People with poor credit often worry that they will be unable to qualify for an auto loan. While this feeling is normal, it is actually unfounded as there are many finance companies and dealerships that specialize in handling loans for people with poor credit.
Find A Dealer
There are actually a couple of options available to you. The first option is to find a car dealer in your area that specializes in auto financing for poor credit. When you apply for a loan directly at the dealership, the dealership will tell you how much you qualify for and if you qualify, you will then pick out a vehicle on their lot. These dealers are willing to work with people with bad credit, and are commonly referred to as “buy here, pay here” dealers. Basically, the dealer offers you financing, on the condition that you buy a vehicle on their lot. The dealer becomes both the seller and your banker. Keep in mind that not every dealer works with this type of financing, so you need to do a little research. The best way to find dealers in your area who specialize in auto financing for poor credit is to search online or check your local weekend newspaper advertisements. Dealerships that specialize in this type of financing typically advertise the service prominently on their website and in their ads.
Auto Financing Companies
Another option available to you is to go through an auto financing company that specializes in auto financing for poor credit, such as BlueSky Auto Finance. At BlueSky, we have an integrated platform of both lenders and dealers who specifically work with people with poor credit. The application process is fast and easy. You apply online and are immediately notified if you have been approved by one of our lenders. If approved, you can then buy your vehicle wherever you choose. In the case that you are not directly approved by one of our lenders, we will send your information to a dealer in your area, if available. If the dealer is able to help you with financing, you will then purchase your vehicle from that dealer. When applying for financing through BlueSky, you are not obligated to accept any loan offers.
It is important to remember that in securing auto financing for poor credit you may not be able to walk away with your dream car, but that you are building up your credit history so that you may do so in the future. You will likely need to eliminate those dealerships that specialize in luxury automobiles from your search, as they typically do not finance people with poor credit, and if they did your interest rate would be astronomical. In obtaining auto financing for poor credit, a little research goes a long way. Find a dealer or lender like BlueSky Auto Finance who is willing to work with you, and purchase an inexpensive vehicle. Not only are you purchasing a vehicle, but you are attempting to raise your credit score, so that when you are purchase a vehicle in the future, you have more options available to you.
To apply for financing through BlueSky Auto Finance, click here.