Car shopping is fun but waiting for car loans isn’t. I have been consulting with dealers for nearly four decades and have participated in over 1,000 automotive transactions ranging from $100,000 to over $100,000,000 and have never seen the price of a dealership sale determined by any multiple of earnings unless and until all of the above factors have been considered and the buyer then decided he, she or it was willing to spend “x” times what the buyer thought the dealership would earn, in order to purchase the business opportunity.
This is why people turn to buy here pay here car lots and end up spending more money than they have to. You can get more car for less money if you simply know what to do. The problem is that many people, have no idea that there are better alternatives available to them.
They will have to pull your credit in order to find out what your scores are themselves, but then they have access to many auto loan financing companies specializing in consumers with “less than perfect credit”. Some assume that dealerships don’t hire women while others fear they might be harassed in a male-dominated environment.
So this means that you would either have to come up with money down to make up the difference between what they will approve you for and how much of a loan you need or look at a less expensive vehicle. Paying a loan from the buy here pay here car dealer rarely rebuilds your credit and not usually reported to the credit bureaus.
A car dealer has to do a lot of paperwork in the course of their work and mostly it is pertaining to the sale of cars. If banks have turned you down for a car loan checkout this website to find buy here pay here car dealerships near you. This is a necessary dealer “trick” because the vast majority of customers believe their trade is worth more than it really is. Dealerships can “show” more in the trade by decreasing their profit and run less of a risk of insulting their customer.