| Auto dealers are in the business of selling cars not | | | | The people that work in these departments are |
| lending money but they do have direct lending | | | | experts at all the different lenders guidelines for all the |
| agreements with different banks to help facilitate sales. | | | | finance companies that they use. Whatever your |
| When you go to a dealership and make a purchase, | | | | credit situation is they have seen it before. |
| the loan you sign up for at the time is not with the | | | | If you know your credit is bad, the easiest way to get |
| dealership but one of the lenders they have direct | | | | approved for auto loans with bad credit is to contact |
| lending agreements with. In essence you sign a loan | | | | the dealership and set an appointment with the special |
| agreement at the dealership and they in turn assign it | | | | finance manager. They will more than likely request |
| to the lender that they got you approved through. | | | | that you bring some documents with you like a recent |
| Once the lender receives the contract from the dealer | | | | paystub and utility bill. From there they will go over your |
| they send a check to the dealer for the contract | | | | credit with you in depth and discuss the reasons for |
| amount. You in turn make payments to whatever | | | | the delinquency on your credit report. Once they have |
| lender it was assigned to. | | | | all the information they need they will submit your |
| With more and more people finding themselves with | | | | application to the lenders that they think will work best |
| damaged credit it only makes sense that a dealership | | | | for your particular situation. Depending on the time of |
| should have direct lending agreements with sub prime | | | | day they may have you wait or may have you leave |
| lenders as well. If more and more of their consumers | | | | and they will call you once they have a decision from |
| are finding themselves with low credit scores than | | | | the bank. Remember these people deal with this type |
| they need the types of lenders that will approve these | | | | of credit exclusively all day long. They will do all the |
| loans. Most large dealerships not only have these | | | | work for you, most of the time while you wait. If there |
| direct lending agreements with sub prime lenders but | | | | is a way to get you approved they will find it. |
| also have a whole department at the dealership | | | | If you are honest and upfront on your credit application |
| dedicated to helping customers obtain these types of | | | | and with the special finance manager they will work |
| loans. Typically they will call this department "special | | | | hard for you. You will be amazed at how fast they |
| finance department" or "custom finance department". | | | | can get an approval for you. |