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What's wrong with dealers who finance anyone?
I'm a single father with poor credit, but I need a new set of wheels as my current car just died. I've heard a bunch of advertisements on the TV and radio about dealers who finance anyone. Is this a scam? Or is it perfectly alright for me to do?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A finance anyone dealership essentially means that the dealership accepts applicants with poor to mediocre credit.
There’s nothing inherently wrong with this practice. However, many
dealerships
that advertise this will raise the price of their vehicles while charging an extremely high interest rate with unfavorable loan terms
. Before visiting this type of dealership, go to a lender such as a bank or credit union and see what they can offer you. Just like you would with
car insurance
, shopping around can mean huge savings, sometimes in the hundreds or thousands of dollars. If you can get pre-approval, it may help you bargain with the dealer to get the best deal you can.
Don’t forget that your new car needs proper coverage. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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