Are you a teacher with questionable credit, but you still need to purchase a new car? Then you've come to the right place. Auto Approved believes in supporting educators, even those that may have fallen on hard financial times.
You may wonder how we are able to do such a thing. Well, the following is a list of practical reasons why we can offer this:
The banks are still businesses that revolve around making money by charging interest on money they have loaned out. These institutions want to issue loans. As a teacher having stable employment may be one of your strongest assets in trying to get financing. The banks see a stable employment history as good security in your ability to make future loans payments. Even if you have bad credit, you are likely one of the prime candidates for a low risk investment. As you are shopping for auto financing, stay positive. You aren’t the only one with blemishes on your credit, and banks are working hard every day to find solutions for teachers just like you.
A secured loan is a loan that is backed by some sort of collateral, or physical asset. A car has a value that can be repossessed by the bank if payments or missed. This provides more security for the lender, knowing they will have an asset to sell if the terms of the loan are not met. The car actually is helping to secure the loan in this instance. Also, banks will look at the existing financial commitments of an individual. If the person has less financial responsibility, then a loan might seem feasible to a bank. They might look at a person who has many financial commitments, even with good credit, as more of a liability because they are already borrowing too much.
Car dealerships all expect that people with bad credit will still need a car. That's why they are innovators in finding ways to secure car loans for customers. Most dealerships will find a way to give you that coveted loan. They do this even through offering no money down for a loan. A teacher will find that they have many options shopping dealerships. Confused by some of the terms mentioned here? - automobile finance and insurance; car loan legal terms; and credit related. Don’t be!! Auto Approved will help you navigate the waters of applying for a car loan.
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