Guaranteed Auto Loans Bad Credit

How leasing a car has changed

Should I lease my next car? That's always been a question for car buyers, but now there's another one to ask: Will I be able to lease my next car?

Domestic automakers' financial subsidiaries have cut back their leasing programs, thanks in large part to lower used-vehicle values, especially for big pickups and SUVs that gulp gas.

Based on poor earnings reports, Chrysler is getting out of leasing altogether, while General Motors and Ford are making it difficult to arrange a lease through their financing subsidiaries.

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All automakers have reduced their reliance on leasing because it hurts an already bleak profit picture.

"This trend is continuing due to the relative high costs and risks [of leasing] compared to traditional cash and APR [discount financing] business," GM vice president of vehicle sales and marketing Mark LaNeve said in a memo to dealers.

The difference between predicted and actual SUV residual values this year alone led to a $4.8 billion loss for domestic automakers.

So what can consumers do?

As of now, foreign automakers are still offering leases, though they may soon follow the domestics. Of course, you can also lease through roughly 4,500 independent leasing firms, or through any of the thousands of car dealers who have favorable arrangements with their banks, or through your own financial institution -- bank, credit union, or savings and loan.

But the original question that remains is whether you should lease.

"Chrysler, GM and Ford are going to make leasing so expensive the wise person will avoid it," said Jim Hossack, vice president of AutoPacific, an automotive research and consulting firm. "Only Bill Gates doesn't have to worry if the monthly payment is $2,000 rather than $200.

Securing a Guaranteed Car Loan Instantly | Car Loan

If bad credit is preventing you from getting a new car, then your best option might be to get a guaranteed car loan. However, if you are unfamiliar with how to go about it, then read on to find out how you can do this.

Applying for a guaranteed car loan means that you should have some information ready to make your search a little easier. Just because you have a bad credit rating doesn’t mean you should expect to pay super high interest rates, although as a general rule, it should be higher than people who have impeccable credit standing.

Places to Check to get a Guaranteed Car Loan

There are several places that you can check to get guaranteed car loans. A word of warning however, these companies do know that people looking for their services are willing to pay higher interest rates and sometimes will be willing to accept any rate they give.

The best way to tip the scale to your side would be to look at several companies instead of just focusing on one. You can easily look at a number of them, apply to get information and once you have it, compare the rates. First thing to look at is how low the interest rates they offer for their guaranteed car loan.

Second, check the payment scheme that they laid out and see whether this is something you could work with. You can also bargain for the lowest rate. After getting approval from one company, you can then go to another company and ask if they could beat the rate that was quoted to you. Competition is stiff in this industry so chances are, you can bargain your way into a smaller interest rate thus saving you a huge amount of money in the long run.

Getting Feedback and Results

When doing this in person, reply from applications can take as long as one week before you find out whether you made their cut or not. If you don’t mind spending your time driving down to different companies and waiting for a week or more to hear from them, then this would not be a problem. However, when you do it online, your application and feedback could be faster.

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