Car Buying Tips Guide 1

In a non-confrontational way, ask or offer a discounted price for the item(s)that interest you. A good F&I person will eithe ...

TIP: Your goal in the Box is to get out with only what you want. The dealer’s is to sell you everything on the menu. Weak F& ...

Finally, remember: Whoever asks the questions controls the conversation. Ilearned that the first week I was a broker. You can ma ...

CHAPTER 7 - FINANCING he majority of cars over $10,000 are financed. While car loans area bit simpler than leases, there are sti ...

The 800-pound gorilla in the field is positive reviews from watchdog agencies and outfits like the BetterLexington Law, who gets ...

dealers now can be fined heavily for pulling credit without writtenpermission. It used to be that every time someone pulled your ...

tracking agencies until you’re 60 or 90 days behind. But they often will thenretroactively report 30-day-late payments. Then the ...

and most agencies will accept it. TIP: You can negotiate to pay a lesser amount on collections^ Sadly, if you want to try to get ...

Lenders care more about car repossessions than bankruptcy andforeclosures, as they indicate a history on your part that you may ...

below that, they’re more careful. DTI is the percentage of your grossincome that will be consumed by your big bills such as a mo ...

monthly payment in dollars, per thousand borrowed, as in “$20 (payment)per $1,000 (borrowed).” It is based on interest rate and ...

that you’re a poor risk to an auto lender. A substantial down payment—atleast 20 percent—will make your chances substantially be ...

forever. TIP: A cosigner doesn’t have to be locked into the car loan^ If the first six to 12 payments are all made on time, it i ...

Home equity: During the peak of the real estate bubble I saw up to athird of my clients use home equity loans or lines of credi ...

According to a recent independent study by the nonprofit Center forResponsible Lending, the average rate markup at dealers in 20 ...

astute customer.TIP: Merely mentioning^ “buy rate” will mark you out as a more^ If you’re doing an indirect loan, ask what the b ...

Other parameters considered will be the number of “trade lines” on yourbureau score; each reflects a loan you had in the past or ...

past due, it will make it almost impossible to get a prime loan.TIP: If you have any type of loans—or even collection accounts— ...

$400 to $1,200—or more—and average close to 10 percent of the car’svalue. Twenty-percent down payments are the norm on a “sub-su ...

The dealer will usually want the 20 percent (or more) in order to make moreprofit and cover the cost of the bank fee, especially ...