If you drive by a car Dealership San Luis Obispo every day and see a car that you would love to be able to own, but think there is no way you will be approved for financing, you may want to think again. Many dealerships understand that people makes mistakes financially. They know that everyone cannot have perfect credit and that those that do have a few blemishes on their credit history may still be great candidates for a car loan.
You can look on the Dealership San Luis Obispo website to learn if in-house financing is offered. In-house financing means that the dealership offers the financing for the car purchase, rather than a bank. This can be a great way for someone with less than perfect credit to be able to get the car of their dreams.
If you discover that the dealership in San Luis Obispo does offered in-house financing, there are a few things that you need to find out before you sign for the car purchase. The first thing you need to do is find out how much money you will need to provide as a down payment for the car purchase. There are some dealerships that will only require you to put down a minimal amount of money for the purchase. Others require at least 50% of the asking price for the car, while others require you to put down no money at all, in order to buy car off of their lot. You do not want to agree to buy a car, if the down payment will cause you to go into debt or lose the ability to pay your other bills.
You also want to learn about the interest rate for the car loan. Since you have a few blemishes on your credit history, you can expect to have an interest rate that is slightly higher than you would see for a loan from a bank. This is because the dealership will view you as a high-risk loan and need to be sure that they’re going to be able to recoup the money for the loan.
