The difficulties that one might encounter to get approved for an auto loan in Portland or elsewhere are not as difficult as in the past but your experience can still very greatly based on your credit score and where you apply. If you walk into just any Portland, Oregon car dealers and tell them you have no credit, no money to put down, and need a car today you are likely to find a lukewarm reception. However if you match your credit situation to a financing company that specializes in helping people like you, well then be prepared for much more favorable results.
Auto Finance Shop, Then Car Shop
While having an idea of which used cars for sale you can afford is a good idea before even meeting with anyone to discuss possible financing, finding the perfect car first and then trying to find financing to match is not always a helpful situation. Depending on your credit situation, you may find direct lenders might not be willing to work with you leaving you only indirect lending opportunities to secure financing with.
Direct lenders are banks and credit unions and often only deal with good credit and above, leaving those who have poor credit, no credit, or bad credit to often find indirect financing for bad credit loans Portland Oregon though a financing company like those partnered through LotPro.com or at last case a buy here pay here car lot. In either case you'll be buying a car through one of the many Portland Oregon car dealers, and not a private party. So if you spent a week of late nights trying to find the best used car for sale on a private seller but then cannot secure private financing you'll have wasted a lot of time looking for that affordable used Subaru you wanted.
Differences in Indirect Lenders
We've already explained a bit about how do buy here pay here car lots work in the past, but often the difference between a BHPH dealer and a bad credit finance company are the finance company is likely going to have a newer vehicle options, not install a kill switch and gps tracking in your car, and be more flexible in late payments. Both however are going to loan you a vehicle instead of a direct loan of money however, hence indirect lender. If you live near Portland, OR, have bad credit, and need a car loan click the banner below to learn more.