Benefits of a Credit Acceptance Dealer
Oct 03, 2024
Building Credit | Car Buying Process

In today’s world, owning a vehicle is not just a luxury but often a necessity. However, for those with less-than-perfect credit scores, securing financing can be an uphill battle. This is where credit acceptance dealers, like Dave Says Yes, come into play. These dealers specialize in helping customers with varying credit histories get behind the wheel of a reliable car.

What is a Credit Acceptance Dealer?

A credit acceptance dealer is a car dealership that partners with lenders to offer financing solutions specifically tailored for individuals with poor or limited credit histories. Unlike traditional dealerships that may turn away customers with financial challenges, credit acceptance dealers provide a lifeline by working closely with lenders to secure financing that would otherwise be unavailable.

How Does the Process Work?

At Dave Says Yes, the process begins with understanding the customer’s financial situation. Our team is committed to listening and evaluating each case on its merits, ensuring that we offer a personalized approach to car financing. Here’s how it works:

Customer Consultation: We start by discussing the customer’s budget, credit history, and automotive needs. This helps us tailor the best possible financing solution.

Flexible Financing Options: We collaborate with a network of lenders that specialize in subprime lending. This allows us to offer flexible financing solutions, which might include longer loan terms or lower down payments, making the monthly payments more manageable.

Unique Programs and Offers: At Dave Says Yes, we offer special programs such as trade-in bonuses or referral incentives to help ease the financial burden on our customers. These programs are designed to provide additional value and support during the car-buying journey.

Structuring Deals to Fit Individual Needs

Our ultimate goal is to ensure that customers drive away in a vehicle that fits their lifestyle and budget. Here are a few examples of how we structure deals:

Deferred Payment Options: For some, immediate cash flow might be a concern. We offer deferred payment options that allow customers to start their payments after a set period.

Tailored Loan Terms: We work with lenders to negotiate loan terms that align with the customer’s financial situation, whether that means adjusting interest rates or the length of the loan.

Success Stories: Real-World Impact

Our customers’ success stories are the heart of what we do. Take Sarah, for instance, who faced financial difficulties following a job loss. With a low credit score, she struggled to find a dealer willing to finance a car. At Dave Says Yes, we evaluated her entire financial picture and offered her a manageable financing option. Today, Sarah is not only back on the road but has also improved her credit score by making timely car payments.

Actionable Advice for Potential Buyers

If you’re considering this financing option, here are a few tips to ensure a smooth car-buying experience:

  1. Know Your Budget: Understand what you can afford in terms of monthly payments and down payment.
  2. Check Your Credit: Before visiting the dealership, get a copy of your credit report. This will help you understand your financial position better.
  3. Be Open and Honest: Transparency about your financial situation will enable us to tailor the best financing solution for you.
  4. Consider All Options: Don’t hesitate to explore various vehicles and financing terms. Flexibility is key to finding the right fit.

At Dave Says Yes, we believe that everyone deserves the opportunity to own a reliable vehicle, regardless of their credit history. Our commitment to our customers is unwavering, and we strive to make the car-buying experience as stress-free and rewarding as possible. Visit us today to explore how we can help you say “yes” to your next vehicle!

Sep 06, 2024
Building Credit | Tips


Embarking on the journey to buy a new car is an exhilarating adventure! But let’s be honest—the credit application process can often feel intimidating. Don’t worry! With the right preparation and a bit of guidance, you can master this process with confidence and ease. At Dave Says Yes, we’re here to empower you with the tools and insights you need to make your car-buying experience not just seamless, but truly enjoyable. Dive into our comprehensive guide, and let’s turn that daunting credit application into a breeze!

Want to start the process early? You can complete our online finance application from the comfort of your own home!

