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In Duncanville, Dodge dealerships have numerous financing options for all types of buyers. If you have excellent credit, you may not even give the financing process a second thought. Unfortunately, there are plenty of buyers out there with credit histories that are marred with late payments, judgments, or other derogatory marks that need a new or used vehicle. If you’re in this situation, don’t throw in the towel just yet. There are options. Here are just a few of the ways your local Dodge dealership may be able to help you. Seek Approval from Multiple Lenders Sometimes buyers with bad credit will try to get a loan from their bank or credit union before they visit the dealership. There are some benefits to walking onto the car lot with a check in hand for a new car such as already knowing you’re approved and being considered a cash buyer. Unfortunately, if you have a low credit score, it’s likely that a traditional lender like a bank or credit union is not going to approve you for a loan. The financing department at dealerships doesn't just work with one lender. The department has a list of lenders that specialize in all sorts of financing, including bad credit financing. Seeking approval from multiple lenders not only increases your chances of approval, but it could also garner you a better interest rate. For bad credit buyers, finding financing is easier than you might think. The problem isn’t necessarily the approval, but the high-interest rate that approval comes with. When you have various lenders to choose from, you may end up getting a better deal. Down Payment Assistance When you have a poor credit score, lenders see you as a financial risk. Lenders believe the chances are greater that you will fail to make payments and default on your loan because of your past credit history. To protect themselves, lenders often require a hefty down payment before they will approve the loan. The down payment amount, depending on the lender and severity of your credit history, can be as little as 10% or as much as 50%. If you don’t have much savings, and you need a car now, this can put you in a bind. Dealerships may be able to help you with down payment assistance in 1 of 2 ways. Trade-in Allowance: Do you have a car you can trade in? This program is one of the most frequent ways that buyers come up with a down payment amount. If the vehicle you’re trading in is in disrepair or not worth much, you may want to look for a dealership that has a “push, pull, or tow” special. With these promotions, dealerships usually promise to pay a blanket amount (typically anywhere from $1000 - $5000) for your trade in regardless of its condition. Down Payment Promotions: Sometimes dealerships, especially when they’re trying to unload last year’s models to make room for the new year’s models, will offer to pay the down payment. Typically, there are restrictions and monetary limits. The most usual restriction for these kinds of offers is that the vehicle being purchased must be considered a new vehicle. Used vehicles are often excluded from down payment promotions. The bottom line is that if you have bad credit, you don’t need to be scared of Duncanville Dodge dealerships. Take a chance and visit a local dealership today to discuss your unique situation. Yes, it’s embarrassing to talk about past credit failures, but financial managers at dealerships understand that people may have had a hiccup or 2 or 3 in the past. Buying from a dealership offers you protection and safeguards your purchase. Don’t let your bad credit stop you having a pleasant car buying experience. In Duncanville, Dodge dealerships have numerous financing options for all types of buyers. If you have excellent credit, you may not even give the financing process a second thought. Unfortunately, there are plenty of buyers out there with credit histories that are marred with late payments, judgments, or other derogatory marks that need a new or used vehicle. If you’re in this situation, don’t throw in the towel just yet. There are options. Here are just a few of the ways your local Dodge dealership may be able to help you. Seek Approval from Multiple Lenders Sometimes buyers with bad credit will try to get a loan from their bank or credit union before they visit the dealership. There are some benefits to walking onto the car lot with a check in hand for a new car such as already knowing you’re approved and being considered a cash buyer. Unfortunately, if you have a low credit score, it’s likely that a traditional lender like a bank or credit union is not going to approve you for a loan. The financing department at dealerships doesn't just work with one lender. The department has a list of lenders that specialize in all sorts of financing, including bad credit financing. Seeking approval from multiple lenders not only increases your chances of approval, but it could also garner you a better interest rate. For bad credit buyers, finding financing is easier than you might think. The problem isn’t necessarily the approval, but the high-interest rate that approval comes with. When you have various lenders to choose from, you may end up getting a better deal. Down Payment Assistance When you have a poor credit score, lenders see you as a financial risk. Lenders believe the chances are greater that you will fail to make payments and default on your loan because of your past credit history. To protect themselves, lenders often require a hefty down payment before they will approve the loan. The down payment amount, depending on the lender and severity of your credit history, can be as little as 10% or as much as 50%. If you don’t have much savings, and you need a car now, this can put you in a bind. Dealerships may be able to help you with down payment assistance in 1 of 2 ways. Trade-in Allowance: Do you have a car you can trade in? This program is one of the most frequent ways that buyers come up with a down payment amount. If the vehicle you’re trading in is in disrepair or not worth much, you may want to look for a dealership that has a “push, pull, or tow” special. With these promotions, dealerships usually promise to pay a blanket amount (typically anywhere from $1000 - $5000) for your trade in regardless of its condition. Down Payment Promotions: Sometimes dealerships, especially when they’re trying to unload last year’s models to make room for the new year’s models, will offer to pay the down payment. Typically, there are restrictions and monetary limits. The most usual restriction for these kinds of offers is that the vehicle being purchased must be considered a new vehicle. Used vehicles are often excluded from down payment promotions. The bottom line is that if you have bad credit, you don’t need to be scared of Duncanville Dodge dealerships. Take a chance and visit a local dealership today to discuss your unique situation. Yes, it’s embarrassing to talk about past credit failures, but financial managers at dealerships understand that people may have had a hiccup or 2 or 3 in the past. Buying from a dealership offers you protection and safeguards your purchase. Don’t let your bad credit stop you having a pleasant car buying experience. 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