We Finance Used Car Dealers

Do you have a poor credit history? Do you need auto financing and have a FICO score below 640? If the answer is yes then you will be relieved to know that there are a number of lenders who work with car dealers to promote programs such as, "we finance car dealers" events and give them the ability to offer bad credit car loans. There are mainly two types of lenders will offer car buyers these programs.

If you visit an online web site that specializes in bad credit car loans, then you need to know that these lenders, working through retail car dealers are known as sub prime lenders - more conventional lenders such as banks and credit unions (usually called "prime" rates) aren't usually equipped to handle special finance situations such as really bad credit scores. The main focus of sub prime lenders is to help consumers with a bad credit rebuild their credit history and improve their FICO scores while driving a new or low-mileage pre-owned vehicle.

"We Finance Car Dealers" or "tote the note" lenders: These are lenders who are also car dealers. Unlike most traditional new car dealers, they don't do what might be considered the "normal" rules of auto financing. If you visit one of these dealers while shopping for a car and a loan, they usually aren't as stringent as those lenders that offer bad credit vehicle loans. They will verify your income and residence while you are applying for auto finance, but recent repossessions are usually not an issue. What these dealers will ask for is a much larger down payment, given the average value of the cars they sell. It also means that the annual percentage rate of interest charged by these dealers is much higher than what most sub prime lenders would charge. Hearing the line "Why, Yes Car Credit is easy to get" is often a phrase that these type of dealers use.

In the final analysis, you should choose an auto dealer that specializes in bad credit car loan customers and deals with a broad spectrum of sub prime lenders. We can help! Apply for an Auto Loan.