Car dealerships in
Memphis, TN can offer customers who do not have stellar credit the option
to purchase the car of his or her dreams. Many things can affect a person’s
ability to secure a car loan. These situations can make it easy or difficult to
buy a new car, but some people don’t have to fret about getting a new car.
So
what can hurt your ability to secure a car loan? Things that can hurt your
ability to secure a car loan are divorce, home loan issues, credit card debt or
other credit issues. These things can definitely make it difficult for some
people to get a car loan from Memphis auto or other car dealerships in Memphis,
TN.
But
those with bad credit can still get a car loan. Some dealerships like Memphis auto
will look at individual situations when deciding whether or not to provide a
customer with a car loan. Certain situations, like old credit card issues that
could be more than five years old, or some home financing situations, may not
affect someone’s ability to get a car loan. Some dealerships will look past
these issues in today’s economy.
If
a customer has one of these issues, a car dealership may approve the person for
a car loan, but will then require the person to pay a higher interest rate than
a customer with good credit would be required to pay. The lender sees this as a
better gamble because the person is essentially paying more money back to the
lender as a promise that they will pay the loan back.