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The Truth About Auto Finance

Wednesday, October 24, 2012

It's funny what kind of things car dealerships will say to get you in the door. How many people have read or heard about "100% Guaranteed Approval" "We are the bank" "No one is refused!" You always get the same old story but no one ever delivers. The fact of the matter is, not everyone can get approved for an auto loan.


How is that possible you might ask. How come these car dealerships are allowed to make such false claims in their advertisements? Well, like in all areas of life, there are loop holes. It's simple to guarantee approvals. They'll just tell you "you're approved, we just need $6000 down and payments of $300 a month for 12 months." The reality is, the car dealership has made its money on the initial $6000 and the rest, if you do make the payments is just gravy. Some day soon I'll dive into the myth of the 100% Guaranteed Approval, but not now.

I just want to give you a little bit of hope if you're looking to rebuild your credit. We just finished a deal with a customer this morning who, like you is rebuilding their credit. This customer had a judgment filed against them in 2010, an unpaid collection in 2009 and a written off trade line (R9 on the credit bureau). That's all that was on this applicants bureau, absolutely no positive credit. We were able to secure an approval at an amazing rate of 7.29% and they drove off in their brand new car on the same day.

Buying a car and/or rebuilding your credit does not have to be difficult. If you're looking at purchasing a car or just have questions about the best way to fix or establish credit, please don't hesitate to contact me. I'm always happy to help and give advice.

Come back soon for more useful information. I'll be posting articles and strategies about rebuilding, establishing and maintaining credit. Success stories with our customers and articles regarding the debt load of Canadians and how not to get too overwhelmed.

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