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Financing Facts

Your Credit Score:

Credit reporting agencies score your credit based on several factors. There are some differences between the agencies scoring system, but they are similar overall. Financial institutions use these credit scores to help predict the risk associated with lending for the purchase of (for example) homes, cars, boats, credit cards.

The score is a number usually ranging from about 350 - 850.
  • Typically, the higher the number, the lower the risk.

Examples of the factors which account for the score are:
  • The timeliness of your payments, including late payments.
  • The amount and type of debt you have.
  • The number and age of your credit accounts.
  • Inquiries created by applying for credit.
  • Public records such as liens and judgments.

Credit reporting agencies:

To get more specific information regarding your credit score, contact any of the three major credit reporting agencies. Each can provide you with a copy of your credit report including your credit score and is required to provide you with one free report annually. There may be a fee for additional requests.

Equifax:
Web: www.equifax.com
Toll-free number: (800) 685-1111

TransUnion:
Web: www.transunion.com
Toll-free number: (877) 322-8228

Experian:
Web: www.experian.com
Toll-free number: (888) 397-3742

Your monthly budget:

Most financial institutions recommend that you spend no more than 15% of your gross monthly income (GMI) on your monthly vehicle payment. Examples:
$2500 Gross income per month = $375 or less per month
$4000 Gross income per month = $750 or less per month
Monthly payments normally range from $20 - $25 per $1,000 financed. 

How Financing Decisions are made:

As part of the Orange Coast Total Promise we want you to have as much information as possible when making your buying decision.
Below are examples of information creditor's use in making lending decisions.
  •     Vehicle cost
  •     Vehicle age
  •     Vehicle mileage
  •     Your Credit Application facts
  •     Credit history and score
  •     Down payment
  •     Equity position of down payment and/or trade in.

Your monthly payment is determined by the following criteria:
  •     Amount financed
  •     Term or length of contract
  •     Annual Percentage Rate (APR)

For every $1,000 financed your payment will adjust $20-25 per month.

The Orange Coast Total Promise is all about making your buying experience fun, easy, and on time.
It's as easy as 1,2 3!!
  •     You and your Product Specialist pick out a vehicle you like
  •     You determine what financing option works best for you
  •     Take delivery right off our showroom floor