Many Options for Credit! We Use
Greylock Federal Credit Union
Adams Community Savings Bank
Credit Acceptance Corporation:No Credit, Bad Credit = No Problem!-------------------------------------------------
Is Sub-Prime Credit A Wise Choice?
Sub-Prime Credit should always be your last choice. Sometimes, you must meet the facts that your credit is not good, that in the past you have made some decisions that have effected your negatively. In a few cases, and we mean few, banks will lend you money for a car at a higher rate than than say their best borrowers. Typically, this can be 4 or 5 percentage points above their best deal. People who have superior credit (as of rates in effect in 2015) can be as low as 2.9%, and those with a few acceptable issues as high as 6.99% to perhaps 8.9%. But, if you are in the growing number of people, for whatever reason that NEED sub-prime lending, know that you will pay as much as 20.99%. There may be fees too that all lenders include.
We Won't Judge You!
We will always listen to your credit issue, not judge you, and help you source your loan. If we all feel that you just might have that chance for a traditional car loan, we'll source your application either Greylock Federal Credit Union, or Adams Community Bank... or both! We will encourage you to speak with your banker. If your credit isn't good, for whatever reason, we will source your application to Credit Acceptance Corp. Credit Acceptance will give you a positive credit rating if you pay your account on time. This could help your credit worthiness if you also try and resolve issues on your credit report, or if these issues drop off your credit report over time. Do you have time to wait to fix your credit? No! If you did you would not be using sub-prime credit. If you go this route, you are doing it to not only get credit, but to fix your credit! Avoid expensive fees and bad credit reports once on the program. Pay on time, or early, and pay more if you can to pay down your balance quicker. Try not to focus on some future big money coming in and you'll 'pay it off' - pay extra every month and save on interest that way, and if your big money comes in, then pay it down as planned if you still can. Reducing debt is always a good strategy.
You Cannot Be Required To Buy A Service Contract!
If you do not want one, you do not have to buy one. Does it make sense? It may or may not depending on your level of confidence in the vehicle, its actually ability to meet your expectations, pricing, and your budget. Frankly, they make sense for some but not for all. Remember, you have grouped the costs of the car purchase with the purchase price of the service contract. In many cases, you will be upside down in your loan, where the value of the vehicle does not match the value owed on the loan. In other words, with all things being equal, if you sold the car outright for market value, you'd still owe on the loan. Depending on many factors, it might take many months into the loan before the value of the car meets or exceeds the value of your loan balance. Be prepared to hang on to your car.
You Make Your Choices, We Will Help.
It's your circumstances, and your issues that need resolving. They exist in a marketplace that has inexpensive solutions and costly ones. We will try and work with you towards your goal of a used vehicle. We understand that in the Northern Berkshires, life without a car is next to impossible.
Call Us at 413-743-2625 or 413-446-3857