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There’s quite a bit of misinformation floating around the internet about how to obtain secondary financing for a vehicle with a low credit score. This article will aim to debunk some of the myths and rumors that surround this topic. Keep in mind, that although I have extensive experience working in bad credit finance, the information presented here does not constitute legal or financial advice in any way, shape or form. That’s the disclaimer that has to be included for legal reasons.

I started selling cars when I was very young. At 20 years old, I set out to make a career in sales at a very large car dealership in Florida. It was my first opportunity to make a decent living as a young man, and I did very well my first year in.

From salesman, I moved on to sales manager and then made a natural progression into the finance department, arranging loans for consumers. This proved to be one of the most challenging positions that I’ve held in retail car sales, although one of the most rewarding.

What proved to be so rewarding about this finance position was the fact that I was able to help people that had problems that required solutions in order to improve their quality of life. When hard times hit people, it’s usually their credit report that begins to suffer within a few months. Late payments on credit cards, car payments, house payments and the like, can wreak havoc on a FICO score.

It was one of my most humbling experiences in life to be of service to a lady by the name of Gladys Peacock. She was an older lady that had worked all of her life in a local shirt factory, had come down with cancer a few years prior and because of medical bills, had to declare bankruptcy.

I remember her walking into my office, stating that she “need to buy car bad credit and no cash to use to put down”. She had a funny way of speaking, but I certainly understood her predicament. I suppose that she was in her early ’70’s.

What I was able to do for her was arrange a loan through one of our secondary finance companies, and by using some “creative financing” tactics, I was able to help her to get her car loan without any cash out of pocket. She was able to purchase a three year old vehicle with fairly low miles, had great payments and was as happy as could be.

I remember when she left the dealership telling me about how her “grandbabies” were going to be able to ride with her to the grocery store and to church, without her having to worry about her car breaking down. She had been using public transit for some time, for fear of her older vehicle that was on it’s last leg, breaking down on her.

I was also able to provide her with an extended warranty at a very reasonable price. That was a good feeling as well.

The point of the story is, that although there are many crooks in the car business, not everyone is out to take people for everything that they have. The same is the case with online websites that provide financial services for people that have bad credit.

There are some websites that are there simply to gather customer leads that are in turn, sold to car dealerships. While others, have a more professional approach and are able to truly help people to overcome the obstacles in their life that are holding them back from dependable transportation.

When you’re looking at a website online and thinking about applying for auto finance, think about the reputation of the site. Is it registered with an online reliability program? Are there signs of security? Or, is this just a page put up to get traffic from the search engines and customer information for resale to dealers?

Those are some questions that you need to answer before filling out a credit application online.