Essential Documents to Bring

When visiting a dealership, readily available documents can significantly streamline the credit application process. Here’s a checklist of essential items you should bring along:

  1. Proof of Income: This could be recent pay stubs, W-2 forms, or tax returns if you’re self-employed. Lenders want to ensure you have a steady income to make your monthly car payments.
  2. Identification: A government-issued ID, such as a driver’s license or passport, is crucial to verify your identity.
  3. Proof of Residence: Utility bills or rental agreements can serve as proof of your current address, helping lenders assess your stability.
  4. Financial Statements: These may include recent bank statements or investment account summaries to provide a comprehensive view of your financial health.
  5. Credit References: If you have a history of borrowing, having references or letters from previous lenders can be advantageous.

Preparations Before Your Visit

To ensure a smooth process at the dealership, you should undertake some preparations beforehand:

  1. Check Your Credit Score: Understanding your credit score gives you a clear picture of your borrowing power. Many online services offer free credit reports, so take advantage of these to check if there are any discrepancies that need addressing.
  2. Research Financing Options: Explore different financing avenues, such as banks, credit unions, or the dealership’s in-house financing. This research can help you compare interest rates and terms to find the best deal.
  3. Set a Budget: Determine what you can afford in terms of monthly payments and the overall cost of the vehicle. This will prevent you from overspending and keep your finances in check.
  4. Gather Necessary Documents: Collect all your documents in an organized folder or digital file. This preparation will save you time and reduce stress during the credit application process.

Actionable Tips for a Smooth Experience

  • Be Honest and Transparent: Misrepresenting your financial situation can lead to complications down the line. Always provide accurate information.
  • Negotiate Terms: Don’t be afraid to negotiate the terms of your financing. Dealers often have some flexibility, and getting the best deal is in your interest.
  • Ask Questions: If something is unclear during the process, ask questions. Understanding every aspect of your financing agreement is crucial.
  • Consider a Co-Signer: If your credit score is less than ideal, a co-signer with better credit can help you secure a loan with more favorable terms.

Feeling confident and informed can transform the car-buying process from a chore into a rewarding experience. By following these steps and bringing the necessary documentation, you’ll be well-prepared to tackle the credit application process with ease. At Dave Says Yes, we’re here to support you every step of the way. Happy car shopping!

Aug 06, 2024
Building Credit
Understanding Credit Scores – Dealership Credit Checks vs. Credit Karma

Credit scores are crucial in our financial lives, influencing everything from loan approvals to interest rates. When planning to purchase a car, understanding how your credit score impacts the financing process can save you time and money. This blog post will delve into the key differences between credit score checks done by car dealers and the credit score service provided by Credit Karma. We’ll explore the technical differences between credit scoring models and their relative importance to customers and offer tips to help you improve your credit score for smoother auto financing.

Understanding Credit Scoring Systems

What is a Credit Score?

Credit scoring is a statistical analysis used by lenders to determine the creditworthiness of a person or a small business. Different financial institutions use various scoring models, but the two most common are FICO and VantageScore.

Major Credit Bureaus

Credit scores are calculated based on data from three major credit bureaus: Experian, Equifax, and TransUnion3. Each bureau may have slightly different information, leading to variations in your credit scores.

Key Credit Scoring Models

  • FICO Score: Widely used by lenders for making credit decisions. It ranges from 300 to 850, with higher scores indicating better creditworthiness.
  • VantageScore: Created as a joint effort by the three major credit bureaus. Like FICO, it also ranges from 300 to 850.

Credit Score Checks by Car Dealers vs. Credit Karma

Car Dealer Credit Checks

When you approach a car dealer for financing, they typically perform a hard inquiry on your credit report. Here’s how it works:

  • Hard Inquiry: This type of credit check can temporarily lower your credit score by a few points. Dealers often check scores from multiple credit bureaus to secure the best loan terms.
  • Customized Scores: Some dealers use specialized auto industry-specific scoring models that weigh factors differently compared to general-purpose credit scores.
  • Impact on Financing: The credit score obtained by the dealer directly influences your interest rate and loan approval chances. Lower scores often result in higher interest rates or even loan denial.

