Using an Employee Discount for a Bad Credit Auto Loan – Valley Auto Loans Blog

Using an Employee Discount for a Bad Credit Auto Loan

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One of the biggest challenges for an auto buyer with bad credit is qualifying for a new loan. Employee auto loan discounts are one exceptional opportunity for car buyers requiring financing. When seeking a new auto loan or trying to refinance an existing loan, buyers with bad credit often become discouraged. The best auto finance brokers are those that can provide full-service application to lending assistance. Auto financing begins with an introduction to products and services. Educating auto financing customers about the types of loans, installment agreements and obligations to contract is the first step in securing the right auto finance for a new car purchase.

Auto buyers with poor credit often make the mistake of applying for auto finance more than once. Licensed auto finance brokers can take the guess work out of the application process, by researching and narrowing the number of loan products to the one that the buyer will be most qualified for. Brokers also guide the application process to completion, so that questions or requirements that may arise during the consideration period are met adequately to point of lending.

Designation of terms and conditions to an installment agreement for a new auto loan may sometimes be altered according to a preferred schedule of payment. Accommodation of auto finance customer repayment schedule requirements may coincide with the terms and conditions to an employee auto loan discount package. Auto finance consumers seeking the best possible auto finance agreement should also check for consumer reports on a loan product, and financial institution surety in lending.

Employee Auto Discounts

If the status of an auto buyer as an employee, retiree or family member of an employee or retiree that is currently working for a qualifying employer or an affiliate company with membership in an employee auto discount program, or former employee retaining rights to contract, a manufacturer’s discount to those buyers may be offered at time of new auto purchase. Inquiry into the options available through employee auto discount programs can also attribute to savings in new auto finance. Due to the fact that major auto manufacturer’s offer new and used vehicle customers the option of auto finance at time of new car purchase, a reduced total sticker price, and lower rates on financing can lead to significant cost savings.

If purchasing your next car from a lead brand auto manufacturer’s retail showroom, consumer credit auto finance will generally be offered through the auto company’s wholly owned subsidiary. Buyers interested in attaining cost savings on finance through a broker contracted, employee auto purchase and financing program, however, will typically be seeking a loan through that discounted third party source. In spite of a history of loan rejection, car buyers applying for new auto finance can often still obtain the financing they need through an employee auto discount program.

Standard Terms to Employee Auto Discount Programs

  • A minimum of at least one year with the qualifying employer
  • At least $1,500 per month in verified income
  • No history of auto repossession in the past year
  • No bankruptcy on record that has not been discharged
  • Down payment may be required
  • Proof of residence in the country where the employee auto discount program was instated

The Benefits of an Employee Auto Loan Discount

Employees working for auto manufacturers, suppliers, and other employers in the auto sector often provide the most comprehensive new car buyer programs, including pre-qualified auto finance. If you are an employee qualifying for a discount, yet have a poor credit score, there may be some terms and conditions to contract limiting loan amount and repayment terms. Used auto loans are usually standard to the employee auto discount programs. Some warranty and repayment schedule stipulations may apply.

With employee auto discounts, buyers with less than perfect credit can avoid what would otherwise lead to a high risk auto loan. Check for model, dealer discount, and gas mileage incentives that may reduce a new auto purchase sticker price. Once a price has been agreed to, finding the right loan can further reduce costs. Buyers purchasing a new or used car through an employee auto discount program have the added assurance of legitimate financing on their asset. Employee auto discount program qualified finance is also subject to regulation. Interest rates on such auto finance contracts will also be better than those traditionally offered to auto buyers with bad credit.

Eligibility for Employee Auto Discount Finance

If meeting eligibility requirements for new or used auto purchase through an employee auto discount program, a buyer will be introduced to a selection of vehicles within their price range, and qualifying loan products. While some vehicles and auto lending products may not be made available due to poor credit, the option of using an employee auto discount program to purchase a new or used car is one of the best scenarios for approval on the auto of choice.

Some auto dealers specialize in working with buyers with poor credit. Not all of those advertised as dealers serving this market segment are associated with employee auto discount programs. Find a dealer honoring employee auto discount certification. Dealers working with customers with poor credit, including those interested in purchase of a new vehicle through an employee auto discount program, will provide the most range in vehicle and finance products. Experienced in working with buyers with bad credit, dealers and auto finance brokers with knowledge of employee auto discount are the best deal for buyers requiring approval on an auto loan application on the first request.

A new or used auto purchase on an installment repayment agreement is one of the best methods for improving your credit score. Apply for consumer auto credit finance through a broker that is licensed to manage the application process all the way to completion. Brokers offering employee auto discount program finance products can assist you in buying the car you want, regardless of credit history or current score. Benefit from an employee auto finance discount, and drive away today with the car of your dreams.

If you are seeking more information about purchase of a new or used car, and require broker assistance in finding the best possible auto finance package, Valley Auto Loans is an experienced broker offering employee auto discount services to qualifying customers.

Contact us for details about how you can finance an auto purchase on bad credit and a quote on your next auto loan or apply now for the financing you deserve!

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Using an Employee Discount for a Bad Credit Auto Loan by Jordan L Bourland