Its a vicious cycle....
Lots of good people have ended up in financial hardship from
job loss, illness or unexpected problems resulting in damaged credit. Once your
credit is damaged, the only way to rebuild it is to get a loan and
show that you can now pay. But how do you prove you can pay if no one will give
you a chance? Guaranteed auto loans can be the answer for some consumers to
rebuild their credit and get back on track.
Q. I have bad credit and need a car! Can you help?
A. YES!! Bad credit doesn't mean that you can't get a car
loan, and it doesn't mean that you will have ridiculously expensive monthly
payments either. Your credit score doesn't have as much to do with getting a
sub-prime loan as you may think. Credit scores are subjective to loan companies
and what you may think is a bad score may actually not be all that bad to a
sub-prime lender. Sub-prime lenders have made an entire industry out of
providing customers with bad credit car loans. With sub-prime lenders,
your credit score is not as important as "stability and ability", or
stability and ability to pay. That means your stability (time at job, home) and
ability to pay (job, income). Used Car World utilizes a network of lenders to
find a company that will work with your specific credit, employment and
household situation. We are experts in financing the
"un-finance-able" and what makes us different from other dealerships
is our Buy Here Pay Here program. If we can't get you financed through a
lender, we will lend you the money ourselves!
Q. I have no credit! What about me?
A. NOT A PROBLEM!! We can customers who are lacking sufficient credit history a car loan for the same reasons we are able to get customers with bad credit a car loan.
Q. I had a car repossessed, just went through a divorce, or
A. YES, YES, AND YES!! (Hopefully you're beginning to notice
a pattern here...) Just like your credit
score is less of a factor with sub-prime auto loans, the fact that you were
unable to pay a car loan perfectly enough to avoid repossession will not
prevent you from getting a loan. Our lenders look at your ability to pay now.
Same with divorce and bankruptcy. We are interested in whether or not you can
pay now, not what happened to get you in your current credit situation.
Q. I already have a car loan. Can I get another one for my
A. YES! Even if you already have an auto loan, our lenders
understand that you and your spouse will need a car. Again, lenders care about
ability to pay. If you have to ability to make two car payments, we can get you
Q. I am on a fixed income. Can I get a loan too?
A. YES! Whether its Social Security, Unemployment, a pension
or any other type of fixed income, money is money. As long as your bringing
enough in to pay your loan, we can get you a car.
Q. I am self employed or unemployed...
A. YES!! Self-employment is still employment, and
self-employed customers can still get a car loan. You may have to provide
additional verification such as bank statements, but you will be able to get a
loan. If you're unemployed and we cannot get you through our lenders, we can
still get you a loan through our Buy Here Pay Here program. We are the bank!
Q. How much do I have to put down?
A. That depends! There is no one answer to this question. Every customer and every car is different. Sub-prime lenders don't heavily rely on your credit score to determine your ability to pay.
Instead they use other factors like your ability and stability which depend on
your personal situation. Some down payments are as low as $500.00, plus tax and
tag fees. Beware of any auto dealer that offers bad credit loans with no down
payment and "low weekly payments". Those "low weekly
payments" add up to a whole lot each month. They are much more likely to
have you paying a whole lot more for your vehicle than you have to, and are
quick to repossess in the event of late payments and less likely to work with
you to get back on track. There is a need for these companies, and they provide
a service, but at a cost.
Q. Can I use my trade as my downpayment?
A. OF COURSE!! We take trades and buy cars outright through
our "Cash for Cars" program. We will give you the highest possible
payout for your trade to use toward your next car. You can get an online
trade-in appraisal on our website.
Q. How much of a loan can I get?
A. THAT DEPENDS!! Like everything else, that will depend on
your stability and ability to pay. We will do our best to get you what you
want, and will make sure that we put you into a quality used car that you can
Q. How long does it take to get approved?
A. MINUTES! Whether you are submitting your credit application on our website or with one of our salesmen, we will be able to
provide you with a preliminary approval in minutes. You will be able to drive
away same day in your new vehicle.
Q. Will this help my credit?
A. ABSOLUTELY!! Paying Installment loans in full and on time
like car loans are the best way to raise your credit score. Each payment gets
you one step closer, and the best part is that you can drive your car while your repairing your
GREAT! How do I sign up!? What do I have to bring with me?
Awesome! It depends on what you're doing. Everyone needs
their identification, even if you're buying the car for cash. If you have
insurance, bring it with you. It will make it easier to put your new car on
your current insurance. If you don't have insurance already, no worries! We can
get you insurance at the dealership. You will need to bring proof of income,
and proof of residence. If you have a bank account, bring your bank statements.
Bring whatever you have. If there's anything you're missing, we will help you
get it. The more you bring with you, the faster you can drive away!