Our experience
If you're someone who is credit-challenged you may be wondering why it's so hard finding a lender on your own.
We can understand the frustration, we've been helping consumers in this situation. We even created a website so car shoppers with less than perfect credit can study such topics as repossession as well as today's subject.
It all comes down to credit scores
For car shoppers with fair to good credit – which usually means a FICO score of at least 640 or more – checking the interest rates online with banks, credit unions and even captive finance companies like Ford Motor Credit is usually the best way to find the lender with the lowest rate.
But if your credit scores fall below 640 or you have a limited credit history and no co-signer with good credit, the issue of finding a lender that is able to approve you can be more difficult.
Subprime auto lenders
Right now there are at least 30 national or regional lenders that cater to higher-risk car loan applicants and their lending requirements can vary widely.
The biggest hurdle for car buyers with poor credit, however, is that nearly all these companies are indirect lenders. To receive a credit decision from one of them, you'll have to submit an application through one of the franchised new car dealers they are affiliated with (most of these lenders don't work with independent used car lots).
Searching for a dealer
You can begin your search by calling around to the various new car dealers in your area, but in most cases you'll be instructed to stop by and fill out an application in person. You may get lucky (remember, this is often a shot in the dark) and receive an approval. If you don't, however, it can end up being embarrassing as well as a total waste of your time.
But there is another option.
Thousands of applicants every year find that the easiest and least stressful way to locate one of these dealers that is to go online and submit an auto application through a web site that caters to credit-challenged consumers such as ours that can be found at www.indianapolisautolending.com
There you'll find a resource section that will walk you through both the screening as well as the application process.
It all starts here
That's because at indianapolisautolending.com we understand a broad range of credit issues of the applicants.
So if you're ready to establish your car credit, you can begin now by filling out our online car loans application.
