Gaurenteed Auto Financing Minnesota?
Tags: "Auto, Financing, Gaurenteed, Minnesota?
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on Wednesday, August 5th, 2009 at 2:18 pm and is filed under Q&A Auto Financing with Bad Credit.
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Sorry… not likely going to happen.
But one warning… if you respond to any online bank offer that requires you to pay an upfront fee for a loan… it is a scam.
It is actually illegal to charge an upfront fee or a downpayment on a promised Loan. Any fees and charges are attached to the amount you finance and you will pay those fees with your interest on the loan.
So… do not fall for the scammer that offered you a loan as long you pay them a downpayment or a fee for the loan processing costs.
If you already do business with a bank, then they are usually the best place to start (assuming you have a good relationship with them).
Check with some car lots, as many manufacturers do their own financing (I was actually able to get a better rate for my wife’s new car through Mazda’s financing dept. than my bank was willing to offer).
Your credit rating and history come into play - but some might look at other factors, (like your home ownership and employment record). The car is the collateral for the loan - but the problem is that they know the car will depreciate in value quickly.
Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing.