Seven years past the great recession of 2009, people are still trying to recover from the financial damage. Also, the inflation rate is another challenge that people have to face every day. Car prices are rising and it is becoming difficult for people to buy a car with good credit score. It is even more difficult for people with bad credit score.
Is it possible to buy a car with bad credit score? Where should you apply in order to get easy approval on auto loans? If you are bothered by such questions, you should opt for guaranteed auto loans.
Guaranteed auto loans help you buy a car quickly. As the loan application can be submitted online, it is the quickest and easiest form of financing. As the process is online, you may get approved within a single day of applying for the loan.
Here are some of the reasons why you should opt for guaranteed auto loans if you have a bad credit history:
· The Quickest Option for buying a Car
If you apply with a traditional lender, your loan application may take multiple days to get approved. It will also involve physical efforts such as walking down to the lender's office, waiting at the office, meeting the authorized personnel, etc. Also, there are chances of your loan application getting returned.
On the contrary, if you apply for guaranteed auto loans, you can get approved within a day. There is minimum physical involvement because of the online loan process.
· Advantage of Dealer Promotion Schemes
Dealers offer various promotional schemes to car buyers. The schemes include discounts, cash back incentives and free car accessories. You may have missed such schemes in the past. But, you will not miss any of them now because of guaranteed auto loans.
When you get approved for the loan, lenders promise you to transfer the loan money within a day. So, you need not to worry about losing the promotional schemes offered by the dealer.
· Repaying Money is Fast and Flexible
Since lenders offer you shorter loan terms and use your car as collateral, they provide you with various flexible repayment options. You can plan ahead and decide how much money you can spend every month towards monthly payments. Then, you can choose the option that fits your monthly budget efficiently.
· A Chance to improve your Creditworthiness
Guaranteed auto loans offer you with two major advantages. Firstly, you can buy your desired car. Secondly, the repayment of the loan can be used as a repairing tool for your credit score. Paying the monthly payments on time would improve your credit score and hence improve your creditworthiness in the long run.
· Power in your Hands
With guaranteed auto loans, consider having money in your hands. After you are approved for the loan, the money will get deposited in your account within a day. Therefore, you get an edge over the dealer. It gives you the power to bargain for your car and ask for the maximum discount.
Everyone has a dream to own a car. Do not get worried by looking at your credit score. Opt for guaranteed auto loans. With the convenience of the loans, your new car will not be a distant dream anymore.