The term guaranteed auto financing refers to the ability of customers to know that a given dealership has vehicles that the customers would be approved for. Bhphcardealers.net (http://bhphcardealers.net/)
While many traditional dealers have a variety of vehicles to choose from, this often does not translate into more sales because they often have to turn away customers because of financing obstacles. This happens even when customers love the vehicles offered. The customers often do not have the means to pay for the vehicles in cash nor have the acceptable criteria for third-party lenders to loan them the needed money to finance the vehicles. Customers, that are turned down, are then disappointed, embarrassed and feel ashamed as they walk out of the traditional dealerships empty handed.
Here are the usual steps at traditional dealerships:
Buy Here Pay Here dealers reverse the process to offer guaranteed auto financing. First, customers are asked to fill the online form to get a ball-park estimate of where they stand financially. The dealers are filtered to match the customers’ circumstances and only the dealers that can guarantee to pre-approve the given customers, contact back the customers with further information. The customers hence only head to the dealership(s)
The required down payments are different from location to location even if they are all buy here pay here dealers as they are mostly independently owned and operated. The amount of down payment required has to do with the vehicles offered, the customers’ income amounts, as well as the seasonal incentives that each dealership would have. However, there are dealerships that offer zero-down incentives. But keep in mind that the registration costs and the taxes have to be paid at the closing table and are not considered part of the required down payments under most states’ laws.
Also the documents required vary from one location to another. However, there are some main items that are needed. These items include the customer’s photo ID, some sort of bill with proof of address that is current, and proof of income for the last couple of months. If social security is needed, then the dealers are looking for important key pieces of information on the customer’s credit report. Although they would not need the credit score as they accept all credit scores, they often look for history of repo’s, bankruptcies, and other important items to see how much trust to give each customer. Additional documents that customers might be asked for include a letter to indicate how long was the customer employed for in the current job, their recent bank statements, and references from family and friends with their phone numbers and addresses.
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