Want or need a new car?
Bad credit weighing you down?
This can be a very frustrating and frightening experience. Most people simply don’t understand their options and don’t know where to turn. The fear of getting ripped off by some shady used car salesman at a “Buy Here Pay Here” lot has caused many sleepless nights for a lot of people.
So, what do you do? Where do you turn? How do you know who to trust? What are your options for bad credit auto loans?
The good news is that there are a ton of options for auto loans for people with bad credit. The bad credit auto financing market has exploded since the beginning of the current economic recession. People who previously found themselves with good enough credit to do a “Sign & Drive” loan at a new car dealership are now left with challenged credit and in need of auto loans for bad credit.
Help has arrived.
Having personally been in this situation multiple times in my own life, I know how frustrating and frightening it can be when you need a car and don’t have the necessary credit to qualify for the loan or car that you really want. Getting declined for any loan feels terrible but it is magnified when you really need a car.
Personally, the three times I have been in this situation here’s what I did:
Two times I borrowed money from friends
One time I got a referral from a colleague who had previously been in the car business and knew someone who could help me.
A little extra info about each method.
First, as strenuously as I can say this, “NEVER BORROW MONEY FROM FRIENDS” (unless you don’t value the friendship and are planning for it to disintegrate). The reason I say this is because it completely alters the nature of the relationship. As the Bible says in Proverbs 22:7 , “The rich ruleth over the poor, and the borrower is servant to the lender.”. Regardless of your religious beliefs or affiliation, a truer statement has never been said. So, if you want to be a servant to your friend, go borrow money from them. You will feel the impact of the servitude with each and every late or missed payment as you realize that your friendship is dissolving and you get the, “it’s not personal, it’s business.” speech.
The borrower is servant to the lender
In short, DON’T DO IT! (This is true whether you are looking for a bad credit auto loan, bad credit motorcycle loans or a bad credit mortgage!)
The one time I got a referral from a friend, everything worked out perfectly. Due to my credit situation at the time, I couldn’t get the loan for the $25,000 car I wanted (this was 13 years ago when I was 27), but he could get me a loan for a $13,000 car with the promise that if I made 12 payments on time, in a year I could get financed for anything I wanted. Sounds to good to be true, right? I am here to tell you that it wasn’t. I got a great 1996 Toyota Camry v6 XLE with all the upgrades that had been owned and babied by an elderly couple who traded it in on a Lincoln LS. What kind of interest rate did I get? A whopping 14.5% and you know what? I was happy to have it. I made my 12 payments on time and then with my car credit on a solid foundation, proceeded to trade it in on a $30,000+ brand new Toyota Camry Solara with all of the upgrades and an interest rate of 7%.
With that said, my suggestion for getting a bad credit auto loan is to do what I did, get a referral from a friend. You may be thinking, “but I don’t have any friends in the car business or anyone that can refer someone I can trust to me.”. That’s where you are dead wrong! You know me and I know the right people to help you.
How You Can Get A Bad Credit Auto Loan
Right Now!
In 2008, through the retail rent to own program we run through our real estate investment company, I had the pleasure of working with a client by the name of Mel Farr, Jr. I have to be honest with you, I had never heard of Mel Farr, Jr., or his father, Mel Farr and didn’t have any idea who he was. To me, he was just another client using our Custom HomeFinder Service to get him and his kids out of a small luxury apartment after a nasty divorce had ravaged his credit (as divorces almost always do). Through the two weeks we worked with Mel one on one to locate his Dream Home, get it under contract and get him into it, we did our normal background check due diligence. It was through this process that I learned that Mel Farr, Jr., was a former NFL & NCAA football player, as was his father, brother and cousin. Mel is a very humble and unassuming person and we developed a great relationship during the process. One day, I asked him why he never told me about being a former NFL football player or about his father. You see, many years prior, Mel’s father had been nationally recognized as the most successful African-American entrepreneur in the United States having sold more than a half a billion dollars worth of Ford vehicles through his dealership chain in a single year. As usual, Mel replied with his usual humility.We finalized his deal and ended up getting Mel into an absolutely gorgeous new construction $1.2 Million dollar home in the East Cobb area of Marietta in the Atlanta metro. You can read Mel’s testimonial here.
