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!
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.
Examples of the considerations that factor into your credit score are:
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
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.
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.
Your monthly payment is determined by the following criteria:
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: