Are you in the market for a used car? The process can be frustrating and unreasonably long. Much of the delay isn’t with finding the car; it’s due to the financing process—and buyers with less-than-perfect credit face even longer delays. Here are some of the reasons why:
Financing Application Processing for Used Cars
Mountains of paperwork, waiting for credit checks, verifying references…all of this takes time, and it’s typically required by banks and traditional dealerships—and that’s for people with perfect credit! The process is even longer and more complicated for those who do not have a stellar credit history, and the final result is usually either being denied or having to pay a substantial down payment.
When you already have credit issues, the need to come up with a large down payment can delay the car-buying process even more.
Finding 3rd Party Auto Loans for Fair to Poor Credit
After being denied by banks and other traditional lenders, some car buyers turn to 3rd party lenders. Some of these lenders—but not all—are a bit more lenient in their lending criteria, but that leniency comes at a cost. These financing companies usually charge exorbitant interest rates, which mean extremely high monthly payments.
As with banks, their lending process isn’t quick, as you’ll still need to fill out long applications, provide lots of documentation, and wait, sometimes several days, for credit checks to come back.
Is There a Better Car Loan Option for People with Shaky Credit?
Is there a better way for people with credit issues to get into the car they need quickly? Yes, there is! Buy here pay here dealers, such as Victory Used Cars, offer a streamlined process that lets you drive away in your pre-owned car or truck fast.
Instead of a long application, we can determine your eligibility with just a few questions—and your credit score doesn’t matter to us.
Most people experience credit issues at some point, but we understand that what happened in the past isn’t an indication of your ability to make car payments going forward. That’s why we simply want to know that you’re employed, have an active bank account, and can provide proof of residence. That’s it!
Once we have that information, we’re able to approve your loan immediately, so you can drive away the same day. You can even fill out the application online and browse our current inventory, reducing even further the time you’ll need to spend at the dealership.
Another plus of working with a buy here pay here dealership is that we don’t base financing decisions solely on credit scores. Some lenders deny loans based on what happened in your life five years ago. We find that unreasonable, so we look at your current financial situation as a whole.
After being denied a car loan, some buyers consider buying a car on layaway, but that means you can’t take possession of the car right away. That’s not a viable option when you need transportation now.
Forget the hassle and inconvenience and let Victory Used Cars show you how fast, easy, and affordable it is to get the car you need.