If you have bad credit, you’re likely already nervous about how it will affect your ability to finance a reliable vehicle through a car dealership. You may even be worried that it’s a bad idea to try to finance through a dealership at all thinking that they somehow might make more money off you if they deceive and take advantage of you. So, what’s the truth? Is it a bad idea to finance a car through a dealership?
The Good, The Bad & The Complicated Of Financing Through A Dealership
The primary reasons people choose to finance through dealerships is convenience, selection, and reliability. It’s so much more convenient to just show up and have someone else who already has strong, established relationships with different lenders handle all the paperwork and negotiations for you so you can simply sign the dotted line and drive away. Professional car dealers may have the lending power to get you financed whereas a small car lot or private seller cannot.
If you have bad credit, of course, things at a dealership may not be as easy as it would be for someone else with a better FICO score. Being seen as a higher risk will likely mean you won’t have many offers to choose from, and that the offers you do receive will have much higher annual percentage rates (APRs) than you’d hope for. On top of that, you also have to worry about car dealers who are only interested in earning flat fee bonuses from sales, and pushing contract rates to earn additional profit off your APR.
So, what do you do? Do you trust the dealership or take the risk and buy a cheaper car from a questionable car lot or private seller? It may seem like a complicated decision, but the good news is you have a third choice.
Why Suburban Auto Finance Is Better
Suburban Auto Finance is a one-of-a-kind auto financing entity that specializes in offering people with bad credit the chance to obtain authentic, affordable financial preapproval, as well as meet reputable car dealers anxious to accept those offers. Our application process is fast, and our turnaround even faster. Between already being associated with all the most trustworthy car dealers in the state through Michigan’s largest dealership network, and offering Guaranteed Credit Approval to all qualifying applicants, we make it easier than ever for everyone to car shop with confidence!
If you are looking for the best in auto financing, no matter what your current credit situation is, choose Suburban Auto Finance and learn how we can help you get back behind the wheel in no time. At Suburban Auto Finance, we understand everyone deserves the independence of having a reliable vehicle, and our mission is to work as hard as we can to make that happens for you.