Shopping for a new vehicle when you have bad credit can really be an exercise in futility if not done correctly. Going from dealer to dealer and hoping to get approved is only going to list more inquires on you credit report and get you frustrated. There are easier ways to handle this situation that can save you time and headaches.
Most large dealers have a specific person called a special finance or custom finance manager dedicated to helping people get auto loans with bad credit. This person's sole responsibility at the dealership is to work on bad credit loans. Usually this person gets paid commission on the sale of vehicles just like a salesperson so they have a vested interest in getting you approved.
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Once you have narrowed it down to the brand of vehicle you are looking for call the dealer and ask for the special finance manager. If the receptionist has no idea what you are talking about you might as well hang up and call another dealer because that probably means they do not have someone in that position there. Once you do locate a dealer that has a special finance manager they will more than likely set up an appointment to meet with you. It is very important to be upfront and honest on your application and about your financial situation during this meeting.
The special finance manager knows all the different guidelines of the different lenders they use so they will be asking you a lot of questions. Questions about your previous credit history, what caused you to get behind on your bills, all your outstanding debt, and your income. These questions are not intended to embarrass you but are to help them determine which lender your particular credit and financial situation matches up with. Remember they are use to dealing with bad credit and they see it all day long. They are the experts in getting loans like yours approved.
Once they have gathered all the information from you that they need they will go to work on getting you approved. Depending on the time of day and if their lending partners are open they may have you wait while they work on it or they may have you go home and they will call you when they have a decision. Either way you are able to sit back and let them do the work for you.
When they here back from the lender generally there will be up to three scenarios.
1) They may just turn you down flat which is highly unlikely if you are dealing with the special finance manager at the dealership. They usually can find some type of structure that will work for the lender.
2) They may give a conditional approval for less of a loan. So this means that you would either have to come up with money down to make up the difference between what they will approve you for and how much of a loan you need or look at a less expensive vehicle.
3) They will approve you as submitted. This obviously is the most favorable scenario.
At that point the decision is yours on which direction to go. All of the work was done by someone else for you and you only had to go to one dealer to get the answers you were looking for.
By being honest and upfront about your current financial situation and previous credit with the special finance manager at the dealership you will save lots of time and greatly increase your chances for approval.
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