Six Signs That A Dealership Offering No Credit Auto Financing In Spokane Is Trustworthy
Applying for no-credit auto financing in Spokane is always stressful. Many drivers are concerned that their lack of any payment history will be a stumbling block to car ownership. They are also often concerned about the trustworthiness of the dealership or lender because they've heard stories about unscrupulous lenders who take advantage of people who are desperate to get behind the wheel of a car no matter what the financing terms are. If you're not sure whether the auto dealership you're considering is trustworthy, take a good look and see if these six signs of a reliable lender are in place.
Look For An Established Business
Don't apply for a loan through a new lender that doesn't have any kind of track record. Sadly, there are many small business lenders who open up shop for a short period of time, then fade away after buyers have made several payments. In many cases, when these places close up shop, buyers discover that their loan is in jeopardy because the payments weren't forwarded to the actual party that sold them the vehicle. Look for an established dealership that offers no-credit auto financing in Spokane. If they've been in business for several years, chances are they will continue to be in business for the foreseeable future.
Look For An Actual Storefront With Multiple Lending Options
Dealers offering no-credit auto financing in Spokane are a good bet for consumers because they have an actual physical location where consumers can make payments and meet with someone who can discuss the details of their loan with them. Dealers who offer vehicle loans through their own network of lenders will also be able to negotiate the best possible rate for their customers who have little or no financial history.
Check For Positive Reviews Of The Lenders' No-Credit Auto Financing In Spokane
The Better Business Bureau, consumer review websites and other consumer resources can all give potential car buyers valuable information about the quality of financial providers, their customer service record and the overall integrity and value of the lenders. If they have positive scores and recommendations from satisfied customers, it's because the loan companies or car dealerships are doing their job well. If you see complaints about poor service, unfair lending practices or confusing paperwork, keep looking.
Skip Direct Lenders
There are no hard and fast rules for whether a direct lender will offer a good rate on no-credit auto financing in Spokane, but in the vast majority of cases, the interest rates and loan terms will be higher if you use a direct lender. In many cases, direct lenders won't even consider financing a vehicle for someone who doesn't have a credit history. Instead, look for third-party lenders or apply for a loan through a dealership that offers buy-here, pay-here financing.
Ask If The Company Will Report Your Car Payments To Credit Bureaus
Most buyers hope that the company handling their loan will report each on-time payment to the appropriate bureaus, but this isn't always the case. Some lenders will simply take your money each week or each month without submitting information regarding your regular payments to anybody. Be sure to ask any dealership offering a loan to forward your on-time payments so that the credit bureaus can update your information and raise your FICO score.
Look For Weekly Payment Plans
Whether you've had a run of bad luck, recently lost a job or are simply on a tight budget, you probably know that it's easier to make small, weekly payments than to make one larger, lump sum payment at the end of the month, when money is tightest. To avoid this, ask for a weekly payment plan. It will not only make it easier for you to make payments, it may even reduce the total interest you'll pay over the life of the loan.
The final decision is yours, but if you take all of the information about into account, you'll be far more likely to find no-credit auto financing in Spokane that will fit your wallet and your lifestyle.