Credit Karma Credit Score Service

Credit Karma provides free access to your credit scores and reports from only two major credit bureaus—TransUnion and Equifax. Here’s what makes it different:

  • Soft Inquiry: Checking your credit score on Credit Karma does not affect your credit score as it involves a soft inquiry.
  • Educational Tool: Credit Karma helps you monitor your credit health and understand factors affecting your score. This can be particularly useful for planning before you visit a car dealer.
  • General Scores: The scores provided are VantageScores and may differ slightly from the scores used by auto lenders.

Importance of Checking Your Credit Score Before Visiting a Car Dealer

Knowing your credit score before visiting a car dealer is crucial for several reasons:

  • Negotiation Power: Knowing your score allows you to negotiate better financing terms.
  • Loan Preparation: Understanding your score helps you anticipate and address potential financing challenges beforehand.
  • Avoid Surprises: Knowing your score can prevent unpleasant surprises or denials at the dealership.

How Car Dealerships Operate with Regards to Credit Score Checks and Auto Financing

Car dealerships like Dave Says Yes often work with multiple lenders to provide financing options to customers. Our close relationships with some lenders allow us to lend to some who may have been turned down in the past. We will submit your credit application to these lenders, who perform hard inquiries and return offers based on your credit profile. The dealership may present you with several financing options, each with different terms and interest rates based on the credit scores provided by the lenders.

Tips to Improve Your Credit Score for Easier Car Purchases

Tips to Improve Your Credit Score for Easier Car Purchases

  1. Pay Bills on Time: Consistent, timely payments are among the most significant factors in building good credit.
  2. Reduce Debt: Lowering your overall debt level can improve your credit utilization ratio, positively impacting your score.
  3. Check for Errors: Regularly review your credit reports for inaccuracies and dispute any errors.
  4. Limit Hard Inquiries: Avoid applying for too much new credit quickly, as each application can lead to a hard inquiry.
  5. Maintain Long-Term Accounts: Older credit accounts contribute positively to your credit history length.

Understanding the differences between credit score checks by car dealers and scores found on Credit Karma can help you navigate the auto financing process with confidence. While Credit Karma provides an overview of your creditworthiness from a credit card company’s perspective, car dealerships consider factors such as income, job tenure, and payment history. Proactively managing your credit score and knowing what to expect from dealership credit checks can help you secure better financing terms and make informed decisions. Remember, improving your credit score takes time, but with persistent effort, you’ll be well-prepared for your next car purchase with Dave Says Yes.

May 31, 2024
Building Credit | Tips

Credit scores play a crucial role in our financial lives, impacting everything from loan approvals to interest rates. Understanding your credit and knowing how to improve it is essential for financial health. If you have less-than-perfect credit, special finance options can be a lifeline, helping you rebuild your credit while making necessary purchases.

Understanding Credit Scores

Your credit score is a numerical representation of your creditworthiness, based on your credit history. Scores typically range from 300 to 850, with higher scores indicating better credit. Factors influencing your credit score include payment history, credit utilization, length of credit history, types of credit, and recent inquiries.

Poor credit scores can result from various factors such as missed payments, high debt levels, or a lack of credit history. Unfortunately, a low score can make it challenging to obtain loans or credit cards, and those that are available often come with high-interest rates.

The Role of Special Finance

Special finance is designed to assist individuals with subprime credit scores in securing loans and financing options. It provides an opportunity for those with poor credit to purchase essential items, such as a vehicle, and start rebuilding their credit profile. Here’s how special finance can help:

  1. Access to Credit: Special finance lenders are more willing to work with individuals who have less-than-perfect credit. They offer loans with terms designed to accommodate higher-risk borrowers, providing access to necessary funds that might otherwise be unavailable.
  2. Credit Improvement: By making timely payments on a special finance loan, you can demonstrate responsible credit behavior. This positive payment history is reported to credit bureaus, which can improve your credit score over time.
  3. Customized Solutions: Special finance programs often offer flexible terms and payment plans tailored to your financial situation. This customization can help ensure that you can meet your payment obligations without undue stress.
  4. Building Financial Confidence: Successfully managing a special finance loan can boost your financial confidence. It proves that you can handle credit responsibly, setting a foundation for future financial decisions.