Through the application process, Mel disclosed his ownership interest in his own chain of car dealerships (Second Chance Motors) and his vehicle finance company that provides auto loans for people with bad credit. This led to other conversations about how his company could help our clients at FinanceTheDream.com and Credit Repair College. Since completing Mel’s deal, I have had the pleasure of spending time with him and his family in their new home and I have been to one of Mel’s lots in Atlanta (directly behind The Big Chicken in Marietta).
As it says on their website, “Second Chance Motors is a national chain of used car dealerships. At Second Chance Motors we sell used cars to people with previous credit problems. We understand that bad credit can happen to good people. With our own finance company, we have the ability to finance everyone, including bad credit, bankruptcies and repossessions.”
Last week, wanting to test the theory, I asked Mel to send me a copy of their underwriting matrix. This is the internal document that their underwriters use to approve and decline good and bad credit auto loans. Having been in finance for more than 12 years, I can tear apart underwriting guidelines in a New York minute and determine if what they say about their ability to finance everyone was really true. Admittedly, I was shocked at how good their underwriting guidelines really are. They actually finance people down to and even below a 438 credit score! That is unheard of.
You are probably thinking, “yeah, but they probably only have beaters and I want a luxury vehicle or newer model vehicle.”. I am happy to tell you that having personally been to Mel’s lot and ridden in one of their cars, they offer a complete line of late model luxury and economy vehicles (the car I rode in was a late model BMW X5 that was in fantastic shape). Mel has his own on-site mechanics who run each vehicle through a complete multi-point inspection to ensure the vehicles are in top condition when they leave the lot. After all, they know you are more likely to keep paying on a car that is running than one that isn’t. I have to say that overall, I was thoroughly impressed with his operation and have absolutely no problem referring him to our clients, members and readers.
Mel has dealerships in the following cities in metro Atlanta: Marietta, Conyers, Jonesboro and Decatur
Additional dealerships are located throughout the southeast in Houston, TX
His midwest dealership is located in Burton, MI
Not located in any of these markets but still want to do business with Mel? No problem. For a nominal fee, Mel can have your car shipped to you anywhere that you want it in the United States. (I have personally done this twice, once on a Lexus LX 470 and once on a BMW 325Ci brought in from Florida and Texas respectively).
Don’t see what you want in Mel’s inventory of hundreds of vehicles? No problem. Mel and I have developed a special CarFinder Program for clients, members and readers of FinanceTheDream.com and Credit Repair College where you can specify exactly what you want and Mel will go buy it for you and sell it to you. Getting exactly what you want, it doesn’t get any better than that! For the specific details, read below. This program is different than the CarFinder Program advertised on Mel’s website which is really more of a CarUpdater of their inventory when it comes in.
Special Offer For Credit Repair College & Finance The Dream Members & Readers needing a Bad Credit Auto Loan
We have negotiated one heck of a deal for you directly with Melvin. As the owner of a chain of car dealerships and a finance company, as I am sure you can imagine, Mel doesn’t exactly personally sell cars anymore. Because of our relationship, for our clients only, he has agreed to personally work one on one with you to get you the vehicle you need and the quality of customer service you have come to expect. That’s right! You get to deal directly with the owner of the company who will personally walk you through the process and even go buy a car for you if necessary. Does it get any better than that? Um, no.
No nonsense. No used car salesman. You deal with who I deal with, the owner and decision maker. No wasted time. No games (Mel doesn’t have time).
Who would you rather deal with, an unknown person looking down on you and sitting in judgment of your credit score or someone that has walked a mile in your shoes, understands how you feel and knows what you are going through?
Mel Farr, Jr. (I hate him. He eats whatever he wants, doesn't work out and looks like this!)
In fact, to make the deal even sweeter, for our clients only, I negotiated with Mel to be able to provide you with his personal cell phone number so I could ensure that you were getting the level of service you deserve. This is Ritz-Carlton service at its finest.
All you need to do is complete the application. Upon completion, your application will be submitted to Mel’s underwriting department and you will get a response from Mel personally. If he has the vehicle you want on one of his lots, you can be driving your new car today. If not, you can sign up for the CarFinder Program and tell Mel exactly what you want. Mel will then locate the vehicle, purchase it and bring it into his dealership inventory. Depending on what you are looking for, this may take a few days to a few weeks.
To complete the application, click here
To sign up for the CarFinder Program, click here
By the way, if you need credit repair, it isn’t necessary to hire a credit repair specialist ! Enroll in our credit restoration program and learn everything you need to fix your own credit!
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