Bad Credit Auto Lenders & Best Bad Credit Auto Loans
Typically, the best bad credit auto loans are found through car dealerships who have a contractual arrangement with bad credit auto lenders to purchase and service installment sales contracts originated by an auto dealer.
Think about it, when is the last time your local bank or credit union ran advertising for bad credit car financing? So why do auto dealers offer these types of car loans? Simple – they make a profit on the sale of the car and in many instances, the financing too. Car dealers have agreements with independent auto lenders that offer bad credit auto loans and are willing to help people get car financing in exchange for selling a car.
But not every car dealer is willing or able to serve customers in this niche. For example, most luxury brands like Mercedes, Lexus, Infinity, BMW etc. don’t do business with sub-prime auto lenders because their vehicles are too expensive.
The best option for people with bad credit to find auto loans can be found from mid tier auto dealers like Chevrolet, Ford, Dodge, Kia, Toyota, Hyundai, Honda, Nissan etc. Not only are the prices of their new cars more affordable, they also carry a great selection of late model used cars that better fit the underwriting criteria of these types of auto lenders.
Most auto lenders that offer financing for people with bad credit originate their loans through auto dealers that have the right inventory, personnel and knowledge needed to be successful and provide easy access to car financing for people who may have experienced credit difficulties.
At Bluesky Auto Finance, we believe the best car financing for people with bad credit is available from independent auto finance companies that give people the opportunity to get approved before going to a dealership. That’s why in addition to our network of car dealerships, we work with direct auto lenders that provide an opportunity to get pre-approved online.
When you apply for a car loan with BlueSky Auto Finance, your information is sent to our direct lending channel where we have several auto lenders that offer car loans to this category of credit worthiness. If approved, you will be able to go to any dealership of your choice and shop like a cash buyer. This allows you to focus on the price of a car instead of the terms of a car loan. In addition, your information may be sent to a local car dealer within our network who works with other bad credit auto lenders that may be able to help.
To summarize, we believe the best financing option for people with bad credit is an opportunity to get pre-approved before going to a dealership and that’s exactly what we do. Whether you get approved by one of our direct auto lending partners or by a finance company through one of our participating auto dealers, you’re in the driver’s seat – and you’re under no obligation to accept the terms of any loan from any lender. Apply now and you could be pre-approved in minutes!