Bad Credit Dealers

Posted by admin on June 13th, 2009 at 12:00am

Question:
Would there be any car dealers who would accept bad credit or even no credit?
I am wishing to buy a used car for a recent year, but I’m quite sure my credit is poor due to identity theft. Anyway, I was basically wondering if there are any bad credit dealers who will approve even with bad or no credit history. I understand it’s still recession, so would they have a way of working things out for borrowers with bad or no credit at a time like this? Thanks for your input.

Answers:
Unless you go to some Buy-Here Pay-Here location, bad credit dealers go through different lenders and banks for financing. The Buy-Here locations will probably approve you, but for a really high interest rate. If you go to a normal dealer, most of them will have what they refer to as a special financing department with whom you may talk to.
If your credit is poor due to Identity Theft, this might be something you would like to work to fix and take care of first. Not only would this save you hassles in the long run, but if you could fix up your credit it will acquire you more favorable terms in loaning which can only save you funds.

Car dealers do not finance, they contract out to banks and finance companies for that type of thing. They typically have several they work with, and can usually find one that will be approprate with your bad credit. The catch is you will be subjected to a much higher interest rate.

Identity theft is an issue that can be remedied. Have you put in a fraud alert with the credit bureaus? Did you dispute the debts on paper with the various creditors that say you owe them money? This is really serious and can hurt you far more seriously than an increased interest rate. It may haunt you for many years to come.

Under Bad Credit Questions