How Long Does it Take to Get a Bad Credit Car Loan?
- February 6, 2023
- Bad Credit, Car Purchase Tips, Paul Sherry
- Posted by Alysia
- Comments Off on How Long Does it Take to Get a Bad Credit Car Loan?
When you have bad credit, getting a car loan can be a long and lengthy process. In some cases, finding a loan institution that accepts your credit score can take months. However, not all hope is lost. With Car-N-Credit, you can get a bad credit car loan is minutes!
The Typical Loan Process
Not a lot of people have the money to be able to purchase a car in cash. For most people, car loans are the alternative solution—allowing them to purchase a car and pay for it over time. In order to get a car loan, most people either find a car loan on their own or use one that is offered by the dealership. When searching on your own, you will have to apply for a loan and wait a few days for it to be processed by the company, then you will receive an approval or a rejection letter. If you apply to more than one loan institution, you will need to wait a few days for each of them to reply.
When you go through the dealership, the dealer will input your information into their program and send it to multiple loan institutions at once, these institutions will review your application and send back their offer within minutes. All in all, the loan process takes between a few days to a few minutes, depending on which way you go. However, individuals with bad credit have limited opportunities for car loans because many loan institutions see them as too much of a risk.
Loans for Bad Credit
When it comes to bad credit, it can take days for loan institutions to respond, only for them to reject you. Instead of dealing with that, you can choose to use in-house dealership loans. These are loans that are provided by the dealership for vehicles on their lot. Many times, these loans are the only options available for individuals with no credit, bad credit, and no cosigner. These loans take minutes to process and approve, meaning you are only minutes away from driving away in your new vehicle.
Car-N-Credit Bad Credit Car Loans
At Car-N-Credit, we believe you are more than your credit score. That is why we offer loans for people of all credit backgrounds. Get approved for a bad credit car loan in minutes. Stop by our Piqua dealership, call us (937) 773-0895, or start the car-buying process online today!