Guaranteed and Approved Car Finance

Guaranteed and Approved Car Finance

A car finance loan with guaranteed and approved terms is something that is quite commonly offered by many lenders and is something many prospective car buyers should consider when trying to get financed for their automobile. Automotive lenders and other lenders of car loans typically advertise using “guaranteed” and “approved” terms so that they can get you to apply even though your chances of qualifying for these terms is not very good. In order to get approved for these kinds of offer you typically need very good to excellent credit and lenders will make little exceptions even though you might petition them strongly.

When a lender tells you that you cannot qualify for these kinds of offers they will then tell you that you may qualify for some other loan with a higher rate and terms that aren’t quite as good as the guaranteed or approved offers. This is what they ultimately want, and as a prospective borrower you must be aware that these are the kinds of tactics lenders use just to get you in the door.

This is not to say that some people cannot qualify for such offers. If you do really have good credit and no significant negative marks on your credit report such as a bankruptcy, you can still get approved, you just have to make sure the rest of your application is in order as well. This means that you should have a provable income and employment history, as well as the kind of make and model car you intend to buy because lenders need this to determine whether they can issue you one of their specialized offers.

In the end you should shop around as much as possible so that you can locate the best deal and find a lender you feel comfortable working with. Try and obtain at least three to five quotes from lenders before you make a final decision as this will increase you chances at finding a low rate and good terms. The more you can improve your credit situation before you apply the better your chances will be at getting approved, so put the time in and you will eventually qualify for that great deal.