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I need a new car but I have a limited amount of savings and bad credit. Are guaranteed car loans real or is this just a ploy to get you into the dealership? "
"I've been denied for loans several times now and a buddy of mine told me about guaranteed car loans, but I'm worried this could hurt me in the future."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Financing is at lender discretion and more times than not a dealer does not have any control over who does and does not get approved for a car loan. However, that doesn’t mean that it’s just a ploy.
Some dealers work with so many lenders that they know where to look for financing and can get financing for people that would’ve been denied a loan at other dealerships. There is always a chance that you can be denied, though in which case the dealer may choose to finance the car in house.”
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- Gregory R.
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