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Good
Credit
Getting
a car loan even with good credit during a credit crisis is becoming
more difficult. Used to, getting a loan with good credit for a new
or used used car was rather simple. If you had good credit there was
no problem and if you had marginal credit it was still very easy to
get a car loan. Even people with bad and poor credit were able to
qualify for a car loan with certain lenders. But during a credit
crisis these loans are much harder to find.
Banks and
financial institutions are much more strict on the rules and
guidelines when it comes to approving someone with good credit for a
loan for a used car during a credit crisis. Many lenders will simply
shut their doors on people with below average or poor credit.
Buyers
with good credit histories showing the slightest bad decision are
being denied for loans when before a one-time bad deal would not be
considered for denial of a loan. Most of the time an automotive loan
would be denied because of habitual bad credit decisions, not
one-time offenses.
Some people who would have been approved under
normal circumstances won’t be approved during a credit crisis. And
those who do get loan approval are either getting loan payments for
more than they can afford or are not getting approved for as much as
they would like to have. Interest rates are also higher than
expected, even for those with good credit.
When wanting to get a new or used cars loan
with good credit during a credit crisis, good credit is the number
one priority. Without a really good credit score, the chances of
getting a loan with low payments and a low down payment are almost
impossible. Making sure you have enough income coming in to cover
current bills and other expenses on top of your car loan payment is
another important issue to consider. Don’t take on more debt than
you can afford to pay each month.
During a credit crisis,
having great credit is the best way to get loan approval, but there
are alternatives for even those with poor credit. Auto Finance 2U
will work with you to come up with a solution for your used car
purchase.
Personal note
from Dion Crenshaw:
I have sold about over 300 cars
the past year personally, and as a future friend to you, want to
help you find a vehicle that is going to fit you and your family
needs
Dion Crenshaw
10320 E Pendleton pike
Indianapolis, IN 46236
317-366-9441 |
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