So you find yourself in need of transportation but you have been turned down by your local dealer. He may not have turned you down directly, but he told you he could get you approved for a specific car that has a huge down payment attached. You cannot afford the down payment. There is help if you need financing.There is one thing your dealer won’t tell you. That is that a proffit is made on your interest rate. This is just like selling a car. If your dealership cannot make enough proffit on your car, he will not sell it. If he cannot make high proffits on approving your interest rate, he won’t. The way to get around this problem is to apply to an online finance company that deals with consumers who have bad credit yourself. If you cut out the dealer, you will pay a much lower interest rate, although with bad credit I am afraid it will still be high when looking to buy a car with bad credit.
In fact, even customers with good credit get charged high interest rates by going through a dealership. For example, if a car loan is approved at a rate of 4 percent, they are charged 7 percent. On the other hand, customers with bad credit like yourself get approved for 9 percent. The dealer will charge you 3 or 4 percent more. This is just not worth your time, money, or effort.
The best way is to use an online directory of lending companies. (See link above). In this way, you avoid the car dealership altogether.
