People having a credit problem because of a divorce, foreclosure or joblessness can still keep alive their car buying plans and turn it into a reality with the help of a local car dealer. There are many auto dealerships operating in and around USA who offer guaranteed auto credit loan to individuals with a bad or no credit score.
The car dealers know well that people with a bad credit rating won't get financial help so easily. The banks refuse to lend money to a person who has an unstable monetary condition. Thus, taking this opportunity, maximum auto dealers are now offering car loans to individuals in need of cash. This type of loan is easy to get – the dealers have made the entire lending process transparent and as much shorter as possible so that the borrowers don't have to test their patience in a bid to buy a car.
Guaranteed auto credit loan is given to a person no matter what is past or current financial condition is. Thus, people can happily apply for a loan without thinking about the volley of questions they have to face at the application time. Besides, the dealers won't question you or inspect your bank balance, employment history, and so on during the lending phase. A potential car buyer will be asked to bring a few essential documents for a smooth transfer of funds. For example, papers include the age proof, date of birth certificate, address proof, etc.
The other required documents for completion of a legitimate loan approval process are prepared by the dealer's office with the borrower only required to be present to sign the papers for completing the formalities. Auto loans are approved within a week's time and thus an individual gets a loan as well as the keys of his new or used car without waiting for a longer period of time.
The rate of interest varies from one dealer to another; however all car dealers charge a low interest rate on an auto loan. Besides, they also ask for a low down payment and there are instances when the dealers charge 'zero' or no down payment from the people.
Car loans increase the chances of maximum cars sale and profits on the part of the dealers. The repayment period of the loan, in many cases, can be extended on special request. Usually, all dealerships provide an EMI repayment program which means paying the lending amount on an installment basis for a twelve month period. At the end of the twelfth month, the last portion of the amount is paid off.
Almost all dealer sites contain an online auto loan calculator to make it easier for the potential borrowers of a car loan to calculate the exact sum of money they are required to shell out to realize their dream of owning a four-wheeler.
In a sense, taking an auto loan is advantageous since the dealers help you build your credit in less time. They send your account summary to the major credit reporting agencies every month to improve your credit rating in quick time.
