During what is now referred to as the “housing bubble” in the years starting around 2005 and running into 2008, more financing for automobiles was available to poor credit scoring individuals than in almost any other segment of durable consumer goods. This changed in late 2008 and continued to be the case through out much of 2009. However in the last quarter of 2009 and in early signs of 2010, the situation seems to be turning around and credit is coming back into the poor credit auto finance area.
One of the most effective ways for those who suspect or who know they have poor or bad credit to determine if they can obtain automobile financing is to apply for auto financing on line. That’s where there is the greatest concentration of lenders and dealers who work with sub prime or poor credit are to be found, particularly those sites that emphasize financing and not new car sales and financing. Most of the financing that is available is for what would be referred to as pre owned cars or used cars. Car retailers have much more flexibility in regard to used cars than they do for new cars.
A good idea is to complete one financing application very thoroughly providing the information that is requested. In a matter of a few days, the application will be seen by most of the parties that are in a position to offer this type financing. Don’t apply more than one time since two applications if seen by the same lender can often cancel themselves out and get rejected. It may seem counterintuitive, but the chances of getting poor credit financing is actually better is you apply only once.
In short, the fastest and easier way to determine if you have good enough credit to obtain financing in today’s market is to apply one time on line to a site that offers financing for all makes and models, not a new car site. In a day or two you will know.
No comments:
Post a Comment