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Financing
There are lots of websites and auto dealers that profess to offer you "Guaranteed Approvals" or "You Work, You Ride" loan programs to help people who have no credit, or damaged credit, to obtain a vehicle.
The problem with most of these "too good to be true" websites and dealers is that what they are offering really is too good to be true. It is IMPOSSIBLE to guarantee that everyone who applies for a loan gets approved. It is also IMPOSSIBLE to guarantee that if you are working, you will get a vehicle loan.
What we at CarMax will GUARANTEE you is this – not only will we do everything in our power to get your financing approved on a quality new or pre-owned vehicle, but even more importantly, we will work with you to secure you the best rate and terms possible AND we will set you up on an exclusive program that, as long as you make your payments on the schedule that we set-up for you, we will GUARANTEE will re-build your damaged credit rating and see banks fighting for your business in the years to come.
The Truth About Automotive Financing
Unfortunately, many finance companies, as well as many new and used auto dealers, take advantage of people who have had credit problems in the past. They know that people who have damaged credit have less negotiating power and are, in many cases, desperate for much needed reliable transportation. Please read The Truths below to make sure that you are making a decision that will get you reliable transportation and fix your credit rating all at the same time.
False Claim #1: 100% Guaranteed Approvals for Everyone
The Truth
No company can offer you a 100% Guaranteed Approval without knowing your entire situation.
There is not finance company or auto dealer in the world that can guarantee a person’s financing approval without having all their information. In reality, some people cannot afford a new car, and some can’t afford a vehicle payment at all. Our Automotive Finance Specialists will work diligently with you to obtain your financing for you, but we can never guarantee your approval until we have done our job.
False Claim #2: You Work, You Ride
The Truth
You can get a vehicle, but you will grossly over-pay for it, you will be set-up to fail and you will do nothing to improve your credit rating.
There are lots of independent auto dealers that offer a "You Work, You Ride" financing program. These are usually cheap and unreliable vehicles that most reputable dealers would not sell to the public. They usually want a minimum $500 deposit and at least $250 per month for an unreliable car that is only worth $1000-$2000 – the equivalent of a 40-50% interest rate. They usually are hoping that you miss one payment, by as little as one day, so that they can take your vehicle and re-sell it to someone else and, most importantly of all, they never report to the credit bureau. So no matter how long you make all your payments on time, you will never better your credit score. This guarantees that you will not get your next vehicle at a better rate and you will not have a consistent plan to get back to paying chartered bank interest rates.
False Claim #3: People with Damaged Credit must buy whatever car they are told they are approved for.
The Truth
You, the customer, still get to decide what you are going to buy, regardless of your credit situation.
Many auto dealers see people with damaged credit as their ticket for getting rid of certain vehicles that they want to get rid of. These are often vehicles that are over-priced, in low demand, have low resale value or have known problems. Although your available selection of vehicles that you qualify for may be limited to 5 or 10 vehicles, you still have the right to choose which vehicle is right for you.
False Claim #4: The more places you apply for credit, the better your chance of getting approved.
The Truth
The more times you apply, the lower your credit rating is.
Most people do not realize that every time you apply for a loan, it actually causes your overall credit rating to drop. The reason for this is that finance companies will view you as a "credit seeker" – they assume that you are desperate and they also assume that other lenders have turned your financing down, therefore you are a higher risk than someone who is trying to get financed everywhere. The best way to obtain financing at the best possible rates and terms, is to allow one of our trained Automotive Finance Specialists to work for you.
False Claim #5: The company that you are applying for financing through is the same company that will sell you your vehicle.
The Truth
Most online companies offering to help you get financing for your next vehicle are really just "customer finders" or "lead generators".
These companies will promise you many of the same things that we guarantee here at www.getfinanced.ca. The difference is that we own our own bricks and mortar dealership, and we will be the ones who get you your vehicle, and who stand behind while you own it. These other online companies simply take your confidential information, and then they turn around and sell that information to a dealer in your area, never to help you again. |
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