Final answer:
George financed his car with a loan even though he has a poor credit score. Lenders might offer loans to individuals with poor credit if they provide collateral or a cosigner. The terms of such loans are heavily influenced by the individual's credit history.
Step-by-step explanation:
George bought a new car at a car dealership that offered on-the-spot financing through a loan. Despite his poor credit score, George was still provided with a financing option. This scenario illustrates that your credit history can significantly affect the approval of your loan and your monthly payment amounts when purchasing a vehicle.
However, even with a poor credit score, there are ways to secure a loan, such as by providing collateral or having a cosigner. These methods assure the lender about the repayment of the loan in case the borrower defaults. It's important for George, and anyone in a similar situation, to be aware of the terms of the loan including interest rates, the time period for repayment, and any additional fees that could be incurred due to their credit standing.