Tips for Rebuilding Credit with Special Finance

  • Make Timely Payments: Consistently paying your loan on time is crucial. Set up reminders or automatic payments to avoid missing due dates.
  • Monitor Your Credit: Regularly check your credit report to track your progress and ensure there are no errors.
  • Keep Balances Low: If you have credit cards, keep your balances low relative to your credit limit. High utilization can negatively impact your score.
  • Avoid New Debt: While rebuilding, avoid taking on additional debt. Focus on managing and paying down your current obligations.

Special finance can be an invaluable tool for those looking to rebuild their credit. By providing access to credit and offering a pathway to improve your credit score, these programs help you regain financial stability. Remember, rebuilding credit takes time and discipline, but with the right approach and tools like special finance, you can achieve a healthier financial future.

May 22, 2024
Building Credit | Tips

In the always changing landscape of the automotive industry, the role of special finance plays a crucial role in the automotive industry; ensuring accessibility and inclusivity for consumers across a spectrum of financial backgrounds. Special finance, also known as subprime or non-prime auto financing, caters to individuals with less-than-perfect credit scores or unique financial circumstances, providing them with the opportunity to secure vehicle financing when traditional lenders may not be able to accommodate their needs.

Expanding Access to Vehicle Ownership

One of the primary functions of special finance is to expand access to vehicle ownership for individuals who may face challenges obtaining traditional financing due to factors such as low credit scores, limited credit history, or past financial setbacks. By offering alternative financing options tailored to diverse credit profiles, special finance programs empower a wider range of consumers to purchase reliable transportation, enhancing their mobility and quality of life.

Meeting Diverse Consumer Needs

Special finance programs like what we’ve built at Dave Says Yes, are designed to address the diverse needs and circumstances of consumers, recognizing that not all car buyers fit into a one-size-fits-all financing model. Whether it’s providing flexible terms, accommodating lower down payments, or offering specialized financing solutions for unique situations, special finance lenders work to tailor their offerings to meet the specific needs of each individual customer.

Supporting Economic Growth

Beyond individual consumer benefits, the role of special finance plays a crucial role in the automotive industry in also supporting economic growth by stimulating vehicle sales and driving demand within the automotive market. By providing financing options to a broader segment of consumers, special finance programs contribute to increased vehicle sales, which in turn generates revenue for dealerships, manufacturers, and related industries, fostering economic activity and job creation.

Navigating Challenges and Opportunities

While special finance offers valuable opportunities for consumers and businesses alike, it also presents unique challenges and considerations. Lenders and dealerships must navigate regulatory compliance, risk management, and consumer protection standards to ensure responsible lending practices and uphold ethical standards within the industry. Additionally, ongoing innovation and adaptation are essential to meet evolving consumer preferences and market dynamics effectively.

In summary, the role of special finance plays a crucial role in the automotive industry by expanding access to vehicle ownership, meeting diverse consumer needs, supporting economic growth, and navigating challenges and opportunities. As the automotive landscape continues to evolve, special finance remains a vital component of ensuring inclusivity, accessibility, and affordability for all consumers in their pursuit of vehicle ownership and mobility.

Apr 23, 2024
Building Credit | Car Buying Process

Understanding Special Finance

Understanding how to make the most special finance deals is crucial for individuals facing credit challenges or limited financial resources. Unlike traditional financing options, special finance caters to those with less-than-perfect credit histories, offering them a lifeline to secure auto loans and purchase vehicles. These deals often come with higher interest rates and may require larger down payments to mitigate the lender’s risk. By comprehending the nuances of special finance, individuals can navigate the process more effectively, empowering themselves to make informed decisions and access the transportation they need.

