Choosing A Vehicle?
The challenge of choosing a vehicle when you have experienced a credit issue does not have to be a daunting task. Reputable dealers will have established relationships with lenders that offer what is referred to as a pre-approval.
The process is designed to provide you a fast answer and quickly determine what the customer qualifies for (as well as any needed supporting documents). To do so the finance manager will complete a credit application with you, review your credit bureau with you to ensure that it is accurate and submit to the lender while you wait.
Once the pre-approval has been received the dealership will be able to identify the vehicles that meet both the lender’s criteria and the customer’s driving needs.
A best practice when purchasing, financing or leasing a vehicle, while you are establishing or re-establishing credit, would be to satisfy your driving needs first and wants second.
It is important to be aware of lender loyalty programs when financing a vehicle at a high-interest rate. Many non-prime lenders understand that “bad things do happen to good people” and recognize that it is in their best interests to not only offer the 2nd chance financing but retain the customer for as long as possible.
While the customer may have been approved for financing at a high-interest rate as a result of their current financial situation, customers that maintain a minimum of 12 months repayment as agreed would be eligible to take advantage of loyalty programs that they lender offers.
If you have any further questions you can visit us in person at any of our Crown Auto Dealerships, call us at 1-877-346-8082 or visit us online at www.crowncredit.ca and click the FREE CREDIT EVALUATION link.