Most people think that the job of a dealership finance manager is to just get people approved and have them sign the paperwork. They think that all they do is sit and do paperwork all day and that it's the job of the salesmen to make the money for the dealership.
Nothing could be farther from the truth.
The dealership finance department is a central money making hub of a car dealership. Not only are big profits made on the sale of extended warranties and service plans, but there are huge profits made on car finance. Your interest rate, specifically.
When you get approved for a loan at a particular rate, the finance manager adds points to it. So, if your real approval rate is 12%, it gets raised as high as 16%. The difference in the amount of money that you pay in finance charges (higher monthly payments) is profit for the dealership.
The biggest advantage that online car loans give people that have bad credit is simply that you're able to eliminate the middleman. Taking the car dealer out of the deal and dealing directly with lending companies online allows you to get lower payments, interest rates and generally eliminates the need for you to put any money down.
This frees you up to sell your trade in on your own! This is great if you owe more on your trade than what a dealer will allow you for it. You just end up saving money all the way around.
You have good articles here! If anyone here is looking for a loan @ 2% rate in return to buy a home or other financing needs, I want you to contact Mr Pedro On pedroloanss@gmail.com When I was introduced to Mr. Pedro at the market watch seminar, I was entering the market as a first time buyer. Naturally,my needs were a bit different and I had loads of questions. Before he sent me my pre-approval letter, he called to speak with me about what it meant and what could change. He made himself available to me at pretty much any hour via email and texts. He was very responsive and knowledgeable. He’s also very straightforward. I explained to him what my expectations were in terms of closing time and other particulars. He said he would meet those expectations but he surpassed them. I closed so quickly my realtor and the seller of course were excited about that. But as a buyer I appreciated being walked through the process of Mr Pedro loan offer. From pre-approval to closing- the journey was so seamless and I consider myself lucky because I’ve heard horror stories. I recommend him to anyone looking for a loan. Everything was handled electronically expediently and securely
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