How Credit affects Financing and A Bad Credit Car Loan
Super Dave's Auto Sales provides a clear and comprehensive understanding of the term credit as it applies to our auto financing and bad credit car loan contracts. Quite often, we glance over the terms of a business transaction or contract without fully grasping its intent or meaning. One of the fundamental and significant terms used in business and financial agreements including our dealership, specializing is high quality used cars is credit.
A Car Loan and Credit!
Initially, to understand credit, you must know the connection between a borrower and a lender. A Borrower is an individual who acquires or receives something of value with the promise or understanding of returning it or its equivalent. A Lender is an individual who provides or permits the temporary use of something of value based on the agreement or understanding it or its equivalent will be returned to the lender.
Business and Finance define credit as a deferred payment arrangement between a borrower and a lender that provides access to funds for repayment at a later date. Usually these payment arrangements involve installments with a fixed interest rate to be paid over a specified period of time. There are two common types of credit: Secured Credit which allows the borrower to consign a specific asset, most likely, investments or houses, as collateral, and, Unsecured Credit, where the borrower receives access to funds without collateral. Collateral involves property that is acceptable to secure a loan or obligation, as well as, the guarantee of a pledge of security toward the performance of an obligation. With Secured Credit, the borrower will generally receive lower interest rates and a higher credit limit depending upon the lender.
The Significant Relationship between the Car Loan Borrower and Lender
Super Dave's Auto Sales emphasizes the relationship between the Borrower and the Lender in each of our pre owned auto business transactions and car loan contracts. This relationship is of the utmost importance as it is based on the precepts of trust and explicit 'good faith'. Good faith relates to the Lender's belief and trust that the debt will eventually be repaid as agreed or the Lender will refrain from collecting on an existing debt. These actions are based on the Lender's assessment of the Borrower's ability to pay the debt off.
Super Dave's Auto Sales Financing relies on you as a borrower looking to finance used cars to meet the commitment and ability to pay requirements especially for those who seek a bad credit car loan. We give you the opportunity to purchase a pre owned vehicle when you've been turned down for a car loan at other places. You can trust us to deliver a high quality used car when we believe you will honor our finance agreement!
At Super Dave's Auto Sales, we are pleased to discuss with you any questions or comments you have about the overall meaning of credit or more specifically how to obtain a bad credit car loan. Our sales team possesses the expertise and experience to direct your inquiries to the appropriate channels to make the smooth transition to pre owned auto ownership. For your convenience and complete understanding of financing one of our used cars, we invite you to browse our subsequent finance pages or to visit our FAQ page . Please feel free to contact us anytime for further details on our financing guidelines and policies. We look forward to assisting you.