If you need another vehicle, but are sick of buying older cars that only last a few years, you should try a certified pre-owned (CPO) vehicle. CPO cars can be a great choice, especially if you're dealing with poor credit and need special financing.
What Is a Certified Pre-Owned Car?
A certified pre-owned car is a used vehicle that has been inspected and refurbished by a manufacturer-certified technician. These cars are often just coming off-lease, and are a good middle ground between new and used vehicles.
CPO cars are only a couple of years old, usually have fewer miles than a regular used car, and come with a manufacturer-backed warranty. This warranty covers certain vehicle systems for a set period of time and/or miles, allowing you to save on covered repairs at franchised dealers of that brand.
Why Finance a CPO Car?
Financing a CPO car can be a good choice if you're looking for a vehicle with many of the safety features and technology found in newer cars, but don't want to pay the new vehicle price. As a borrower with bad credit, CPO cars can save you money while getting you a car that you may not have qualified for otherwise.
Certified pre-owned vehicles must meet manufacturer age and mileage requirements. While this vary from automaker to automaker, you can generally expect them to be around three to five years old with around 50,000 miles or fewer. These cars are a step up from a regular used vehicle, and the price reflects it.
Don't worry though, even though CPO cars are more expensive than used cars, they can still save you thousands over new.
Qualifying for a CPO Car With Special Financing
When you're shopping for another vehicle and you know your credit's not the best, it's a good move to shop at a special finance dealership. These dealers work with subprime lenders that have the ability to work with people who struggle with credit issues.
Subprime lenders know that you're more than just a credit score, and use other factors to help approve you for financing. These factors take into account your ability and willingness to qualify for an auto loan, as well as if your income and housing situation are stable enough to complete it.
To do this, subprime lenders look at your credit reports, your income, employment, residence stability, and your willingness to make a down payment. They also compare your pre-tax income to your current bills, including an estimated car loan and insurance payment. This allows them to ensure you have enough available income to afford an auto loan.
Let The Car Connection Help
Because you need to find a special finance dealership to help with car buying as a bad credit borrower, why not let us do the work for you? Here at The Car Connection, we're teamed up with a network of dealers that spans the country.
By simply filling out our easy online auto loan request form, we can connect you to a dealership in your area that works with the right kind of lender for your situation. Get started from the comfort of home right now!