5 Steps To Getting Financing In A Credit Crunch
There are lots of great vehicles available today - if you've got the money. Even though the deals are very attractive as dealers scramble for customers, the painful truth is that money is hard to come by. You'll need funds for your down payment and enough income to make the monthly payments, whether you purchase or lease.
Financing Tips for All Credit Scores
So what is good credit? Most lenders consider a Fair Isaac Score of 700 or better as good, but some of the too-good-to-be-true finance offers (no payments for 6 months, 2.9% financing, etc) require scores of even 720 and higher. A buyer with a 700+ should be able to get very competitive rates, but don't assume that the buyer will automatically qualify for the best rate. The higher the percentage the F&I (the Finance & Insurance dept at a car dealership) manager can sell the loan for, the more money he makes.
Tips on Shopping for Car Financing
When many of us purchase a used vehicle, we look for financing. However, we don't always consider all our options and sometimes just go the quick and easy route, even if it means costing more money. But looking for the best car financing doesn't have to be difficult.