Financing Your New Car Or Vehicle
Financing your new car is not a difficult chore at a dealer. Generally it is mucy easier than any other type of loan (second only to getting a credit card). What the dealer will generally do:
- First the salesman will get you to fill out an application..
- Second the new car salesman will take it over to the F&I manager (basically the person that handles all the financing for the dealership)
- Thirdly you are approved!!!!!
Now lets take a look at what they are really doing!!
Ok the salesperson is getting you to fill out a credit application, which inturn he or she will give it to the F & I manager (the Finance and Insurance manager) also know as 'THE CLOSER' Watch it they can be alot more agressive than the salesperson you just dealt with. At this point, once the application is handed off, the salesperson is pretty well out of the picture.
Some things you want to be aware of:
- Pay close attention to your credit. If you care about your credit at all especially if you have outstanding credit (700 score or more - in todays market 650 or less is becoming bad credit to most creditors).
The F & I manager will send your application to 2 or more different banks all pulling your credit -- which lowers you score with each credit pull - try to specify if you only want your credit pulled once. Try to let the manager know ahead of time (and be honest because they will find out) how your credit is, and if you are or are not currently behind on any bills.
- Now you are approved right -- lets take a close look at the numbers. Dealerships will often try to sneak in extra costs called Doc Fees that do absolutely nothing but cost you more money and gives the dealer ship more profit.
- Watch for things also like extra warranties - service bills that may not apply ect.....
If you are not feeling comfortable - WALK AWAY...
Never sign for anything you don't understand or anything that is not explained to you.
Dealers Don't want you to leave!! So get your WAY!!
If you may have horrible credit...
Lets say the dealer is telling you that you may need money down because you have a bad credit financing situation - Try to get your down money worked into the loan by getting the dealer to up the price of the vehicle .. Some will help you some will not depending on how strategic they want to be...
Have bad credit?
Can't Get approved for an auto loan?
Bad Credit Auto Loan Application
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