I’m a car dealer looking for low-bad credit financing – Which banks do you recommend??
I am a car dealer in DFW area. I usually get people on my dealership with low credit scores, bad credit, and no social security number (Mexican Papers). Are there any good banks that finance credit scores around 420-590, and if so, which ones would you recommend me using? I know they are higher risk loans, but I have heard of some people financing them. Any help would be greatly appreciated!
Tags: Bad Credit, banks, Car Credit, Car Dealer, credit, Credit Scores, dealer, Finance Credit, financing, Looking, lowbad, People, recommend, Risk Loans, Social Security, Social Security Number
4 Comments at "I’m a car dealer looking for low-bad credit financing – Which banks do you recommend??"
I don’t think banks loan money to illegal aliens.
You can check with a bank named Drive Financial. Depending on how long you have been in business and the quality of your financial statements, you might be able to sign up with them. The Juice runs high with them however. In most cases you will be subject to a 10% fee just for inking the paper. Plus make sure you have strong F&I personel that can sell a 25%-27% APR.
Wells Fargo is another strong bank but they are a little tougher to get on board with.
Try Capital One Auto Finance as well.
(The list goes on and on)
check out http://www.callusfirstfinance.com to see what the providers are after they are some non bank lenders on the panel good luck
It depends which type of dealer you are, franchised or independent. There are many more banks available for franchised dealers.
I found a site that lists sub prime auto lenders by state and dealer type, it’s listed below.