Facts vs Myths: The Truth About No Credit Check Dealers
A lot of misconceptions surround the no credit check car dealers whose main promise is to approve your auto loan no matter what your credit score has to say. The offer is truly enticing, especially for those in serious need of a car, and small-time players often take advantage of this desperation to design all sorts of pitfalls. Hence, the rumors and delusions that corrupt the entire industry and take the name of the top dealerships along with them.
If you truly want to consider the buy here pay here no credit check sector, you must get your facts right. Use this post to stay away from the myths and make an informed buy.
Myth: No credit check car dealers do not look at your score at all
Fact: The top buy here pay here do check your credit score. Unlike banks, they do not use your score to turn down your loan request. But they base the entire loan amount that they give you on your credit score. This particular figure is an indication of your paying capacity. And any authentic financial house will give you a loan amount that you can swallow. Good dealers will never drive you to bankruptcy. You will get a loan as per your capabilities.
Myth: The interest rates are as high as 30%
Fact: Such a figure is truly absurd and you must walk away from such a dealer. Speaking objectively, any dealer with a buy here pay here with no credit check policy is ultimately playing in a risky market. They are offering loans to people whom the banks have turned down. The included risk naturally raises the interest rate as that is the business model but never to such outrageous rates of 30%. At top dealerships, expect a rate of mid 20s but nothing that drains your bank balance.
Myth: You can buy any car you want
Fact: Dealers who make such a claim are merely trying to entice you to bring you in front of their experienced sales personnel. Even in new car dealerships with an approved bank loan, you cannot just buy any car you want. Your budget will play a factor. So, will your credit amount. Naturally, in any top buy here pay here no credit check dealership, you can only buy those cars that your approved loan will cover. Fortunately, these dealerships also have a large inventory. And thus, you do not get starved of options just because you are taking the no credit check route.
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