Credit scores are important in getting financing. One of the things you?ll need to get a loan or mortgage this year would be having good credit scores. But if you need auto financing but you have a poor credit score, what can you do? Here are ways to help you get out of this dilemma.
1. Credit Unions
Credit unions are different from banks in many ways. If you?re eligible to join a credit union or you have joined a credit union, you?re in luck. Most credit unions provide affordable payment options, interest rates and re-financing. All of these can be given to you if you?re approved after an interview and that you comply with the credit union?s other requirements.
2. Online Lenders
The easy and more affordable ways of making transactions using the Internet has given way for many lenders to make their deals flexible for many customers. Some lenders provide more affordable auto financing rates than most banks can provide. However, sometimes, there are catches when working with online lenders. They can impose hidden fees that they present by the end of the paying term. Be sure that when working with an online lender, you can trust them and that they are approved by the government or proper authorities.
3. Buy Here, Pay Here
Car dealerships allow customers to have in-house financing through a ?buy here, pay here? method. Buy here, pay here allows customers with poor credit scores to recover from their financial mishap by getting the chance to purchase a vehicle suitable for their financial capability. The catch of most buy here, pay here payment methods is that customers need to pay for the car personally in the car dealership branch. Car dealerships also offer good interest rates for most in house financing.
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Source: http://www.fradical.com/finance/getting-auto-financing-while-having-low-credit-scores/
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