Successful car dealers can help just about anyone purchase a vehicle. The unstable economy has caused many people who were financially responsible in the past to have low credit scores. Without a good credit score, these people tend to be turned down for reasonable credit offers. If they don’t have a large down payment or the ability to take a loan with a high interest rate, they may have a hard time purchasing a reliable car.
How a Dealer Can Help
Sending potential buyers away without a vehicle is bad for business. Instead of catering only to those with perfect credit scores, dealers can help everyone by partnering with a finance company that caters to the high-risk buyer. Companies like Consumer Portfolio Services specialize in helping people with past credit problems buy cars. They, like car dealers, know that owning a vehicle is a key factor in helping people escape poverty.
Benefits to Dealers
Car dealers who are able to get more buyers approved make more money. In addition to the increase in revenue, they also get more word-of-mouth referrals. Car buyers appreciate when dealers don’t make them feel embarrassed about their financial past when they can clearly afford to make car payments now. A dealer that can help just about every potential buyer will earn the respect of the community. Instead of being know as an exclusive dealer, a company can be known as an asset to the neighborhoods it serves, helping connect car buyers to the jobs that will help them be self-sufficient.
There’s no reason for anyone who can afford to own a car to be walking or riding the bus because they can’t get an auto loan. Dealers that won’t sell cars to people with less-than-perfect credit have a limited audience and have to work much harder to find new customers. Instead of catering only to elite buyers, car dealers can expand their businesses much faster by helping people who have had financial trouble in the past get the reliable car they need to make it to work or school every day. Companies that are able to balance the social and business aspects of their enterprises are almost always more successful than their competition.