Home Finance Pros and Cons of Taking Guaranteed Auto Financing for Bad Credit

Pros and Cons of Taking Guaranteed Auto Financing for Bad Credit

7 min read

When you look for guaranteed approval on car loan you are just happy because you know that you will get the car loan and then buy the car. However, what you do not know that although all these may seem very lucrative but there are pros and cons to them. Thus, before you finally go to any deal and take any loan you should consider the pros and cons and then decide. You should not be very happy with the benefits as well as should not feel disheartened for the disadvantages. What you should do is judge your condition and then whether you will go for a guaranteed approval car loans for bad credit.

Pros of getting guaranteed car loan with bad credit

  • When you have bad credit you know that it is tough to get a loan. However, if you have guaranteed car loan with bad credit score then you can be sure that you will get the loan. Moreover, such deals are mainly handled by the dealer. That means you do not have to worry about submitting documents and other formalities. All those are taken care by the dealer.
  • Normally you have to follow certain norms while you are looking for a guaranteed auto loan. As the loan is guaranteed that is you will surely get it once you apply for it you can manage and agree to the different norms! Actually all these norms are for your benefit and when you are following them you can be happy that you have got them.
  • The most advantage that you get by taking guaranteed car Loan is that you are tension free. You can be at peace of your mind and do not have to worry about whether the loan will be approved or not. Actually after applying for such loan you can start your car shopping and choose the car that you like best.
  • When you have bad credit most of the lenders will cancel your application for auto loan. This leads to tension and even you may not be able to buy a car. However, with the guaranteed auto loan option your bad credit will not matter much!
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Cons of getting guaranteed car loan with bad credit

  • While you take guaranteed auto financing for bad credit you should be ready to pay some extra interest as normally the interest rates of such loans are high. You may find that the interest rate charged is only 0.5% high and think that it will not matter much but in the long run it will accumulate to quote some hundred dollars.
  • Along with getting the car loan approval you may have to buy some add on that the dealer will impose on you. It sometimes becomes impossible to say no to them because they are helping you get an auto loan that too guaranteed when you have bad credit score.

This, in such situation the call is totally your that whether you are going to take the instant auto loans and get a car or try to improve your credit score and then buy.

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