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Publish Date - September 01, 2019

Author: Dale Peterson

Categories:   Auto Loans & Financing    Consumer Credit    Loan Calculators & Rates    Types of Car Loans    The myAutoloan Difference   

Financing a Car: How We Help

When You Have Bad Credit It may seem that financing a vehicle is an activity reserved for people with high credit scores and superior financial situations. While they may have a host of options available when it comes to getting that loan, you are not precluded from a financing plan due to a low credit score. Instead of creating a lot of frustration in your vehicle search or purchasing a sub-par vehicle, know that our company helps you to find a competitive vehicle finance loan for the car you want to finance.

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Understand Credit Scores and Vehicle Financing

In order to really understand the process, you should know some more about credit scores and vehicle financing. Financing a car is essentially taking a loan out on the vehicle, and using the vehicle as security for a lender. Being able to obtain vehicle financing before you ever go to the dealer is a really smart thing to do. Getting multiple offers and having a choice of which one you want is even better! If you have taken out loans in the past, you likely have gone through this process of “Waiting – more waiting – and wait a little more before anyone finally gives you an approval. The lending entity evaluates your financial situation to determine if you present a risk when taking out a loan. You just sit and wait. People who have bad credit scores are sometimes denied loans because they are determined to be a higher risk. However, understands that situation can occur but that these situations do not have to define you. What if you could get more than one offer, even if your credit is not the best? What if you could choose a lender that would work with you and is competitive in rates that they offer? You get where we are going.

Know Where to Turn

Applying for a loan at just any lender might not be the best idea because you may find that you cannot get approved or that you do get approved with extremely high interest rates because of your credit situation. Filling out multiple applications also take a lot of time and is not efficient. Instead of taking this potentially damaging path to vehicle financing, apply with one application and know that we have lenders available for people with bad credit. How great would it be if you could get up to four offers within minutes? We already know and understand that some individuals are not in the best credit situations, and we have numerous lenders ready to approve and offer you a competitive loan rate that will help you re-establish your credit. You need not to worry about the fear of rejection – your chances are very good that we can find lenders willing to work with you for vehicle financing.

Reduce the Fees

Even if you are working on getting your financial situation into better shape and have made progress, you probably don’t want to take any steps backward. Getting a loan from a car dealership could mean that you end up paying all kinds of additional fees. Instead of just paying back the loan and the interest, you have numerous fees added on so that the dealership is able to make extra money. Going through this process is unnecessary when you can get up to four offers for auto financing – Having choice means that you can get a lower rate loan and put that extra money towards bettering your current financial situation. Our business is not out to make things difficult, and you would see that if you apply. We want to help you get a vehicle finance plan that works for your financial situation with competitive rates.

See the Options

With most online lenders, you may only receive only one vehicle finance option due to your credit situation, but by working with our company, our goal is to get you up to four offers that provide you with choices. Think about it – You may receive up to four potential offers! Then, you can take the time to review the offers to see which one fits best with your needs. At myAutoloan, we work to provide you with an experience that someone with great credit experiences. You should have the same great experience by working with us. You deserve to feel as though you are being treated just like everyone else and thus, having a positive experience is something that you can look forward to.

Better Your Credit

Taking out a loan also means that you have the opportunity to better your credit situation. For example, by paying your monthly payments in full and on time each month, you can see your credit score go up and up. You might worry that procuring a loan on a car is going to make your credit situation even worse, but it actually improve your credit status and builds your credit score each and every time that you make on time payments.

If you have bad credit, you don’t need to delay looking for a car loan. Instead, work with lenders who want to work with you. Read more about the process and how to make it work for you by checking out this vehicle finance guide. Good luck and make it happen!