Even though you can get a great deal on a car right now, you need to be careful when you try to finance at a dealership here in Chicago. There are many places that are so desperate for your business that they offer no money down and no interest for the first few months or longer. These deals are great and if you take the time to shop, you can fix a great deal on a new vehicle. The problem is what you are paying for a vehicle may be a huge mistake. Right now people commonly assume that they are getting a great deal but the fact is that if you are not careful you could see a larger loss than you were expecting. The same rules apply when you try to get financing for a car and those rules are having established income to prove you can make the payments on time each month, having a deposit and having a good score.
Even if you are not required to put money down on an auto loan you still should. The less money you borrow the less money you will have to pay back and the more money you save overall once you have paid off the debt. Finally you need to make sure you have a good credit number because it can impact more than just your approval on an application. If you are approved but you have a poor score it can end up costing you thousands of dollars a year. It doesn’t matter what you are paying, even if your low number makes your payments $100 more a month that’s still a large loss.
To make sure you do not make this huge financial mistake like many others have, you need to use credit repair to fix your score in weeks. There are many credit repair companies here in Chicago that can help you get on the path you need to and offer you great service at a fair price.