carmax.com

carmax.com: Can You Get a Car Loan With Bad Credit or No Credit?



“Is it actually possible to get approved for an auto loan with a bad credit score or even no credit score at all? If so, what’s the catch? This question is a very common concern for auto loan shoppers. That being said, thousands of people with bad credit situations get approved for quality auto loans and purchase vehicles every day, so it is absolutely possible. And the reasons are pretty simple!

First of all, banks are in the business of issuing loans to consumers. In a down economy, like the one carmax.com is currently in, more people experience credit challenges. In order for business to continue as usual, banks need to be less restrictive in their lending requirements. Because the number of individuals with “perfect credit” is dropping every year, lending institutions are offering bad credit auto loans more often. Although a bad credit auto loan may not have the same interest rate as a good credit auto loan, it still provides individuals with less-than-perfect credit the opportunity to purchase the new car they need.

Second, by nature a car loan is a secured loan. What this means is that your car is deemed as collateral. Banks are far more willing to finance an auto loan because of this fact. Although they will never admit it, banks realize that a low credit score doesn’t always mean you won’t pay your bills. They also know that car loans are a great way to improve your credit score. Assuming you have a good payment history, banks will want to keep your business, offering you more loan opportunities in the future. carmax.com

Finally, the car business is an extremely competitive market. For new car franchises, it is often more important to sell a car than it is to make a huge profit on that car. A huge part of this is the fact that manufacturers pay dealers incentives based on the number of cars they sell, not the price the dealers sell the cars for. The more cars a dealership sells, the larger the incentives become. Financing cars becomes much easier in this scenario because dealers are often willing to sell cars at cost, and sometimes even below cost.

carmax.com can help you get financing despite your past credit problems. Our application process only takes a few minutes to complete and is designed to give you a chance to evaluate your best finance options.”

5 Responses to carmax.com

  1. Here are two good tips to not only help you save money on auto insurance but to make sure you get the best insurance for the money that you do pay!
    The first tip is to check out the JD Powers Auto Insurance Companies ratings. JD Powers is an independent organization and they rate the US insurance companies by factors such as Overall customer satisfaction, pricing, billing and payment etc. So check out there rankings to help you decide what companies you should trust for your auto insurance.
    The second hint is to check out some of the US States Insurance Department web sites. I know that the state of Texas website and the state of Massachusetts websites have tools to give you estimates of what your auto insurance will cost from 20 or more different insurance companies. I was surprised that some of the more expensive companies charged well over $1000 a year more for car insurance then some of the less expensive companies for the same insurance. Check them out it can help save you a lot of cash.

    Hope this helps some people out!

    Mark

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