Finance Questions

Posts Tagged ‘cars finance deals’

Question: Are car dealerships better more willing to finance cars than banks and stuff like that?

It seems like they would have more of a motive to finance someone a car since they'd make even more money, so are they more willing to finance to someone with not so great credit (a score of 680)?

Answer: There is a difference between better and more willing. They are often more willing because they sell the loans. They also normally charge a higher rate of interest. If you cannot qualify through a bank or credit union, I would recommend that you try to have someone cosign with you.

Please realize that cosigner is risking their credit on your ability and responsibility in repaying the debt. Do not ask this if you are not going to make the payments on time and as scheduled.

If a cosigner is unavailable and you have to get a high interest loan, I suggest getting a lower priced car and making the payments to establish better credit before buying the car of your dreams.

Often the key to building or rebuilding a credit rating is to delay gratification.

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