Guaranteed auto loan is given to people who urgently needs the same to finance their car purchasing plan. People might have a different financial status but that should not prevent them from realizing the dream of owning a vehicle of their choice. A large number of auto dealerships are providing car loans to potential car buyers with a bad or no credit rating.
One of the best strategies of attracting auto leads is by running promotional campaigns over the internet. A dealer can ask his team of online marketers to develop multiple pages with an online inquiry form for the potential buyers to fill up the form by typing in the queries and providing relevant personal details along side. Other than the landing pages, many dealers also send promotional emails to potential customers, and also promote their business on popular social media sites.
In a bid to attract a greater number of people to the showroom, a lot of car dealers are seen to provide auto credit loans to those who require the same for purchasing a four-wheeler of their choice. According to many people who have taken loans from a dealer earlier, it is far a better option to apply for the same form a dealership rather than visit a bank to get the required amount. It is because a borrower will get any amount of money he or she needs irrespective of his financial condition. To be precise, people with a bad credit score will easily get a car loan. Banks look for security when approving a house or a car loan. They will never sanction loans to people who are not well off.
Auto dealers in quick time approve a guaranteed auto loan without inquiring the concerned person's bank balance and whether he has a debt in the market or not. A dealer usually charges a low down payment and a low rate of interest on the amount applied for as a loan. The down payment amount depends on the financial status of a potential customer. In extreme cases, there are some dealers who altogether curbs the down payment amount for the benefit of the borrowers.
Thus, from all aspects it can be a wise decision to apply for auto credit loans from a dealer.
- Lowest down payment
- Low interest rates compared to what a bank charges
- No mortgage of assets of the defaulters
- Extension of loan tenure period
Often on request, the loan tenure period can be extended to some more months in order to make it easier for people to repay the lending amount along with the interest rate.
The bank procedure of lending usually takes days and even a month. People who have an urgency to purchase a car and who cannot wait for so many days to get a car loan can easily approach an auto dealer to get the required amount as quickly as within a week. The dealers believe in less paperwork in order to easily approve loans to potential car owners.
