My name is Louis Alexander, and I want to thank you for stopping by my website. I have an active family that consists of my wife Janice, our three children, two dogs, three horses, and me. We needed not only a truck that could tow, but also one that would comfortably seat my family. We are on the road for many hours when traveling to horse shows or on camping trips. We needed a new vehicle. One that would be capable of towing our horse trailer and travel trailer. I did a great deal of research online before venturing out to test drive trucks. I learned a lot about tow capabilities and capacities. I also discovered some differences between trucks that ran on diesel and gasoline. I’m going to share some of the information I found out about trucks and hope you find it of value.
Deciding on the make, model and color of car you want is only a part of the car buying process. The most important part of this process is getting financing. When you secure financing, the lending institution is taking your word that you will make your payments on time. Given this risk, securing financing often comes as a challenge to many. Preparing for auto loan financing beforehand can prove to be helpful.
A Test Run
Lenders review applications based on your request. In addition to your credit, vehicle cost and your income will be reviewed to determine if you can afford the vehicle. While there are situations when a lender might deny your initial request and provide you with a counter offer, this isn't always the case. It's better to ask for an amount that you know you can afford to avoid a denial.
Consider a test run to help you accomplish this. Review your budget and determine what you believe you can afford to spend each month on a new car. For three months, set this amount aside. If you're able to do this comfortably, you have a better chance of being approved. If not, it's back to the drawing board. While this method isn't exactly fool-proof, it at least offers insight as to whether or not you're in the right figure ball-park.
Meet With A Personal Banker
Your bank isn't just a place to hold your money, but also a financial institution that offers a plethora of information. Schedule an appointment with a personal banker to discuss your finances and your credit. Many banks offer free credit reports and scores to their customers. Request a copy of your report and have the banker sit down with you to discuss your rating.
This conversation can help you determine if you're ready to purchase a car or if you need to work on your credit first. It's also a good idea to bring along a prepared budget, showing your income and expenses over the last few months. Tell the banker that you're interested in purchasing a vehicle. While a banker can't tell you whether you would be approved, the banker can use their expertise to let you know if you're headed in the right direction.
The Dealership
The dealership that you visit also has an influence on the type of financing options that are available to you. Even with great credit and a decent down-payment, if the dealership doesn't have connections with top lenders, your options will be limited. Stick to reputable dealerships. If you're having a difficult time finding a dealership, your bank may also be able to help in this area.
How much preparation you do will have a significant impact on the type of financing you're able to secure. Between your leg-work and the helpful assistance of the financing agent at the dealership, you should be able to drive off the lot in the car of your dreams. Talk to a representative at a dealership like Woodrum Ford Lincoln to learn more about your financing options.
Share30 December 2014
