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by Admin - Posted 1 year ago
It’s no secret that money is in short supply nowadays. Banks that used to approve a loan for basically anybody that could sign their name on the dotted line have really tightened up their belts. With interest rates on the rise along with several banks going under earlier this year, lenders are shell-shocked by the current economy and being much more picky about who gets approved for a loan. Even companies with millions of dollars in savings are being turned down, just because they’re only a few years old. So if multimillion dollar companies are having trouble getting approved for a loan, what does that mean for you?
The Almighty Credit Score
Unfortunately, when you go to apply for a loan, the banks will run a credit report on you to figure out your credit score. This number is calculated based on your payment history, amount owed, new credit, length of credit history and credit mix. There isn’t much consideration for your personal situation. They mostly just want to know how long you’ve had credit cards or other loans, and how you’ve handled them in the past. They don’t care if you’re young and hardworking but haven’t had the time to prove your credit yet. They don’t care if the reason you don’t have a credit score is because you’ve never had a credit card or a loan before, and pay for everything with cash. They don’t care if you’ve overcome a bad situation in your past that put you in debt, and are on a new path. To them, you’re just a number.
It’s Different Here
We’ve said it time and time again. At Cincinnati Auto Credit, we know that good people go through hard times. We know that good people make mistakes. We know that young people shouldn’t be denied for a loan just because they’re young.
When you come to one of our lots, we don’t plug your number into a computer and let a machine figure out if you’re approved or not. Every one of our customers is treated on an individual basis. We sit down with you, listen to your story and help you figure out what you can afford. Once we figure that out, we take you through a number of options on our lot that you can drive away today. And we’re not afraid of customers without a credit score, because we know this just means they haven’t had the opportunity to prove themselves yet.
Need a Car Now? You Don’t Have to Wait
With the difficulties of being approved for loans, many people who need a new vehicle now think they have to wait until things improve, or until they get their tax return. But if you’re in this group of people, we want you to know that you have another option with us. And on top of that, it’s a simple and quick process. Just show us your bills and prove your ability to pay, and we’ll hand you the keys. We hope you’ll stop by one of our locations today and give us a chance to give you a chance!
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