You’re probably thinking right now, oh goody—I get to lease a real clunker, a lemon, and it’s all because I can’t afford anything better. Well, what if you could qualify for a better quality vehicle even if you have less than perfect credit? It’s not a dream! Believe it or not, some people out there are driving around in new and used Lexus cars, Mercedes Benz cars and other name brand new model vehicles. The secret to how they do is merely a matter of who they know—and who they make an attempt to work with on a bad credit or average credit car loan.
There is nothing in the law books or in standard practice that explicitly says high risk borrowers should be lucky to have old model used cars only. That’s definitely what some car dealers believe, and there are plenty of companies out there that only work with perfect FICO score consumers. However, private lenders have more ability to set their own standards and decide each case on a one to one basis. They may find that some borrowers are worth the risk, and may even deserving of a better car, because of factors like job security, home security, family and contacts, long-term reliability, and others.
The Price of a Safe Credit Risk
Now to be fair, a lot of motorists themselves are the ones that want older model cars, and it’s not always coming from the car dealer or lender. Smaller and older cars are cheaper, they’re easier to pay off, and they cost less in insurance premiums. However, they are not your only options. New, pre-owned, and used cars are always being traded and sold and they are being given to consumers with less than perfect credit, provided other qualifications are met.
Another question to consider is just how reliable is the car? Buying a cheaper car from 2004 might be a much better deal than settling in with a $20,000 newer model. However, the mileage and age have to be considered. You have to consider the make and model in addition to the mileage and year. Some cars simply do not age well; and they shouldn’t purchased just because they have a lower price tag.
On the other hand, some cars are known for lasting for years on end, like Toyotas, Hondas, Lexus’ and other brand names. It’s all relative to the shape of the car, so always get specifics on history and, preferably, an inspection from a mechanic.
On the other hand, just because you can qualify for a new car with questionable credit doesn’t mean you should take the first deal that comes along. Look beyond the price into factors like name brand, mileage, and warranty coverage. Is there a warranty under the manufacturer? How about the price to repair the car? Many people love the idea of finding an affordable Mercedes or Volkswagen, only to discover finding parts for certain year models is a real challenge.
You Can Qualify for a Better Contract
When in doubt, always look around. Don’t settle for a new car just because it’s offered, nor dismiss the possibility of a newer car, figuring you don’t have the credit required for the lease. You may be surprised at what private lenders can offer you in the way of flexible terms and contracts. You may be able to qualify for a new car or pre-owned late model car if you qualify for basic criteria for credit. This may not require perfect credit, but merely stability, down payment, or deferred payments.
Private lenders, including yours truly, can work with you and give you fast application processes where you get a choice of car, premiums and contract. An auto loan is not just a nice gesture—it’s an investment in you. This is your chance to rebuild your credit and get back on track financially. If we can help you do that, and help you pay the note off early, then we are going to help you get into whatever car you need to start recovering.
Why not find out what contracts and cars we can offer? We take applications from all types of credit profiles and would like to help you too.
