How to get Approved on A 0k to 5k car or SUV

Most people don’t realize that there are two parts to the approval process.

Hi i’m sean from cartraders winnipeg the director  of sales and finance i’m reaching out to you today   on a 10 to 15 000 car or suv with bad credit   most people don’t realize that getting approved  on these vehicles can be a real challenge   and the reason for that is it’s really a two-part  approval process the first part is

The consumer   so what the bank will do is they’ll actually look  at the consumer and they’ll look at 20 different   things that might be you know how old they are  have they had credit um you know are they secure   with the home how long have they been at that  work how much do they make and they basically   determine

Whether or not they’re a good risk   the second part of the equation that no one talks  about is the car or the suv the banks also look   important as well and they do the same thing on   the car as they do on the customer so they look  you know is it a is the car got high kilometers   uh does it have a high risk for repair

Uh has it  been in an accident has it been a complete loss   does it book so there’s a whole bunch of things  that they look on the vehicle just like they look   at on the consumer so they take those 20 things  on the consumer and they take the 20 things on   the vehicle and at the end of the day you need to  get to 40

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Out of 40 to have a yes from the bank   not only on the consumer but on the car so if you  get to 39 out of 40 it’s still a no now the funny   part is is if you do go to a dealership and they  can’t get you approved they typically just say   you’re not approved they don’t say that the car  is not a good fit they just say that

We couldn’t   get you approved now the important part here is  to understand what the banks are looking for in   order to get financed i’ve been doing this for 30  years and i know how to get the banks to say yes   so what i’ll actually do with my customers is i’ll  get them approved first so i know what the actual  

Bank will approve you for on a monthly basis and  then what i’ll do is i’ll go and find vehicles   that you like and suggest ones that fit the bank’s  call and in that way i’m only suggesting vehicles   that you like that you want to drive that will  likelihood be you know approved through the bank   i’ve gotten it wrong once

Or twice maybe even  three times so it’s not a perfect process but   it is much better than going in to try to buy a  car that the banks already don’t want to finance   that are less than 10 years old they want them to  be paid off by the time they’re 10 years old so i   understand that and i know how to suggest vehicles 

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That are going to work within that parameter so as   you know right now with the pandemic vehicles are  at an all-time shortage because of chip shortages   and supply chain shortages so it’s even that much  harder if you’re trying to work with a dealership   do at cartrader’s winnipeg we have thousands   of vehicles in

Stock every day literally a sea of  suvs cars and trucks and in many cases i can do 90   of all of the legwork right over the phone or via  text so i can save you time i can keep you safe   we’re still in the middle of a pandemic so a lot  of people really enjoy that process because when   they do show up i’ve got a car ready

For them  that’s ready for delivery all they have to do   is come in and test drive it if they like it it’s  sign and drive and in most cases it’s zero down   the beautiful thing about car traders winnipeg  is you only deal with one person i handle the   entire approval process i handle vehicle selection  you’ll never have

To deal with a sales person that   doesn’t know what they’re doing or a manager that  you’re negotiating with that you’ll never meet   and i know how to get the banks to say yes and get  you approved so you’re not dealing with a finance   manager that maybe doesn’t tell you that it’s the  vehicle that’s the problem and not your

Credit   and only suggest vehicles that  the banks are likely to say yes to sometimes it’s as simple as getting a prepaid  visa so that you can start having revolving credit   loan like a car and then eventually once   you have the car you can get on track to get a  mortgage and a home car traders winnipeg is the  

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Best way to buy your new vehicle apply today at  cartraders winnipeg and start driving tomorrow  

Transcribed from video
How to get Approved on A $10k to $15k car or SUV By Waverley Mitsubishi