If your credit profile is thin or you’ve experienced some bumps along the way, applying for an auto loan can be stressful. You’re worried about getting turned down, so you aren’t sure if you should even shop for a new or pre-owned car. Fortunately, you can benefit from special financing. Let’s go over some of the advantages of special financing, and then you can apply for an auto loan.
Banks and credit unions don’t give much wiggle room when it comes to extending loans, so you may be worried about being turned down. The same is true if you don’t have much credit history. Banks and credit unions look at that as a risk, so they may not approve the loan you are requesting. Special financing through car dealerships is different, though. Dealerships partner with local and national lenders that offer loans for people with poor or limited credit histories. That means you’re likely to get approval for an auto loan.
Loan Terms That Fit Your Budget
You might think that you’ll end up with unfavorable loan terms when you apply for special financing. However, because dealerships have such a vast network of lenders, they can find loan terms that fit into your budget. That includes loans with low monthly payments that you can easily afford. You won’t get stuck in an expensive loan that you’ll struggle to pay when you choose special financing.
Rebuild Your Credit
With favorable loan terms, it’s easy to build a positive credit history with special financing. The lender will report your on-time payments to the credit bureaus. Each payment will give your score a little boost. After a year or two, your score might go so much that you can refinance your car to get a lower interest rate. Plus, your improved credit score will make it easier to get approved for other types of loans as well.
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Easy Online Application Process
There’s another advantage of special financing. You can apply online instead of in person. If you have some credit issues, you know how important this is. Applying for a loan in person can be nerve-wracking, so you’d much rather do it from the comfort of home.
David Hobbs Honda in Glendale, Wisconsin, makes applying for financing stress-free and easy. Browse the website to find a vehicle you want to purchase. Then apply for financing online. Our team will then go over various financing options with you to help you select the one that is best for your budget. Once you choose the terms, you can finalize the buying process online or come to the dealership. This is so easy that you’ll wonder why you ever stressed out about getting a car loan.