Imagine you are in a situation where you have to buy a car on short notice. It could be because you just got a new job in a neighboring town where you can’t use public means. It could also be a job where part of the contract between you and your employer states that you must own a car. Unfortunately for you, you have a bad credit score. Worse still, you had filed for bankruptcy at one point or another. In short, your financial history does not favor you to apply for car loans. So just what should you do? Read on to find out more about your options.
They work like banks. They too, often ask for credit scores. With credit unions however, you can still get a loan just by proving to them that your current financial record is healthy. For that, you will need to show them your income and convince them that your income to debt ratio is not bad at all. At the end of the day, it is all about proving that there is some cash flow in your account.
Some of them have their own private car loans apart from the ones that they offer on behalf of banks for a commission. Most dealers that work this way are often lenient and willing to hear or rather listen to what their clients have to say. So ask your client if they have loan products for you. You may be lucky to land on a good deal.
Note that all lenders always ask for some down payment. So approach each option with some ready cash. This is what finding the best car is usually about – knowing your car options and exploring what each option has it store for you before signing anything.