| All humor aside, buying a car with horrible credit can | | | | you're payments aren't as affordable and you owe |
| seem impossible if you just walk into a dealership, pick | | | | too much on the car. |
| out a car, fill out a credit application and hope for the | | | | When a dealer gets an approval from a loan |
| best. You simply can't trust the car dealership to be | | | | company, the dealer takes the interest rate and adds |
| looking out for your best interest. Typically, loans | | | | to it! Yes. If you're approved at say, 9%, then the |
| approved through car dealerships have profit built into | | | | dealer will mark that rate up to 15%, give or take. Most |
| them to help the dealer make more money. This can | | | | people aren't aware that dealers do this. It costs you |
| be avoided and loan companies that would turn you | | | | as you have much higher payments. |
| down for a loan through a dealership will welcome you | | | | Dealing with a loan company directly that can mail you |
| with open arms if you deal with them directly. | | | | a preapproval draft to take to a car dealership puts |
| But, why? | | | | the buying power in your hands. Go pick out the car |
| Car dealerships get an approval or decline from a | | | | you want. If you just believe me on this, you'll see that |
| finance company. The decline may be because the | | | | even if you have horrible credit, you can get a car loan. |
| loan company thinks that the dealer is trying to get too | | | | It may not be a new car, but good dependable |
| much money for the car. Approving you on a car sold | | | | transportation is available to everyone. |
| at too high of a price puts you in a situation where | | | | |