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Car Selection Process and Dealers that Buy Here, Pay Here

It can be difficult for many buyers of used cars with bad credit or no credit to get a high-quality vehicle. Dealerships that sell high-end vehicles won’t lend a loan to people with poor credit. This means that you have two options: cash or on-the-spot financing. Continue reading?

In previous articles we covered the why and how of on-the-spot financing. However, we still haven’t discussed how to actually select your vehicle from an authorized dealer.

How do you finance a car on-the-spot? It doesn’t work the way you know it to. It’s not possible to just drive home from a lot and pick any car that you want. In a nutshell their car selection process is based on your credit score, how flexible or rigid your monthly budget is. On-the-spot financing dealers offer you another chance but they won’t let you buy a car that you cannot afford. This would be irresponsible, and would ultimately hurt your finances. They want to get you back on the road with a car that is affordable.

If your credit score and budget aren’t great, you won’t be able to afford a new 2011 Mustang. However, it may be worth looking at a more familiar vehicle. The good news is that you would have lower monthly payments in this scenario. Your car will be more expensive and better-equipped if you have a flexible budget and a higher credit score. Don’t forget that the more expensive and better-maintained your car is, the higher your monthly payment will be.

The dealers that offer on-the-spot financing are eager to assist you. Although the approval and financing processes can sometimes seem complicated, they are there to help you. If you were denied approval for a Mustang 2011 and could only afford $100 per month in payments, it could lead to serious financial problems, increase your debt and further damage your credit. Keep this in mind as you visit an on-the-spot financing dealer. Be cautious of less-than-trustworthy dealerships. Trust that the best dealerships are knowledgeable and will do everything they can to help you.

Although you may not be able to get your “dream vehicle” right away, by paying your bills on-time and improving your credit score you can give yourself a better chance of buying your dream car down the road.

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