On the spot financing is a type of lending situation designed to assist people with less than perfect credit to buy a car or truck. Financing of this type is usually provided by dealerships that can assess the current status of your credit, the level of income you generate each month, and determine if you meet the basic criteria for a car loan. People with credit ratings that are not acceptable to banks and other types of lenders can often use this strategy to not only purchase reliable transportation but also to begin repairing their damaged credit.
The goal is to find local dealers who provide on the spot financing as part of their lending options. This process involves using several different resources to identify specific dealers who offer this type of service, then comparing the terms and conditions related to these dealer financed loans. While it can take some time to find and compare used car dealers who offer this type of financing, the effort can pay off in terms of securing a dependable car or truck and being in the way to adding a positive reference on your credit report.
Word of Mouth
A good place to begin your search for used car lots that offer on the spot financing is to ask people who are part of your social network. Check with neighbors, friends, relatives and co-workers and ask if they know of any local used car dealers who offer their own in-house financing option. In many instances, someone will know of at least a couple of lots in the area, allowing you the opportunity to investigate those dealers more closely and make sure the type of in-house financing they do is in fact on the spot financing.
Most used car dealers that offer this type of financing option will spotlight that fact in their local advertising. This includes print ads in local newspapers as well as advertising in magazines, trade papers, and direct mail pieces that focus on local businesses. In some instances, larger companies that operate franchised used car dealerships may use radio and television advertising to alert locals that they have on the spot financing available at each of their franchise locations. While the television adverts are usually aired at off peak times, radio spots are often featured during periods in which a large number of people are listening.
Don’t overlook the possibility of checking out cinema advertising as a way of finding dealers who offer on the spot car loans. Adverts that run prior to the beginning of the feature are often created for local businesses. There is a good chance of finding at least one or two dealers using this resource.
Take the Search Online
Online advertising is a cost-effective way to reach consumers, and used car dealers know this very well. Conducting an online search using a reliable search engine will make it easier to locate dealers in the area that offer on the spot finance options. Typically, the search results will include links to dealer web sites that allow visitors to review the current vehicles in stock, sorting them by make, model, and price range. In some cases, it may even be possible to submit an application for the loan using the online interface. When this is the case, you can find out ahead of time if a given dealer will extend the financing for up to a certain amount before you ever visit the actual lot.
It is also important to determine the payment schedule that comes with the loan. While some dealerships will require monthly installment payments, others will have on the spot financing that comes with weekly or biweekly payments instead. Investigate all the aspects of the loan arrangement before signing anything. Doing so will minimize the chances of making a commitment that does not work well with your current household budget and the timing of your pay checks.