Thursday, March 7, 2013

Algoma WI Special Finance - Buying a Car With Bad Credit and No Money Down

Typically, when you go into a Algoma car dealership with bad credit, you end up really confused as to what you can and can't buy. Dealers will tell you that based on your credit history, you've only got a few options. This usually includes an older car with higher miles or a low priced entry level newer model. It can get really confusing when they start talking about interest rates and it seems that the interest rate is different on different models. To add to the confusion, down payments seem to be a number that constantly changes. You may be told that you have to put down $1500.00 on one vehicle and only $1000.00 on another. There just seems that no clear answer is available.

Well, the fact is that Algoma car loans can be really complicated when it comes to car dealers getting you financed. Dealerships have to figure how much money one of their loan companies will lend for a particular vehicle based on loan value. Then, there's their main interest, which is making a profit. If a lender won't lend enough money on the car for the dealership to make a good profit, they'll ask you for a down payment to make up for the difference. It's not that you actually have to have money down to buy a car, it's that the dealer needs it to make money in some cases.

Visit for Algoma, WI Bad Credit Auto FInance.

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