What's wrong with dealers who finance anyone?

I'm a single father with poor credit, but I need a new set of wheels as my current car just died. I've heard a bunch of advertisements on the TV and radio about dealers who finance anyone. Is this a scam? Or is it perfectly alright for me to do?

Answer
“A finance anyone dealership essentially means that the dealership accepts applicants with poor to mediocre credit.
There’s nothing inherently wrong with this practice. However, many dealerships that advertise this will raise the price of their vehicles while charging an extremely high interest rate with unfavorable loan terms.
Before visiting this type of dealership, go to a lender such as a bank or credit union and see what they can offer you. Just like you would with car insurance, shopping around can mean huge savings, sometimes in the hundreds or thousands of dollars.
If you can get pre-approval, it may help you bargain with the dealer to get the best deal you can.
Don’t forget that your new car needs proper coverage. Use the free Jerry app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”
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Eric Schad
Answered on Jul 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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