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Sep 2, 2015

If you have bad credit, it can make it challenging to obtain financing from car dealerships in El Paso, Texas. You might think your only option for purchasing a used car is to go to one of those “buy here pay here” dealers. The only problem with many of these dealerships is that they provide the financing and do not report your payment history to the major credit bureaus. As a result, your credit does not get rebuilt. Further, the vehicle selection you are presented with could be limited. Not to mention, the amount of your payments can be much higher than if you took the time to explore other options.

You also have to watch out for certain sales tactics used by less reputable El Paso used cars dealers. These dealers know you need a car and engage in shady practices to prey upon your credit situation. It is better to learn what these are and avoid them. The last thing you want to do is create more of a financial burden and possibly not be able to afford your new used car.

Never drive off with the used car until financing has been approved. Some dealers may insist everything is going to be fine, and tell you to go ahead and drive home with your new used vehicle. A short time later, you get a phone call saying you were not approved and have to return the vehicle. At this point, you are either stuck accepting financing with a much higher interest rate, or lose some or all of your down payment, since the dealer charges you for the time you had the vehicle in your position.

Never rely upon verbal promises and assurances. The goal of less reputable dealers is to sell the car by getting it financed anyway possible. They might ask you for a larger down payment or say you need a co-signer. They promise you are going to be primary on the loan, only for you to discover later that the loan is actually in the co-signer’s name. Take the time to request everything be put in writing, and read every term and condition on any contracts and sales agreements before you sign them.

Fortunately, “buy here pay here” dealers are not your only option for purchasing a used car with bad credit. There are several brand name car dealers in El Paso that feature special programs to assist people with bad credit. These programs are designed to help you rebuild your credit while providing you access to a high quality used vehicle. In addition, programs for brand name dealers are reported to the major credit bureaus, so, as long as you make your payments on time, your credit can improve.

Once your car is fully paid off, it makes it easier to obtain another car loan, as well as financing for other purposes, such as purchasing a home. For more information about programs to overcome credit problems, stop by today, or contact Integrity Kia at 915-856-2982.

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