Many Options for Credit! We Use
Greylock Federal Credit Union
Adams Community Savings Bank
Credit Acceptance Corporation
Credit Acceptance Corporation:No Credit, Bad Credit = No Problem!-------------------------------------------------
Is Sub-Prime Credit A Wise Choice?
WE CAN GET YOU FINANCED!! -
Not everyone has great credit, and for those folks that don't we have Guaranteed Acceptance! Financing Available Too! Bad Credit, No Credit?
You're OK with Guaranteed "Credit Acceptance Corporation"
All you need to do is, 1.) Prove Your Income (any type accepted), 2. Prove Your Residence, 3.) Make your Down Payment. and promise to make your monthly payments! That's it!
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 with either Greylock Federal Credit Union, or Adams Community Bank... or both - you decide! We will encourage you to also speak with your own 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.
Sub-Prime Credit should always be your last choice. Sometimes, you must meet the facts that your credit is not good, and that in the past you have made some decisions that have effected you negatively. In some cases banks or lending institutions will lend you money for a car at a higher interest 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 February 2016) can obtain credit as low as 2.9% or lower, and those with a few acceptable issues as high as 6.99% to perhaps 8.9%. Non-traditional lenders can go to 14.99% to 20.99% 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% in many cases. There may be fees too that all lenders include. You need to ask questions in all credit settings – make sure you know what is expected. Make sure that your lender goes over the paperwork with you, shows you Rate, Term, Amount Borrowed, Amount Financed, Trade-In Value, Cost of Vehicle and so on.
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 actual 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.
GAP (Guaranteed Asset Protection) ap Insurance Is ALWAYS Recommended, but not required.
You may be from the beginning of your loan in a negative equity situation meaning that you owe more than the car us worth! This is called, “Being Upside Down' in your loan. Why? 1.) Because you may have made only a small down payment, 2.) You are financing the Sales Tax, Registration, Title Fee, Documentation Fee, and Inspection Fees on top of the price. 3.) The price of the vehicle, 4.) The Interest Rate. Higher interest rates will make it difficult to reduce your principal balance. In other words, most of your money in payments goes toward interest, and slowly reduces principal (what you owe the lender), 5.) Late Fees, increased interest, any fees that have been applied per the contract. 6.) You may be wrapping the unpaid balance from another loan of your trade-in in the new loan. 7.) You may have added in additional items such as an accessory(s). 8.) You may have added in a Service Contract. This is a big ticket item costing several thousand dollars. There may be other reasons too.
GAP Insurance may be able to help you pay off what you owe on your loan above and beyond what the car is worth. GAP Insurance is always recommended, so contact your insurance provider to see if they carry it or if you qualify for it, or even need it. Credit Acceptance does not currently offer it in Massachusetts. As always, shop for this insurance as prices may vary..
It's 'your' credit circumstances, and 'your' credit issues that need resolving, or you will continue to have financial issues throughout your life. Not having low cost interest programs available controls your life with great negatively. Different institutions 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