Establishing a Realistic Budget

Establishing a realistic budget is the cornerstone of a successful car purchase, especially when considering special finance options. It involves a thorough assessment of one’s financial situation, taking into account factors such as income, expenses, and existing financial obligations. By determining how much they can comfortably afford to spend on a car, individuals can avoid overextending themselves financially and ensure that they can afford their loan payments. This process not only helps individuals set realistic expectations but also empowers them to make informed decisions when selecting a vehicle and negotiating financing terms. Ultimately, a well-defined budget sets the foundation for a successful and sustainable car ownership experience.

Finding the Right Lending Partner

Finding the right lending partner is essential when exploring how to make the most of special finance deals. It involves thorough research into various lenders and dealerships that specialize in catering to individuals with credit challenges. By comparing interest rates, terms, and eligibility requirements, individuals can identify a partner that aligns with their needs and financial goals. A reputable lending partner will offer transparent and competitive financing options, providing clarity and support throughout the loan application process. Additionally, they will prioritize customer satisfaction, offering personalized guidance and assistance to help individuals navigate the complexities of special finance. Ultimately, finding the right lending partner sets the stage for a positive and rewarding car buying experience.

Balancing Needs, Wants, and Budget

Balancing needs, wants, and budget is a crucial step when financing a vehicle, especially when considering special finance options. It involves carefully assessing one’s transportation needs, desired features, and financial limitations to find a vehicle that strikes the right balance. Individuals should prioritize essential factors such as reliability, fuel efficiency, and safety features to ensure that the chosen vehicle meets their practical requirements. At the same time, they should consider optional features and upgrades that enhance comfort and convenience, without exceeding their budget. By aligning their needs and wants with their financial constraints, individuals can make a well-informed decision that maximizes value and satisfaction. This approach not only ensures that individuals choose a vehicle that meets their functional and lifestyle needs but also helps them avoid financial strain and maintain long-term affordability.

Advocating for Your Financial Interests

Advocating for your financial interests is paramount when negotiating terms for a vehicle purchase, particularly with special finance deals. It involves assertively communicating your preferences and priorities to ensure that the financing terms align with your financial goals. This may include negotiating for lower interest rates, reduced fees, or more favorable loan terms that minimize the overall cost of borrowing. Additionally, individuals should scrutinize the fine print of the loan agreement and seek clarification on any ambiguous terms or conditions. By advocating for their financial interests, individuals can secure a financing package that not only meets their immediate needs but also positions them for long-term financial success. This proactive approach empowers individuals to take control of their financial future and make informed decisions that support their overall financial well-being.

Building a Strong Financial Future

Building a strong financial future is a crucial consideration when securing a vehicle through special finance. Responsible financial management, including making timely loan payments and managing expenses prudently, is essential to improve creditworthiness and pave the way for better financial opportunities in the future. Individuals should prioritize budgeting, saving, and establishing an emergency fund to weather unexpected expenses and financial setbacks. Additionally, maintaining open communication with lenders and actively monitoring credit reports can help individuals track their progress and identify areas for improvement. By adopting these proactive financial habits, individuals can gradually strengthen their financial standing and position themselves for more favorable financing options and greater financial stability in the long run.

Achieving Your Automotive Goals

Achieving your automotive goals, especially when navigating special finance options, requires a combination of knowledge, diligence, and strategic planning. By understanding the nuances of special finance, establishing a realistic budget, finding the right lending partner, balancing needs, wants, and budget, advocating for your financial interests, and building a strong financial future, you can empower yourself to make informed decisions and secure a vehicle that meets your needs and aligns with your financial goals. With careful consideration and proactive financial management, you can turn your automotive aspirations into reality, setting the stage for a positive and rewarding car ownership experience for years to come by making the most of special finance deals.

Apr 23, 2024
Building Credit | Car Buying Process

Special finance and traditional financing are two common options for purchasing a vehicle, each with its own set of advantages and disadvantages. Our expert team at Dave Says yes is here to help you understand the differences between these financing options that will help you make an informed decision about which option is best for you.

