Bad Credit Auto Loan Down Payments
Our experience
It is our experience that if you’re unable to qualify a regular car loan because of bad credit the next step is to consider a problem credit auto loan – which means you’ll probably need a down payment.
We understand this because we’ve been involved with bad credit car sales for over nineteen years here at Auto Credit Express. During that period, we’ve personally helped hundreds of buyers get approved for no credit auto loans.
Similarly, we know that a tote the note dealer won’t help your credit score (and, by the way, applicants outside our area can fill out our online car loans bad credit application to locate a nearby dealer). We also go over the loan process (to minimize the chances of repossession ).
But if you have poor credit, chances are you’ll need a down payment in order to qualify for a car loan – but why and how much?
Down payments
The fact is that just about all bad credit lenders will require that you have a down payment in the form of cash or trade equity. These lenders look at it as a way to increase the chances that you’ll make your loan payments.
Local Car Dealer Concerns of Lowering Sales Not Affecting SMA Alliance Dealers
NASHVILLE, TN, Jul 11, 2011 (MARKETWIRE via COMTEX) -- SMA Alliance, Inc. (pinksheets:SMAA) reports an average of 25% increase in monthly auto sales for car dealers contracted with SMA Alliance.
Analysts such as found on Autofacts.com and microstockprofit.com are reporting the negative effect of lower car sales for each local car dealer in May 2011 (June reports are not out yet) on larger companies such as Sirius XM Radio Inc. Local Car Dealers under SMA Alliance are not affected as greatly due primarily to SMAA's powerful local buying demand aggregation software and application.
Tim Stephens, Director of SMAA, stated "Our dealers on our program are not as concerned with lowered buying demand for cars because even if buying demand lessens, our software gets our clients in front of everyone who is in demand today in our client's local market and we do this every day."
One of SMA's customers, Boerne Dodge in San Antonio, TX, says they are not concerned at all. The General Manager of Boerne Dodge, Phil Starr, stated, "SMA Alliance generates 35% to 40% of our used car sales every month."
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