Even if you have bad credit this is a great way to get you started they advertise at rebuilding your credit, and they have testimonials from people whose credit has been poor and were able to be approved. They even have an expert on bad credit talk about the importance of getting a loan to help rebuild your credit score. So is this really true? Does the Crazy 88 auto loan event really do this for you?
One of the first things I like to do is check out their disclaimer on the site, so lets look at the Crazy 88 site.
“See dealer for complete details on all programs. Not responsible for typographical errors. See dealer for details. Bank approval required on all credit applications. Subject to finance approval to qualified buyers. Certain restrictions apply based on lender approval. $88 a month for up to 3 months at dealer discretion. Offer may be withdrawn at any time and is not to be used in conjunction with any advertised offer. Amount of down payment and monthly payment may vary based on consumer’s credit history.
For full NADA book value: negative balance applied to new loan balance. Financing on approved credit through dealer designated lender. All vehicles plus tax tags and freight. Guaranteed trade for purchase of used vehicles only. Offer may be withdrawn at any time and is not to be used in conjunction with and advertised offer CRAZY 88 is a registered marketing agent and not an automotive finance company or lender. Negative balance applied to new loan balance. Financing on approved credit through dealer designated lender.”
Now looking at this disclaimer it certainly looks like they can give you that initial deal however notice the part that says “$88 a month for up to three months at dealers discretion.” Also that certain restrictions apply to credit approval. It certainly does not look as though everyone will be able to get this deal nor be able to get the $88 a month for the duration of the whole loan.
What then happens if the monthly payments go up and then can’t make payments on your car? Your score will then be hurt by another possible repossession. So while Crazy 88 loans is a great marketing event, I don’t know if it will necessarily help you rebuild your credit score.
Originally written for Basic Credit Info .