If you have a bad credit score, it can be difficult to get approved for financing when buying a car. However, Enterprise Car Sales claim to be different. They advertise that they can work with customers with bad credit to help them get behind the wheel of a reliable vehicle. But is this claim too good to be true? In this article, we will explore the ins and outs of Enterprise Car Sales and how they work with customers with bad credit.
Who is Enterprise Car Sales?
Enterprise Car Sales is a division of Enterprise Rent-A-Car founded in 1957. The company has since grown into a leading provider of car rental services worldwide. In 1962, Enterprise Car Sales was established to sell used cars from its rental fleet. Enterprise Car Sales has over 130 locations across the United States.
How Does Enterprise Car Sales Work with Bad Credit?
Enterprise Car Sales claim to work with customers with bad credit to help them get behind the wheel of a reliable vehicle. They have a team of financing experts who will work with you to understand your financial situation and find a solution that works for you. This includes finding a car that fits your budget and financing options that you can afford.
One way that Enterprise Car Sales helps customers with bad credit is through their partnership with various lenders. These lenders specialize in working with customers who have bad credit and offer financing options that may be more accessible than traditional lenders. Additionally, Enterprise Car Sales offers a rent-to-own program allowing customers to make payments over time and eventually own the car outright.
What Are the Requirements to Purchase a Car from Enterprise Car Sales?
You must meet certain requirements to purchase a car from Enterprise Car Sales. These requirements may vary depending on the location and the lender but typically include the following:
- Proof of income
- Proof of insurance
- A valid driver’s license
- A down payment (usually at least 10% of the purchase price)
- A credit check
Keep in mind that meeting these requirements does not guarantee approval for financing. Enterprise Car Sales’s lenders will consider your credit score and other factors when deciding.
Can You Build Your Credit with Enterprise Car Sales?
One advantage of purchasing a car from Enterprise Car Sales is the potential to improve your credit score. If you make your payments on time and in full, it can positively impact your credit score over time. Additionally, Enterprise Car Sales report your payments to the major credit bureaus, which can help establish a positive credit history.
What Are the Advantages of Buying from Enterprise Car Sales with Bad Credit?
There are several advantages to purchasing a car from Enterprise Car Sales if you have bad credit. These include:
- Access to a wide selection of reliable used cars
- Flexible financing options that can work with your budget
- A team of financing experts who specialize in working with customers who have bad credit
- The potential to improve your credit score over time
What Are the Disadvantages of Buying from Enterprise Car Sales with Bad Credit?
While there are advantages to purchasing a car from Enterprise Car Sales with bad credit, there are also some potential disadvantages. These include:
- Higher interest rates than if you had good credit
- Required down payment of at least 10% of the purchase price
- Limited inventory in some locations
- Limited ability to negotiate the price of the car
Can You Negotiate the Price of a Car with Enterprise Car Sales?
Enterprise Car Sales prices their cars competitively and do not negotiate on price. However, they do offer a no-haggle pricing policy, which means that the price you see is the price you pay. This can be an advantage for customers who may not feel comfortable negotiating the price of a car.
What Are the Alternatives to Enterprise Car Sales for Buying a Car with Bad Credit?
If you have bad credit and want to buy a car, several alternatives exist to Enterprise Car Sales. These include:
- Buy-here-pay-here dealerships: These dealerships offer financing directly to customers, often without requiring a credit check. However, they typically charge higher interest rates and may have limited inventory.
- Online lenders: Online lenders like Carvana and Vroom offer to finance and allow you to buy a car online. They may have more lenient credit requirements than traditional lenders.
- Credit unions: Some credit unions offer financing options for members with bad credit. They may have lower interest rates than traditional lenders.
Tips for Improving Your Chances of Approval with Enterprise Car Sales
If you have bad credit and are considering purchasing a car from Enterprise Car Sales, there are several steps you can take to improve your chances of approval. These include:
- Checking your credit report and disputing any errors
- Saving up for a larger down payment
- Providing proof of stable income and employment
- Having a cosigner with good credit
Conclusion
If you have bad credit and need a reliable vehicle, Enterprise Car Sales may be a good option. They offer flexible financing options and a team of experts who specialize in working with customers with bad credit. Additionally, purchasing a car from Enterprise Car Sales and making your payments on time can help improve your credit score. However, it’s essential to know the potential disadvantages, such as higher interest rates and required down payment. It’s also important to consider alternatives to Enterprise Car Sales, such as buy-here-pay-here dealerships, online lenders, and credit unions.