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There are a number of factors that influence vehicle financing. Here, you can learn about each element and understand how they affect your lease or purchase. Armed with this information, you can feel informed and stress-free when buying a new vehicle!
Your Credit Score:
Credit reporting agencies score your credit based on several factors. Aside from a few nuances, scoring systems are similar across the board. Financial institutions use these credit scores to help predict the risk associated with lending money for homes, cars, boats, credit cards, and other purchases.
The score is a number that typically ranges from about 350 - 850.
· Generally, the higher the number, the lower the risk.
Examples of the considerations that factor into your credit score are:
· The timeliness of your 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 these three major credit reporting agencies. Each is required to provide you with one free annual report, and will give you a copy of your credit report that includes your credit score. There may be a fee for additional requests.
Toll-free number: (800) 685-1111
Toll-free number: (877) 322-8228
Toll-free number: (888) 397-3742
Your Monthly Budget:
Most financial institutions recommend that you spend 15% to 20% of your gross monthly income (GMI) on your monthly vehicle payment.
$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 to $25 per $1,000 financed.
How Financing Decisions are Made:
At Orange Coast Auto Group, we want to give you access to as much information as possible when making your buying decision.
Below are examples of information that creditors use when 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)
At Orange Coast Auto Group, it's all about making your buying experience fun, easy, and on schedule. That's all there is to it! Here's how it works:
· You and your sales rep pick out a vehicle that is the perfect fit for you
· You determine which financing option makes the most sense for you
· You drive the vehicle right off our showroom floor!