The truth is, most banks and credit unions don’t provide car loans for people with bad credit – at least not traditional lenders. So if all of this is true, who does?
The auto lending industry is comprised of captive auto finance companies, banks and independent auto finance lenders. Although some banks and captives offer programs for the credit impaired, most of the sub-prime paper is originated by the independents through relationships they have with car dealers. This is known as indirect lending. In other words, a consumer receives financing from an auto finance company indirectly through a dealer.
Think about it, when’s the last time you saw a financial institution that offered bad credit auto loans? That’s because most of these lenders capture business indirectly through car dealers rather than directly with the consumer. The catch is, not all auto dealers have the expertise, inventory or lender relationships to help people get a car loan.
This is where Champs Auto Sales comes in! We’ve identified and integrated with our own network of lenders and auto dealers that specialize in this niche.
Whether you had a bankruptcy, repossession, collection accounts or other credit problems, our team will guide you through the whole process. And through our network of credible lenders, we make it easy for you to find affordable auto financing without having to go from dealer to dealer to get approved.
Our lending platform is integrated with actual lenders that offer car financing directly to consumers. This gives you the opportunity to get approved instantly online before shopping for a car and allows you to negotiate like a cash buyer.