While bank financing has been, and is continued to be limited to subprime customers, there are options still available for an auto loan in Colorado. With the exit of several large subprime banks in recent years, car shoppers that have had a bankruptcy, foreclosure, collection or repossession, can still get a loan at a buy here pay here dealership.
Buy here pay here dealerships range greatly, but can give a fresh start to the good customer that has simply got caught in the tough economy. When searching for an automotive loan, banks can be unforgiving if even one credit line in your credit report has had a late payment or collection. However, a buy here pay here dealership will not spend as much attention to the credit bureau, but your ability to pay on a new loan now. Factors that a buy here pay here dealership will take in consideration are:
1. Job stability. Do you keep switching around jobs or stay put? An applicant that keeps switching jobs may not have income for a month at a time and can fall behind on payments.
2. Residence stability. Have you been in the area, and the same residence for awhile? An applicant that has not been transient is less likely to disappear with the car.
3. Down payment. Did you save up your downpayment and how much can you put down? This will impact the selection of vehicles to choose from. If you saved a significant downpayment, showing an ability to budget, your options are open for a newer, lower mileage vehicle, along with many trucks and SUVs.
Certainly these conditions can help determine the auto loan that is right for you, without punishing you for your past credit history.
If you have been searching for a car and haven't got that bank approval, Mark's Auto Sales is glad to help. We've been serving the Colorado front range customers since 1983 with buy here pay here loans. What's best, we report to the credit bureau, giving you the opportunity to build your automotive credit history. We have cars, trucks, vans and SUVs from Ford, GM, Chevrolet, Dodge, Chrysler, Honda, Kia, Suzuki and Pontiac. Don't resort to taking over somebody else's loan or a cheap cash car that won't last. One of our friendly sales consultants will be glad to show you around and explain how we can help.
