What happens if I can’t get a car loan from a dealership?

There are a number of reasons why someone might not be able to get a car loan from a dealership. From bad credit to not being able to make monthly payments, we’ve seen it all.

 

One of the more common scenarios occurs when someone purchased a car that was out of their price range, but the dealership offered them a 72 or 84-month finance to make it more “affordable”. The problem with these types of long-term loans is that they carry higher interest rates. Not only that, if you choose to trade-in your car, you may actually still owe more than it’s worth.

 

Imagine going to trade-in your car, having the dealership pay you what it’s worth, and finding out that you still owe money on it! It happens more than you think.

 

What is negative equity?

 

Owing more on something than it’s worth is called negative equity. Negative equity can lead to people taking out new long term loans, just to upgrade their vehicle. This is how people get themselves into a vicious financial cycle of borrowing money with high-interest rates to pay for something that isn’t worth the price they’re paying.

 
 

Maybe your situation is one in which you simply have bad credit (or no credit) and no dealer will give you the loan you want to get the car you need.

 

Part of our job at Legacy Auto Credit is to find a way — regardless of your present or past situation — to get you into the car you need, at a price you can afford, with a plan that gets you back on track towards financial freedom.

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How Legacy Auto Credit can help

 

1. Find you a vehicle you can afford

 

At Legacy Auto Credit, we will sit down with you and determine what your monthly budget for a car really is. If you don’t have any idea what your budget is or should be, we will help you figure that out too.

 

Once we’ve determined what you can afford on a month-to-month basis, we will find you a reliable vehicle with low kilometers that is affordable for you and appropriate for your situation. 

 

Often times people will purchase more vehicle than they can afford and stretch their payments out over a longer period of time to make the payments manageable.  This is where the negative equity cycle begins. 

 

Sometimes getting you the vehicle you can afford is simply recognizing that, for your daily commute to work, you don’t need a pickup truck. All you actually need is an inexpensive car that gets good gas mileage and can be paid off in 5 years or less. 

 

2. We get you the BEST rates

 

We are the bank. Legacy Auto Credit is an in-house financing company that lends our own money to you, and that’s what makes us different: we have skin in the game. 

 

Because we are the ones lending you money, we want to make sure you are able to pay us back. Part of us ensuring that happens is by offering you interest rates that don’t make it difficult to pay your loan back.

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3. In-house experts here to help

 

We’re not outsourcing your problems with credit and debt. The people you speak to on the phone or via email are the same people you’ll meet when you visit us. Our team of financial experts have the expertise and passion for helping people that is unparalleled! We promise that our professionalism and empathy will be evident from your first phone call.

 

Should you require more advice on car loans or rebuilding your credit, please reach out for assistance.

In need of a new vehicle?

If you need a new vehicle and are looking for an affordable payment plan, our credit experts are ready to help you, even if you have bad credit. You can fill out an online Car Loan Application and our credit experts will help you find a payment plan that meets your budget and lifestyle. You can also reach out for a complimentary credit check.