When you need an auto loan the sound of guaranteed financing may sound like the deal of a lifetime, especially after encountering a denied auto loan application or two. If you need to apply for an auto loan to afford a vehicle don't feel alone. The majority of used car purchases require some form of financing, allowing car buyers to afford better vehicles.
The concept behind offering a guaranteed auto loan is that most people will need an auto loan to afford to buy a car, even with the worst of credit scores. Sometimes having a really poor credit score can bar an individual from being approved from certain lenders like bank, credit unions, and some franchised car dealers.
The advantages/disadvantages of guaranteed auto financing
- Your current credit score will not dictate approval
- Payments are in smaller, weekly or bi-monthly payments.
- Your loan payments are to be made in person, making a more personal experience.
- With guaranteed car loans, most dealerships won't report payments to the major credit bureaus to help build your rating.
- The available cars for sale are usually the older, higher mileage vehicles typically because of the short loan terms available.
- In-person payments are not going to work for every car buyer
Designed for people with very bad credit
The inital purpose of a car loan with a guaranteed approval was to help people with really bad credit get approved for an auto loan. While this is still the core of most guaranteed auto lenders, anybody can apply and get approved quite easily really.
All it takes is a simple auto loan application to get you started. The beauty of our network is that no matter what your credit history looks like we will be able to find a lender or car dealer to approve your application!