If you’re about to purchase a vehicle, it can feel like everyone you know has a theory about car buying. Unfortunately, many of these ideas are based on myths that keep people from getting the car they need. We believe in being transparent and honest, so we think it’s high time to bust the most common car loan myths.
Myth: I Can’t Get a Loan with Bad Credit
Have you ever had someone tell you that you may have to lease because of your credit? Have you worried about applying for a car loan because your score is less than perfect? We are happy to tell you that car loans are available for people with bad credit. Once upon a time, this myth was true. A few big banks used to control this market and could tightly control who could own a car. However, recent advancements have made car buying possible for many more people. Don’t let your credit score stop you.
Myth: Loans are Only for New Cars
Many people mistakenly believe that you can only finance a new car. However, we can finance both used and new cars. As a dealer, we can offer several financing options for the vehicles we sell. Don’t get sucked into this myth. Myth: Your Own Financing is Better Than Any Dealer’s For people with the DIY spirit, finding your funding and skipping the dealer may seem like a great deal. However, you could miss out on some great options. Even the best credit unions may not be able to match some of our deals. We encourage you to ask questions and see for yourself.
Myth: Car Loans are Expensive
This falsity is another myth that used to be true. Back when there were only a few major lenders, you could pay a lot in fees and interest. However, now that lenders compete for your business, financing can be relatively inexpensive. Purchasing your next vehicle can be confusing, especially with so many myths around. We work hard to dispel these myths and give you the truth you need to make the right decision.