“I recently tried to buy a car at a local dealer and they said I would only be able to get one with a co-signer.”
That may or may not be so. While it is obviously easier for an auto loan to be picked up by a financial institution if an applicant or co-applicant has good credit, there are many lenders that have programs to accommodate almost everyone’s credit. We’ll present you ALL OPTIONS with the pros and cons of both so you can make an informed decision as to how to best move your credit forward.
“I know my credit is bad but I want a 2010 Cadillac Escalade with DVD. I will not take one without DVD and my budget is $200 per month.”
Often clients have expectations that their credit at the time just can’t support. Five Star Approval will work with you to find the best vehicle to sensibly fit your budget in the short term and show you how to position your credit to eventually afford your dream vehicle. In credit building, both you and the lender who supports your loan will be payment sensitive so as not to over extend you.
“I currently have an auto loan but need a second loan for another vehicle for my family.”
Often when there is already a subprime loan in the household clients are told that a second vehicle is not possible. Five Star Approval has a number of lenders that will offer a second auto loan.
“I can’t stomach the thought of paying a high interest rate.”
A credit analyst at any lending institution only has your reported credit history of the last seven years to assess the risk factor of loaning you the funds to purchase your vehicle. Five Star Approval will help you present you in the most favorable light to them no matter what your previous credit is like. Should the only option be to accept a high interest rate loan we will show you how to limit the time you are in this loan and how to position yourself to get a better rate in as short as six months.
“I got approved at a dealer but it’s at a high interest rate. Should I shop around for a better rate?”
Not every dealer has the access to all the lenders. At Five Star Approval we do deal with a number of lenders that might be able to improve your purchase. Give us a shot!