Bad Credit Car Dealers
What is Bad Credit?
A person is said to have bad credit rating if he has made any of the following:
- Late Payments
- Skipped Payments
- Exceeded Card Limits
- Declared Bankrupt
Role of Bad Credit Car Dealers
If a person has bad credit then credit lenders / banks will hesitate to provide loans to them. Very less banks will offer loans to such bad credit holders. If the bad credit holder wants to purchase a new car / used car, then he has to contact appropriate car dealer and the car dealer will in turn coordinate with the bank and get bad credit car loan for the person.
Here is a video presentation in the same context:
Beware of Bad Car Dealers
Getting a loan is not so easy for bad credit / poor credit / no credit holders. Hence they rely on bad credit car dealers for it. Bad credit holders try to improve their credit card rating from bad credit to good credit by availing the loan and making prompt payment of it.
But there are many bad car dealers who cheat such people. The car dealers get them a loan with very high interest rate. In addition, they will ask for down payment of an amount that is more than half of the actual vehicle cost. The loan repayment tenure will be just 4 to 5 years.
Hence be careful while choosing a bad credit car dealer. Reliable car dealers will get you auto loans with less interest rate and good repayment tenure.
Recommended Bad Credit Car Dealers
Here are two genuine car dealership companies that help bad credit holders to get their car loan approved:
Bad credit holders can visit these links and fill their online application to get loans easily.