Word of mouth is very powerful. It works both for the truth and falsehoods alike. Is the case when it comes to many misconceptions and myths about auto financing and especially, bad credit auto financing. Let's take a look at some of the most common falsehoods about, getting a car loan with bad credit.
1) Matter down payments. FALSE. If I price of a car for you $ 10000.00 and creditor only would advance the 90% of the amount requested, all I'd have to do as a marketer is to increase the price of $ 11000 and show "on paper" that you're putting down box $ 1000.00. This makes it look as if you're making a prepayment that is not. Now, the numbers aren't accurate, but this thing happens every day at car dealerships, lots of mobile home and furniture stores. Is a widespread practice, General for lots of car.
2) Is cheaper to buy a car from a dealership. FALSE. When you start your car loan at a dealer, they mark their financial burden and get a kickback of financial Corporation. Car dealers also charge more for cars with hidden "dealer prep" and addons. In some places, they will tack on a "reseller package rate". These different rates are only one way to add to the price. They get away with it because most people buy based on payments. "If I can get your payments within your budget, we can do business today"? Have you heard that several times if you spent any time car shopping.
3) dealers are the best source of funding. FALSE. Why would you need an intermediary that will make money out of your car loan, organizing its funding? The concessionaire has no power to get you approved. Of course, they have established relationships with some loan officers, but in the grand scheme of things, they are powerless to make a difference in obtaining financing done. You're better applying for an auto loan a respectable Bank or lender that specializes in second chance finance. If these are not in your local area, there are places that you can do this online.
Enter your postcode and the monthly income in http://www.mycredittree.net/ family and see if there is a lender that you approve for a no money down the car loan. You can also apply http://www.fundmyvehicle.net/ in and get approval in 45 seconds.
Ronald Kight is an author of Platinum level with more than 50 articles related to bad credit auto financing.