Guaranteed Loans Bad Credit
What is the whole “bad credit approved” for buying cars, is this true?
Are you really guaranteed credit? How do they approve you if you credit sucks majorly or is this just a ploy to get you in there? I want to know because I am in major credit trouble that I am now working to get out of but also need a new car, want to know if it’s worth trying to get a loan or not.
“guaranteed credit approval” is just what it says….with some stipulations. They will finance ANYONE if they meet their qualifications.
For example, you go in with $300 down and bad credit and want to buy a nice car. The dealer sends it to the finance company, Credit Acceptance who APPROVES your credit.
With $3500 down.
See, everyone approved. Some might need $1500 down, others $3500.
And of course the value of the car will also be limited and it will be priced at least twice its real value, plus you will pay 21-29% interest.
Going for any kind of deal that will approve you with bad credit almost assures that you will always have bad credit.
The smart way is to buy a car for cash with what you were going to use as your down payment. It will take some looking but you can get almost as good a car and owe nothing more.