Buying a car with challenged credit doesn't have to be a bear. CREATIVE FINANCING OPTIONS WHEN BUYING A CAR AT BACHMAN CHEVROLET

By: Mike Davenport   |   13 Oct 2016

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Establishing a solid credit history is a process that can take years. For many consumers, that credit history may endure several hits due to unfortunate financial circumstances or life occurrences that are out of their control. With the Louisville Chevy Dude at  Bachman Chevrolet, we understand the ups and downs that life brings and we are here to help.

"Very few people set out in life to have bad credit. We understand that bad things can and do happen to good people. Mike Davenport with Bachman Chevrolet is an established Secondary Lending source with decades of experience and strong banking relationships built on trust and bolstered by volume. If you have had credit issues and are in the market, we can likely help by getting you the vehicle you want and by jump starting your credit," says Bachman Auto Group Mike Davenport.

If you are in the market for a new or pre-owned vehicle and have experienced some financial difficulties, we have a great deal of experience and several options available to help. Maybe you have had to file bankruptcy, lost a family member or are dealing with illness, been through a tough divorce, have been downsized from a long-tenured job, or perhaps you've just missed a few payments on your last car loan. We take each situation into consideration, working with our customers to better understand the circumstances that led to their problems, and how we can best meet their needs going forward. We've found that in most cases there is a very real issue that caused the credit problems. We learn our customers' personal story to the extent they choose to share it, so when dealing with the lenders, the customer is considered a human being and not just a number. We work hard to get the best deal we can, so that you can purchase a dependable vehicle and begin to rebuild your credit history. Here are a few of the alternative financing options we have available.


Much like Lending Tree™ and others have done to help consumers locate the best home loans online, we utilize the same type of cutting edge technology to locate the best auto loans for our customers. We have a lender network with scores of different local and national lenders specializing in Super Prime, Prime, Near Prime, Sub-Prime and Deep Sub-Prime lending.

We use technology to compare and contrast the different loan options. We then equate one lender against the other to obtain the best lending source to meet your individual needs. By saving you time, money and frustration, We sell more vehicles and gain loyal repeat customers... done right, with the right dealer, everybody wins!


When you shop at Bachman Chevrolet for your next vehicle, we not only provide an excellent selection of vehicles to choose from, but we also help you get approved for financing on the spot. When you purchase a vehicle, we will help you secure financing that same day. Many of our lenders offer special finance incentives that people may qualify for, no matter what their credit score is.


You're buying a car and — your credit being what it is — you breathe a sigh of relief as you sign the sales contract. But several days later, the dealer calls to say that the financing fell through and you have to sign a new agreement at a higher interest rate. Naturally, you're confused and don't know how to respond.

You could be the victim of what's called "yo-yo financing." In this situation, a dealer permits a buyer — typically someone whose credit is shaky — to take possession of a car before the financing is actually complete. A short time later, however, the buyer is pulled back to the dealership when the financing falters. He's faced with having to pay higher interest rates and fees. Sometimes the dealer demands a larger down payment, too.

The yo-yo ploy is a byproduct of the "spot delivery" process, in which cars are sold "on the spot" before the financing is complete. Depending on where you live, there might be laws to protect consumers from spot delivery abuses — or not. THIS IS NOT A PRACTICE DONE AT BACHMAN CHEVROLET. OUR RELATIONSHIPS WITH OUR LENDERS GIVES US ADVANTAGES OVER EVERY DEALERSHIP TO INSURE WE HAVE THE FACTS BEFORE YOU SIGN ON THE DOTTED LINE.


Many first time buyers have been frustrated to find that lenders are reluctant to take a chance on them. They find it difficult to get started because they have little to no established credit. Many of these capable buyers have good jobs and income, and are willing to place a down payment, but because they lack experience or have a zero credit score, they have been turned down for conventional financing. It's the old chicken and the egg routine... Which came first? How do I get a loan without credit, and how do I get credit without first getting a loan?

With Mike Davenport and  Bachman Chevrolet, we have lenders that specialize in making loans to first time buyers. In fact it has been said by some of our lenders that they would almost rather have a zero score with potential, (i.e. job/ income/ cash down/ reasonably priced car) than to place a loan with someone who has a high credit score but an extremely high debt ratio... "Who is the bigger risk?" "Whose got more to prove?"


At Bachman Chevrolet, we have well-seasoned, experienced sales and management staff  and of course myself that can help you navigate these tough waters. We can help you find the perfect vehicle and lender to suite your individual needs, regardless of credit.


Finally, we realize that everyone deserves to be treated with common decency, respect and dignity. We know that the vast majority of humans inhabiting this earth are just a few pay checks, or a single tragedy, away from financial disaster. No one is immune, and therefore it is important to care for one another to the best of our ability in life and in business and to help wherever we can along the way. At Bachman Chevrolet, we are committed to the principle that in helping others, we are in turn helping ourselves.  You can see what people say after the sale here:


These are just a few of the alternative financing options made available to our customers struggling with little to no credit, or poor credit. For a more detailed look at the options available to you when buying a new or pre-owned vehicle, stop by our dealership and see me Mike Davenport The Louisville Chevy Dude  or contact me via or download my app at and learn how to take advantage of the many choices available exclusively at Bachman Chevrolet.


Money down or trade equity is key. The more you have the better terms and conditions you'll get. (% rate, term of the loan, actaul car the bank will approve, lower payment, etc) 10% is a good number, 20% is a great number. 

Bring with you your Most recent paystub showing inome and taxes, 1099/self-employed  employess last 3 months of bank statements and possible 2 years of tax returns, utility bill showing proof of where you live, 6 names, addresses, phone numbers of different household family members or friends, proof of full coverage insurance. 



Remember a car purchase is a temporary thing. This isn't forever. Sometimes you have to settle. Trust me I don't want you to settle. I want you to have a car you enjoy and an experinece that makes you want to come back and buy a car from me again and again plus tell all your friends, coworkers, etc about me. However, you have to remeber the goal at hand. 1. good reliable transportation, 2. build credit, 3. opprtunites for better jobs, 4. and endless possibilites with a great car.   I will always have a plan of attack for you before, during, and after the loan approval. 


Have a Great Day and Drive Safely,



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