3 Day Cruises from Boston
Getting Approved for a Car Loan with Bad Credit and No Down Payment
How Dealers 3 Day Cruises from Boston Make Money Dealerships buy cars for less than they sell them for. That’s just common sense… The difference between cost and selling price is profit. But, that’s certainly not all. More money is made on car LOANS that the dealership gets approved, than on the selling price of the car. When a credit application is submitted to finance companies by the dealer, the approval comes back with a “buy rate”. 3 Day Cruises from Boston
3 Day Cruises from Boston
The dealer then adds interest rate points to the buy rate, which is the “sell rate”. So if you’re approved at 10%, your loan contract may be for 15%. The 5% difference that the dealer marks up the interest rate, is profit.3 Day Cruises from Boston This profit is paid by your payments being “jacked up”. How To Avoid This So you can see that getting your bad credit car loan through a dealership is not a good deal for you. If you have bad credit, the last thing you need is higher payments,3 Day Cruises from Boston or someone trying to take advantage of your “need” to get approved. As dealers make money on bad credit car loans, loan companies are more hesitant to approve customers through dealerships than they are if dealing with a customer directly.3 Day Cruises from Boston
3 Day Cruises from Boston
Imagine if you were able to bypass and go around the dealer interest rate markups. Your payment would be lower, right? Wouldn’t it be easier to get approved for a lower payment? Wouldn’t you be able to save alot of money.3 Day Cruises from Boston What Most People Don’t Realize Getting approved for a car loan with bad credit is easier than you think. You’re only discouraged because of what car dealerships have told you. Do you really believe that they are the ultimate authority on car loans? Not all car dealerships have the resources to help you in your particular situation. Fortunately, there are other options available to you.3 Day Cruises from Boston
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