Midway Auto Outlet Offers Unique Special Finance Programs, but what is Special Financing?

June 18th, 2017 by

Special Finance ProgramsIn today’s world it seems credit is required for everything. From renting or purchasing a home, buying car insurance, subscribing to cable tv or internet, and of course, purchasing a car. Problems arise when you don’t have the credit score you necessary to do these things.

One of the major factors in building a high credit score is, oddly enough, to go into debt. This seems counterproductive, but in reality, credit score companies base a large portion of ones credit score on whether or not they have credit experience or debt and how well they are paying on that debt. One way to build your credit score up is by taking out an auto loan.

What if you don’t have the credit to get a car loan? This is a real problem many people face. Midway Auto Outlet, located at 715 Central Avenue in Kearney, has compiled a very unique portfolio of special finance programs. These finance options were built to offer financing to people in unique or “special” circumstances, hence the term “special financing.” Yet the question remains, what is a special finance program and who can benefit from it?

Here is a list of the eight most common special finance situations:

  1. First Time Buyers. If you have not been exposed to available credit and need to purchase a vehicle, it can be a difficult task. Many first time buyers traditionally have relied on co-signers. However, in today’s credit- based world, many people have a hard time finding co-signers or the co-signer doesn’t have strong enough credit to assist.
  2. Limited Credit Buyer. This situation can be very frustrating. You would think a person would be rewarded for not going into debt. However, many times people apply for auto financing and find out their cash-only way of life is not smiled upon by many lenders. Lenders like to see some sort established credit pattern when applying for a car loan.
  3. Credit Reestablishment Buyers. So something happened to lower your credit score. Whether it was a divorce, or a loan you co-signed that went bad, you have worked hard to pay off the accounts that went delinquent. However, you need a lender to recognize the hard work you put into paying off your old debt.
  4. Bad Credit Auto Loan. So you have made some bad choices or forgot about some old bills. They are still haunting you and keeping your credit score in the low. What happens when your car breaks down, or your family needs have changed and you need to purchase a car
  5. Low or Hard to Prove Income Auto Loans. Many traditional lenders require minimum incomes to consider approving an auto loan. People in this category are usually living on a fixed income such as social security or disability. Many times these customers do not have enough income to qualify for traditional lending. However, people in this situation typically know their budgets better than anyone else and just need a lender that understands.
  6. Slightly Blemished Credit. So you had a cell phone back when you were in college. You don’t remember why or when you stopped paying the bill. In fact, you don’t remember the circumstances at all. You only found out about the debt when you applied for a loan and the lender informed you it is negatively affecting your credit. The cell phone company is no longer in business and you have no idea how to payoff that $200 charge.
  7. Bankruptcy Buyer. Many circumstances can lead someone to filing bankruptcy. Bankruptcy laws were created to assist people through difficult unforeseen circumstances. Whether a customer is in the process of filing or has previously filed, they still need reliable transportation to get to work or transport the themselves and their family.Good Credit Buyer. If you have done a great job paying your bills and maintained a high credit score Midway Auto Outlet has access to the same great finance programs at their new car sister stores, Midway Chevrolet Buick GMC Cadillac and Midway Chrysler Dodge Jeep Ram.

Whatever situation has led a customer into a special circumstance, Midway Auto Outlet has great programs to ensure everyone gets a fair opportunity when applying for a car loan. While every loan has to be approved by a lender, Midway Auto Outlet special finance programs are designed to look at the application, applicant and situation as a whole and not just a credit score. The key is matching up the right finance program for the right situation.

If you find yourself in need of special financing please stop by Midway Auto Outlet, located at 715 Central Ave in Kearney. You can also visit www.thinkapproved.com or www.midwayautooutlet.com
to view inventory or discretely apply for a pre-approval. Of course, you can just give us a call at 866-358-2012.