(Newswire.net — April 13, 2014) Columbus, Ohio — The single largest thing that stops people with bad credit from getting a car loan is that they think they can’t get a loan with bad credit.
Most times people seek a car because they need one. Sometimes they have grown tired of continuously putting money into repairing the car they have, when they could be putting the money into a more reliable car. Although it is nice to have a newer car, having a dependable car is better.
The next mistake consumers make is applying to several auto dealerships while attempting to acquire a reliable vehicle. What most consumers are unaware of is that each time they apply for any kind of credit it becomes a recorded inquiry on the credit report and results in their credit score lowering. Many dealerships will not inform you of this, they will simply want you to fill out an application to see what you qualify for.
When i was looking for a car in the past it would have been nice to have some information on how auto loan financing works. The truth is that unless one has a credit score of 650 or higher, or the person has several thousands of dollars for a downpayment they are left in the hands of the lenders and what they will approve a loan for.
Another important point to remember is to find a dealership that works with more than five lenders. A buy here pay here dealership should be your absolute last resort because they typically do not report to the credit bureaus.
How many of you know that April is Financial Literacy month? The number one indicator of low financial literacy is bad credit. It is important to watch the video in the upper left corner, despite any preconceived thoughts you may have.
Bobb Says Yes is a family owned auto dealership interested in creating a Win-Win relationship, and this doesn’t occur when you drive off in your car, it happens in moments like this when you become a more educated consumer and drive off in your reliable automobile.
There’s only one #1 used car dealership in Columbus, Ohio to apply that cares about what you drive.