Direct Auto Loan Lenders For People With Slow Credit | Financial ...

If you have slow credit, you may or may not be aware that car dealerships make money on your auto loan. The only way to avoid this and to get a lower interest rate as well as low car payments is to use direct auto loan lenders. This cuts out the finance department of the dealership, which is the middleman, and allows you to get a better deal.

Auto loans are just like everything else that is sold. Profit is made on the auto loan as a result of the finance charges that are assessed for the amount financed. Also, the finance manager or loan officer that writes the contract for the loan also makes a profit.

Sometimes these people are paid a flat fee to arrange your contract and in many cases, they are paid a commission. This commission can be based upon the total amount of the loan, or the total amount of the finance charges. The more that you pay finance charges, the more money that the finance manager or the loan officer makes and commissions. This is part of the reason that you end up paying a higher interest rate if you do not get your loan directly with the loan company.

So if you have slow credit, you may be wondering how you can avoid this and actually get approved direct. It?s really not that complicated, it?s just that most people don?t know where to go or what to do. It?s actually a lot easier to get approved for auto financing if you have slow credit, by dealing with direct auto loan lenders themselves, rather than the middleman.

Direct Auto Loan Lenders For People With Slow Credit

Source: http://www.financialcrossing.com/direct-auto-loan-lenders-for-people-with-slow-credit/

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