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(1) Get an approval; (2) Select a vehicle based on the guidelines of the lender.
First, realize you are not alone if you are in this situation. Over 50% of the country is suffering from below-average credit, making it difficult to purchase a safe, and affordable vehicle when you need it the most. Lenders no longer allow people to borrow more than they can afford, which may be why you are here to being with.
In the past, you were able to find a vehicle you liked, sign paperwork, and drive off. Allow me to explain why you may be having a difficult time securing your finances nowadays.
Unfortunately, lenders can no longer loan consumers more money than a car is worth, especially with below-average credit. Companies changed their ways because others may have defaulted on their loan, and the lenders had to take the car back, to sell at auction. There, they would only recover a small percentage of what they advanced on the car, to allow you to purchase it, resulting in a loss for the bank. Therefore, they are minimizing their loss, by lending you less money.
Tom, who works 40-hours a week, would like to buy a car. He is able to afford a car payment of a couple of hundred dollars, however, he does not have enough money to put down in advance.
After spending several hours, at different dealerships, Tom finds his dream car- a Toyota!
(Or so he thought…)
While Tom believed his car was great, the bank did not. By using Kelly Blue Book values, the bank discovered that Tom’s car of choice is worth $15,000.
As Tom has below-average credit, He had trouble searching for a bank to approve him. Finally, the bank that did, only allowed him a max-loan of 80% the Kelly Blue Book value, and only if the car has less than 50,000 miles on it.
The bank would like to help Tom succeed, unlike his past ventures, and they understand the difficulties of buying a car with higher mileage. Cars with higher mileage have a greater chance of breaking down, regardless of the fact that Tom may be a mechanic. Now, in this situation, Tom may be forced into making a car payment or fix his car. Tom may only have enough money to get his car fixed, one month, which would put him back on his payments.
Why it never works!
Based on the 80% of the $15,000 the car is worth, Tom acquires a loan amount approved for $12,000. Alas, leaving an unpaid balance of $3000, not including tax. As Tom now has to put $3000 in advance, this plan does not work… What should Tom do?
Continue to visit different dealerships, in hopes of finding another “perfect” car he would not be able to afford?
Tom would call the company that can offer him guaranteed vehicle options immediately.
Guaranteed Vehicle Options Program
You guessed it! Tom put in his application HERE
After discussing Tom’s situation, and future goals, he submitted an application with us, a specialized department specifically designed to help people rebuild or establish auto credit. Tom was approved for the 90% loan-to-value. However, we found his approval first, and next, we found his dream car shortly thereafter!
Car Credit Ninja did the math, and the search! In order to find Tom the Toyota he wanted, it was necessary to find one for sale for less than the 80% of its worth. We found Tom a great deal on a Toyota at a dealership 120 miles away from his home. Tom saved time and money on searching for a car that is for sale at 20% discount.
Tom received detailed pictures, 3rd party condition reports, and did not have to sign any paperwork until he drove the car and agreed to everything on his own terms.
Tom had the car delivered to his home, arriving only a few hours later. Now, he is on his way to rebuilding his credit because of a simple, educated and practical decision.
Tom is a valued customer. We love Tom.
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