Car loans are a great way of establishing a good credit history. But many people are intimidated because they hear false information about car loans. There are many misconceptions about getting a car loan that people need to be aware of.
Myth #1: You need credit before you can get a car loan. This is the biggest myth that often intimates people from trying to purchase a car. The truth is that almost anyone of legal age can get a car loan with a valid driver’s license and proof of income. Each of these is essential in making sure that you are a good credit risk. We work with quality lenders to make sure you get a rate that you can afford, which will in turn help you to establish credit.
Myth #2: You can’t get a car with bad credit. This is absolutely not true. In fact, many people use car loans as a way to re-establish credit. The lenders we work with assess credit risk and worthiness based on income. Making regular on-time payments on your car loan can help to rebuild faulty credit.
Myth #3: You need to have a down payment to get a loan. The third of the myths is also not true. Most people can walk into a dealership with nothing but their driver’s license and pay stubs to prove that they can pay an installment loan and can ride out of the dealership in a car. We work with a variety of lenders who will finance your car with no money down.
Now that you know that many myths you believed about getting a car loan are false, why not venture out and get one for yourself? A car is not only means of getting from one place to another on wheels, but also a way to get to another place financially. Visit us for a vast array of cars and financing options.