NOVEMBER 2022AUTOTECHOUTLOOK.COM19A good credit score has a massive impact on a car loan. On this note, could you shed light on purchasing new vehicles with a less-than-stellar credit score?When financing anything, credit is crucial. The process is similar to that of buying a house. The process may be tedious for someone with poor credit, although they can still finance a vehicle. The lender may require a higher down payment to approve the loan, and sometimes a co-signer is required. They may only get approved for a smaller amount which determines the vehicle the customer can purchase. For example, we have seen a few customers interested in purchasing a high-end vehicle such as a BMW or Mercedes Benz, but due to poor credit, they may only be approved for a car under $30,000. There are always loopholes to financing, like putting more towards your initial down payment or having a co-signer. Thankfully due to our relationships with multiple banks, we can help many people obtain high-end vehicles even when the credit is not stellar. Buying a vehicle is one of the biggest financial commitments people make in their lives. What tips do you suggest for purchasing a new vehicle within a price budget? Budget varies per customer, but when committing to a vehicle loan, there are a few things consumers can do. Number one, I would say to research the vehicle they are interested in. Knowledge is power and knowing its market value can save you a lot of time and money. Focus on what you need from the vehicle rather than buying an expensive car. To prepare for financing and have the best rates, it is always a good idea to work on your credit and have an initial amount for your down payment. Banks will also require proof of income, so it is good to have everything in order before you start shopping around. Cryptocurrency is hailed as the future of finance. Could you list out some major advantages and disadvantages of crypto when it comes to purchasing a new vehicle? Once, we had a deal with Bitcoin, and honestly, it was the easiest and fastest transaction we ever made. There is no question that crypto is the future of finance. However, many people are not ready for it yet, and we still have a long way to go before it becomes standard. By Moshe D. Pourad, Co-Founder, 26 Motors CorpTHE ART OF FACILITATING CAR OWNERSHIP CXO INSIGHTS
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