Special Financing is referred to as financing that is used for special circumstances or situations when it comes to credit issues. These special cases would include consumers that have some type of bad credit issues going on, whether it’s past due, delinquent bills, bankruptcy, divorce or defaulted auto loans in the past. Edmonds Auto Credit provides a pre-approval process that is fast and easy and will take the guesswork out of your next auto loan purchase.
Simple answer: YES. There are high-risk auto lenders out there but they tend to make sure you are in the best financial position to take on an auto loan. It will be a great idea to know what it is you are working with when it comes to finances. This will include your bills and way of life to make sure you have enough to afford the payments. These banks are willing to look past your credit mishaps and work with you in financing your next vehicle.
Each and every case is different. Most of the time these banks will want a completed credit application with a copy of your most recent pay-stub. Also, they will need proof of residence, phone bill and several references to keep in your file.
In most cases these banks like to see some sort of cash commitments from their clients. Trade-ins can also work as a down payment for most of our lenders. Zero down loans do exist and are based on a case by case scenario.
We have several lenders who finance “first-time buyers.”
Purchasing an Auto is one of the best ways to improve your future buying power. Of course with any loan, making payments on time is the best way to improve that score.