ZeroXposur | Kohl's
Enjoy free shipping and easy returns every day at Kohl's. Find great deals on ZeroXposur at Kohl's today!
There are many places, both locally and online, that can offer you a guaranteed car loan. Often these can be a good place to obtain the best car loan you can find, especially if your credit is poor or if you have no credit history at all. To obtain guaranteed car financing, you need to provide much less documentation than with a regular car loan. You will need to show that you have sufficient income to make the payments on your guaranteed car loan, and some places also look at your employment history when deciding on the best auto loan terms. Obviously, the longer you have been with your current employer, the more favorably you will be viewed when it comes to securing a guaranteed car loan at the best auto loan rates.
With a guaranteed car loan, you may need to make a sizable down payment. Because companies that offer guaranteed car loans take greater risks than traditional lenders, they usually like to secure as much up front as they can get. Some of the best auto loans that are also guaranteed car loans do not need as much of a down payment, so be sure and shop around.
Many dealers who offer guaranteed auto financing will also provide a warranty for the duration of the loan. This is because they have found that people tend to default on even the best auto financing rather than keep paying on a car that needs a costly repair they cannot afford. A warranty also implies that the seller feels the auto is in good condition, since they would soon be out of business if they made both guaranteed auto loans and a warranty if the vehicle had known mechanical problems.
Most places that advertise a guaranteed auto financing will indeed finance anyone, subject to certain income requirements. A few, however, make the terms so unreasonable that it is difficult to secure a guaranteed auto loan that is the best deal to be found. You will want to shop around for a car financing, just like any other loan, to make sure you obtain the best auto loan for your situation.
Some dealers who will provide a guaranteed car loan will require the use of a payment device to receive their best auto loan. Payment devices attach to the car, usually under the dash, and flash or beep when a payment is due on your guaranteed car loan. When you make your payment on your loan, you receive a code to enter to stop the device from flashing. If your payment is not made, the device can prevent the car from starting or moving. Most payment devices also have a GPS chip so that the provider of the car financing can easily locate the vehicle if repossession is needed. Not all lenders who offer a guaranteed auto loan require payment devices, but many do. The reasoning is that, since providers of bad credit auto loans take substantially higher risks than traditional lenders, they need to minimize losses as best they can to keep offering the best auto financing options to the greatest number of people.
If traditional financing is out of the question for you, a guaranteed financing option may be the best auto loan for your situation. Just do a little homework, compare terms on several loan offers, and select the best auto financing for the car you want.