In today’s time, buying a car is not a hard nut to crack. With so many car manufacturers offering exciting schemes on different four wheelers and with easy financing options available, car buying has gone a lot easier than what it used to be few years ago. The car manufacturers are trying their level best to lure customers to buy their product. The advertising, interesting marketing strategies- they all are used smartly to increase the carsales. Now a customer can simply walk in a showroom and can register his car by just paying a small booking amount. However, things become tough when you don’t have a good credit history.
Some people think that if they have a bad credit history, they won’t be able to buy a car. However, it is not true. Nowadays, many people are enjoying the luxury of car in spite of having a bad credit history. Over the time, the banks as well as the car manufacturers have gone much lenient and are now offering easy financing options to the customers, who have imperfect credit. However, not every car dealer provides you with a genuine loan. Since they know that you have a bad credit history and you are not in a position to bargain much, some car dealers sell you a loan that has a higher interest rate than what the lender approves the loan upon. The difference between the two figures goes straight into the pocket of the dealer. Therefore, it is advisable not to solely depend on the dealer but also to look for other financing options. Remember, if you have your finances ready, you will be in much stronger position to bargain with the dealer. Some of options you can look out for are:
Loan from local banks
Rather than being dependent on the car dealer, you can look out for financing options from a local bank. See if you have some kind of connections with the bankers or some references that you can use to get the loan.
Find a lender on internet
Try and find the lender for yourself on internet. There are many websites that can help you find a lender on the basis of your credit history. All you need to do is enter your credit score!
If you are a member of any credit union through your job or any other medium, you can get a loan from it as well.
By going for these options, you can buy a car even with a bad credit history.