credit [mortgagefraud101.blogspot.com]
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All humor aside, buying a car with horrible credit can seem impossible if you just walk into a dealership, pick out a car, fill out a credit application and hope for the best. You simply can't trust the car dealership to be looking out for your best interest. Typically, loans approved through car dealerships have profit built into them to help the dealer make more money. This can be avoided and loan companies that would turn you down for a loan through a dealership will welcome you with open arms if you deal with them directly.
But, why?
Car dealerships get an approval or decline from a finance company. The decline may be because the loan company thinks that the dealer is trying to get too much money for the car. Approving you on a car sold at too high of a price puts you in a situation where you're payments aren't as affordable and you owe too much on the car.
When a dealer gets an approval from a loan company, the dealer takes the interest rate and adds to it! Yes.
If you're approved at say, 9%, then the dealer will mark that rate up to 15%, give or take. Most people aren't aware that dealers do this. It costs you as you have much higher payments.Dealing with a loan company directly that can mail you a preapproval draft to take to a car dealership puts the buying power in your hands. Go pick out the car you want. If you just believe me on this, you'll see that even if you have horrible credit, you can get a car loan. It may not be a new car, but good dependable transportation is available to everyone.
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