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
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
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
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
