The Complete Auto Loans blog has discussed auto loan myths and misconceptions many times in the past. However, an article from Billings Federal Credit Union recently caught our eye. Short, concise, and very informative, the article is a wonderful resource for auto loan seekers that may have been misinformed in the past.
“Perfect credit” is the first subject that BFCU addresses. Despite past advise against getting a loan with poor credit, the truth is that it’s a very viable option today. In fact, very few people have perfect credit. As a result, lenders have created legitimate programs for people with less-than-ideal financial history. Online tools have also been developed and curated for the sole purpose of getting an auto loan with bad or even no credit.
Regarding down payments, BFCU reminds consumers that a large down payment will only result in a smaller loan. While this is certainly a good thing, and a cash down payment is recommended, bad credit financing allows for the smallest budget to procure a loan. The benefit of 2014 is simply that you have many, many options. Keep an eye on your budget, spend wisely, and a loan should come easily.