Special Finance:

Special finance is designed for individuals with less-than-perfect credit or those who may have difficulty obtaining financing through traditional channels. This type of financing typically comes with higher interest rates and may require a larger down payment compared to traditional financing.

One of the main advantages of special finance is that it provides an opportunity for individuals with challenged credit to purchase a vehicle. For those who may not qualify for traditional financing, special finance can be a lifeline, allowing them to get behind the wheel of a car they need for work or personal reasons.

However, there are also some downsides to special finance. The higher interest rates mean that buyers may end up paying more for their vehicle over the life of the loan. Additionally, the terms of special finance loans may be less favorable compared to traditional financing, with shorter loan terms and stricter repayment requirements.

Traditional Financing:

Traditional financing, on the other hand, is offered by banks, credit unions, and other financial institutions to individuals with good credit history. This type of financing typically comes with lower interest rates, longer loan terms, and more flexible repayment options compared to special finance.

One of the primary advantages of traditional financing is the lower cost of borrowing. With lower interest rates, buyers can save money over the life of the loan and enjoy more manageable monthly payments. Additionally, traditional financing often comes with more favorable loan terms, such as longer repayment periods and lower down payment requirements.

However, traditional financing may not be accessible to everyone, especially those with poor credit history or limited credit. Individuals who do not meet the credit requirements may find it challenging to qualify for traditional financing and may need to explore alternative options such as special finance or leasing.

Special finance and traditional financing each have their pros and cons. Special finance provides an opportunity for individuals with credit challenges to purchase a vehicle, with slightly higher payments and possibly longer terms. Traditional financing generally offers lower interest rates and more favorable loan terms but may not be accessible to everyone. It’s essential to thoroughly review the advantages and disadvantages of each option carefully and choose the financing solution that best fits your needs and financial situation. Once again, this is exactly what our team at Dave Says Yes is built to do! Stop by today and see how we can help you get the vehicle you want.

Mar 25, 2024
Building Credit

Building credit is an essential step towards financial empowerment and unlocking opportunities for the future you want. Whether you’re starting from scratch or looking to improve your credit score, understanding the basics of credit building is key to achieving your financial goals.

Tips for building credit.

Establish a Solid Credit Foundation:

The first step in building credit is to establish a solid foundation by opening a credit account. Consider applying for a secured credit card or becoming an authorized user on a family member’s credit card, as a result; this will help build your credit history.

Make Timely Payments:

Payment history is the most significant factor to determine your credit score. It’s crucial to make timely payments on all your credit accounts. We think it is best to set up automatic payments or reminders to ensure you never miss a due date.

Keep Credit Utilization Low:

Aim to keep your credit utilization ratio—the amount of credit you’re using compared to your total available credit—below 30%. High credit utilization can negatively impact your credit score, so focus on paying down balances and avoiding maxing out your credit cards.

Diversify Your Credit Mix to Build Better Credit:

Having a diverse mix of credit accounts, such as credit cards, installment loans, and a mortgage, can positively impact your credit score. However, only open new accounts when necessary and manage them responsibly to avoid overextending yourself.

Monitor Your Credit Report:

Regularly monitor your credit report to check for errors, inaccuracies, or fraudulent activity that could negatively impact your credit score. You’re entitled to one free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—every year.

Be Patient and Persistent While Building Credit:

Building credit takes time, so be patient and persistent in your efforts. Focus on practicing good financial habits, such as budgeting, saving, and managing debt responsibly, and your credit score will gradually improve over time.

Following these tips and staying committed to responsibly managing your finances, you can build a strong credit foundation. Remember, building credit is a journey. At Dave Says Yes we are committed to helping you every step along the way. Our only goal is getting you closer to achieving your financial goals. If you have any questions our team is the most qualified to get you answers. We would love to have the opportunity to help you build the future you desire. Stop in or give us a call today!

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