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Featured Article:
Is That Bad Credit Special Finance Car Loan Worth It
Is That Bad Credit Special Finance Car Loan Worth It?
There it is. The car of your dreams. You can see it. Smell it. You love its leather interior. You must have this car.
But only one thing stops you from driving that car home today.
Bad credit.
Not to worry, the sales man tells you. At our dealership we offer a bad credit special finance car loan. And with our bad credit special finance car loan, you can drive that car home TODAY!
Let's pause for a moment. You know you want the car. And the bad credit special finance car loan will make it possible to get the car of your dreams.
But at what cost?
Think about the interest rate. The interest rate will typically be MUCH higher than for someone with good credit. And even more the car loan you may get from a dealer may include a ton of hidden costs.
Don't know what I'm talking about?
Try this. If you are asked by a finance manager to get a bad credit special finance car loan, ask him or her to lower the rate. It is completely negotiable. And if the rate is too high, you are free to walk.
But also be forewarned. The rate may be acceptable, but the finance manager will also ask you to spring for all sorts of extras like paint protection and warranties. You may get a lower rate, but they just might add thousands to your car price.
Another option might be to try to get a loan from your bank. If you have good credit with your bank, then they may be more inclined to give you a better rate than a car dealership.
There it is. The car of your dreams. You can see it. Smell it. You love its leather interior. You must have this car.
But only one thing stops you from driving that car home today.
Bad credit.
Not to worry, the sales man tells you. At our dealership we offer a bad credit special finance car loan. And with our bad credit special finance car loan, you can drive that car home TODAY!
Let's pause for a moment. You know you want the car. And the bad credit special finance car loan will make it possible to get the car of your dreams.
But at what cost?
Consider the Costs of a Bad Credit Special Finance Car Loan
A car dealership can offer you a car loan. But taking advantage of a bad credit special finance car loan can costs you much more than you bargained for.Think about the interest rate. The interest rate will typically be MUCH higher than for someone with good credit. And even more the car loan you may get from a dealer may include a ton of hidden costs.
The Finance Manager is a Salesperson, too
One thing most people don't know is that the finance manager is a salesperson who works on commission, just like the car salesperson. What this means is that they will try to get you a bad credit special finance car loan, but they also want you to pay the most for it.Don't know what I'm talking about?
Try this. If you are asked by a finance manager to get a bad credit special finance car loan, ask him or her to lower the rate. It is completely negotiable. And if the rate is too high, you are free to walk.
But also be forewarned. The rate may be acceptable, but the finance manager will also ask you to spring for all sorts of extras like paint protection and warranties. You may get a lower rate, but they just might add thousands to your car price.
A Final Option?
I know this may not be what you want to hear, especially when you want to buy the car of your dreams. But if you have bad credit, but have every reason to expect it to improve, then you may want to consider either waiting to get a new car or putting a large down payment on the car.Another option might be to try to get a loan from your bank. If you have good credit with your bank, then they may be more inclined to give you a better rate than a car dealership.