Credit challenges can come in a variety of forms.  Buyers Zone in Palm Beach can help!  Below are some of the most likely situations that cause consumers with damaged credit to have difficulty when buying a car.

Bad Credit:  Many South Florida residents now have damaged credit.  Often this is the first time that credit scores have dipped below the "Good" level.  Credit scores can be low due to financial distress brought on by a variety of causes.  Regardless of the cause of the damaged credit, Buyers Zone in West Palm Beach can help!  Traditional dealerships do not make the lending decision.  They instead rely on a network of lending institutions.  Unfortunately for many, the lending restrictions of these banks will prohibit those with damaged credit from buying a vehicle.  Credit reports can show challenges in different areas:

-         Slow Payment:  Financial distress typically causes a borrower to slow down on making payments which results in damaged credit.  The credit bureaus see this and lower the beacon score accordingly.  This may be enough to prohibit a borrower from getting the car loan that they want.  Buyers Zone will look at this, but we also look at the whole picture.  Even though your credit score may not reflect improvements in your financial condition we can often get past this.

-         Repossessions:  This most often results in an automatic turn down at the banks.  Their lending standards do not allow for lending to anyone who has an auto repossession on their credit report.  Buyers Zone will look at this, but we also look at the whole picture.  We can often get past this.  The banks deal more in black and whites and will most likely turn you down if you have damaged credit.

-         Bankruptcy:  This most often results in an automatic turn down at the banks.  We look at many people with discharged bankruptcies as a much better credit risk because they have no debt.  We will look at the current financial picture and make a decision based on your current ability to pay.

-         Divorce:  Divorce can lead to financial distress in many cases.  It is very expensive and can result in the need to support two households in place of one.  Emotions often take over and result in bad financial decisions that ultimately lead to damaged credit scores.  Banks hate uncertainty!  We will look at all aspects of your current financial picture rather than what has already transpired.

No Income Verification:  While the government requires citizens to document their income and pay taxes, this is sometimes easier said than done.  If employers don't provide the proper documentation, the worker is in a tough spot.  To report the employer, the worker will most likely lose their job.  In times of economic strain, there are more cases of this than you would imagine.  We can help many individuals in this situation.  The common theme here is that we look beyond the credit score and traditional income documents.  Remember, we are the bank.  It is up to us!

No Citizenship Documentation:  This is an automatic deal killer at the traditional dealerships.  Banks will not lend to anyone without documentation of citizenship.  The real fear is that the individual has no roots in the community and may try to flee with the vehicle.  The banks would rather avoid this risk.  We can help many individuals in this situation.  The common theme here is that we look beyond the credit score and traditional income documents.  Remember, we are the bank.  It is up to us!

First Time Buyers:  First time buyers typically don't have bad credit, as a matter of fact, they might have a very good score.  The problem is that their credit is based on small purchases.  They might have a credit card or store credit with a relatively low limit.  The problem with this scenario is that the banks like to see that the customer has paid successfully on something of similar or greater value.  Typically dealerships will ask for a cosigner in this case.  Buyers Zone will look at your ability to pay for the vehicle that you are trying to purchase.  If you have a job and some cash, we should be able to help you!

Disability:  Disability poses some challenges with traditional bank financing.  Typically the income level is fairly low with no prospects of an increase.  In addition, the borrower may or may not be able to drive.  There are question marks here which the banks try to avoid.  Buyers Zone understands that you may need to get to doctor's appointments and need transportation.  If you can repay the loan, we should be able to help you!

Self Employed:  Many self employed individuals fall into the no income verification category.  Small business ownership is still the most likely path to millionaire status in this country.  Unfortunately, while starting up, the business typically draws down the owner's resources.  This can cause banks to shy away due to an out of whack balance sheet.  We can help you!  Call today!

We hope you noticed the trend here!  Where the banks are at times overly conservative, Buyers Zone can help.  Let us help you buy your next vehicle today!