Why is Used Car Financing So Difficult with a Bad Credit Score? Or, Is It Actually Easy?
In the American system, it might feel like a sin to have a bad credit score. And in most cases, it is not your fault that your credit score has not seen good days in the recent past. American income has not increased at par with the cost of living and combined with housing and education costs, many are suffering from credit burden. To add to this, strict regulations of banks make car financing difficult for bad credit score holders. Simply speaking, you cannot buy a used car if you have a bad credit score and want to finance with a bank.
Post the 2008 recession, the Feds had slapped extra regulations on banks that restricted their financing offers. As the 2008 crisis was majorly brought about by banks that wrote risky loans, the Feds now maintain that banks cannot help bad credit score holders with financing without some form of payment guarantee. So, either you have to have a good credit score to finance a used car from a bank or you will have to produce a co-signer who has a good credit score and can take on your associated risk. Buying a vehicle from one of the top used car lots in Greenville, SC with a pre-approved loan from a bank thus stands to be difficult for many in this state.
But all hope is not lost
Sure, banks cannot help you because they are limited by their regulations but they are no such rules in the private space. Buy here pay here car lots in Greenville, SC have emerged to cater to the needs of bad credit score holders by making used car financing easy for these customers. The deal is simple. You will have to buy a used car from the dealership’s lot. And in return, the dealer will help you to finance the car from their financial wing. Your bad credit score does not matter. You do not even need a co-signer. The dealership takes the risk in return for a higher interest rate than banks and enables you to buy a car.
Bad credit used car financing is easy
Only if you know where to look. You are approved for used car financing in Family Auto of Greenville even if you have no credit score to show. You get used cars at all price brackets. Every vehicle carries a flat 2 years/36,000 miles warranty. Pay as much down payment as you want and drive home a quality vehicle.
The business model of buy here pay here car lots in Greenville, SC is completely legit. It helps you to improve your lifestyle now without waiting for the credit score to improve. When you know that your bad score is not your fault, you should not suffer due to the regulations of banks. Take the step, visit Family Auto, and gift yourself the used car you deserve today.
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