If you are an independent, franchise or Buy Here Pay Here car dealer, you most likely work with different lenders and finance companies to help car buyers with a range of credit scores get approved for financing. When working with a variety of customers, helping them find the best auto financing option for them can be a daunting task.
To ensure your customers make the best auto financing choice when buying a car, here are a few steps you can take.
Talk about credit history.
To help your customers find the right financing option for their credit history, it helps to have the “credit conversation” so you can offer the best solution. While car buyers with higher credit scores generally qualify for traditional financing with lower interest rates, those with bad credit or no credit typically qualify for subprime financing.
Educate them on their options.
It’s important to let bad credit or no credit car buyers know that they have options. Getting a cosigner is one option and getting approved for subprime financing is another.
Help them get approved for financing.
Car dealers that offer subprime financing have the advantage of being able to help customers with bad credit or no credit get approved for financing. Through the Credit Acceptance program, enrolled dealers can say “yes” to every customer, regardless of his or her credit history, and help them get into an affordable and reliable vehicle.
In addition to helping you approve credit-challenged car buyers for auto financing, one of our top priorities is to help car dealers sell more cars and generate more profit for their business. Last year, we paid enrolled dealers nearly $4 billion in total funding and $180 million in Portfolio Profit.
If your dealership is interested in offering subprime financing, fill out the form on our Become a Dealer page to learn more about the advantages of joining our program.