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How does Guaranteed Approval at car dealerships work?

Author :

Submitted : 2018-06-15 05:37:34    Popularity:     

Tags: Approval  Guaranteed  car  work  dealerships  

I have a rough understanding, but I'm still not completely satisfied. I am 18 with no credit (I have my 1st credit card, and awaiting my credit score, I make all of my payments even before the due date). I am in need of a car. I'm looking at a car

Answers:

As others said they may want 50% down, full retail price and 24.9% interest rate. Meaning you are technically approved, but on very bad terms.
Note buy here pay here lots are very high risk. They find cars that look good, but have problems, or they hide the problems.
Prices are 20-40% too high, they pay games and end up charging you fees. A relative had a BHPH loan, after 24 on time payments they said he owed 1200 for late fees as the auto draft payments they set up actually hit a day late for each payment.
Then after paying the extra money they took 4 months to get him the title. Total nightmare.
Save up and try to buy a 3000 car for cash.

Depends on your credit score and amount of income/debt ratio.

They guarantee approval subject to terms and conditions. For example, they may require a huge down payment and the selling price of the vehicle may be high.

They may have a vehicle that they have $4500 invested in (wholesale purchase and repairs) that they are selling for $9000. They guarantee approval but that approval is with $5000 down financing $4000. If you pay your payments, they are getting their profit. If you do not pay, they repossess the vehicle and resell it

They do not guarantee approval of a low down payment deal.

No such thing. There are always get-out clauses. Even if they will give you a loan, it will be a complete rip-off.

Get a parent to co-sign so that you can get a good rate and shop at a reputable dealer (or find a good private-sale car).

Guraanteed approval doesn't work, especially not if you are 18, have no credit, and already applied somewhere else, such as your credit union. Nowhere can approve everyone, and if they say that they do, that means that they are liars and you should not get a car there.

Idk about guaranteed approval but ill tell you one piece of advice. Go to your credit union and ask for a line of credit. It will be far less in interest than the stealership... my buddy got a 10k loan from the stealership and pays 10% interest. Which should be a crime. Shop around. Its worth it. Best way would be to save up cash but the world isnt like that anymore.



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