No Credit Check Auto Dealers

 

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No Credit Check Auto Dealers

No Credit Check Auto Dealers




There are two main types of used car dealerships. There are those that use traditional bank financing, and those that use buy here pay here financing options. We will explain them and see the differences between both types.

Traditional Dealers:



Traditionally, the car buyers look for shop for cars, and when they like a car offered, they head to the car lot that has that car. They inspect the car and spend time testing it and driving around in it. Once the customers like a given car’s quality, they move to phase two, paying for it. They sit with the financial representative and discuss price and payments. This would be the critical phase because most people do not have the entire price of the vehicle in cash so they need financing assistance. The dealers then run the credit scores of the customers and provide an overview of the car buyers’ credit report to submit it to banks that the dealerships work with. Once the banks view the client’s file, they either approve or decline the deal. so if the banks decline to lend their money to the customers, all that time spent by the customers and by the car dealers is wasted and the sale does not move forward.

No Credit Check Auto Dealers:



On the other hand, with Buy Here Pay Here Dealers, the situation is reversed to speed up things. First the customers are asked to fill out their application online. Based on the information entered, the customers are entitled to a range of loan amounts to use toward the car of their choice from the dealers offering the loan directly to the clients. If the customers have more stable jobs or higher income amounts, then the dealers can offer them higher loan amounts to reflect their financial stability. Once the applications is processed, the dealers contact the customers back with more information and give them their guaranteed pre-approved loan and tell them how to get to their car lots. The customers then prepare their proofs of income and bring with them needed documents like their ID and proof of address, and head straight to the pre-approved dealership. This is often in the same day they applied online.

The customers then walk into the dealership with confidence, knowing that they are already pre-approved ahead of time. They choose a vehicle within their approved loan amount and set the payment amounts. If the customers are asking about a more expensive car than their pre-approved amount is, then the difference has to be dealt with as down payment, otherwise the down payments can be as low as zero-down. The payments are monthly, bi-weekly, or weekly based on the income of the customers and how often they get paid. The monthly payment amounts are determined mainly by the amount of loan that the customers are borrowing. For all those details, the actual down payments or monthly payments are not pre-determined unless the customers find a car that they inspect and like.

If you notice, we never mentioned the credit score of the customers using the buy here pay here car dealers because these dealers do not need to check the credit scores of the customers. They are often referred to as No Credit Check Auto Dealers. With the economy in a tight spot, many people have not been keeping with their credit card payments and other payments so their credit scores have plummeted. This caused many people to be rejected by the traditional financing so the dealers that can offer in-house financing without checking the credit scores have flourished nationwide. They look at the clients’ incomes instead of their credit scores to establish reliability. It really gets boiled to this, if the customers make decent amounts of money, then they can be offered vehicles that need higher payments.

How to get approved for No Credit Check Auto Dealers?


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No Credit Check Auto Dealers
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No Credit Check Auto Dealers

No Credit Check Auto Dealers