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 Financing Questions and Answers Minimize
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Posted by: asim 7/10/2007 5:27 PM
Do you have questions about your credit? What to do if you've recently started a new job? Tips on credit application submissions? Well ask away!

Do you have questions about your credit?  What to do if you've recently started a new job?  Tips on credit application submissions?  Well ask away!  I'm here to help.

There is a ton of misconception out there about credit and submitting your credit application.  For example, many people think that submitting your application to a multitude of lenders will lower your credit score but that isn't the case.  The credit bureau's have recognized that people shop for the best rate and also the best vehicle.  As a result, they are aware that multipule applications might be submitted in a very short window.  it has been shown through emperical reseached that once a person has made a decision to buy a car, the usually do so in two weeks.  Therefore, the credit bureau have implimented a two week grace period on home and vehicle purchases.  If they bureau's realize that many applicaitons are coming in, they will put the score on hold for a two week period to allow the customer to shop for their new or used vehicle.  After that time, scoring system reverts back to the original format. 

So therefore if you submit your application to us we will ensure it gets to our entire network of lenders helping you to get the loan you want.

If you have any questions about this process, I'd be more than happy to answer!  Use the comments section below!

 

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Re: Financing Questions and Answers    By Pedro Cervantes on 2/15/2009 10:12 AM
I've recently went to a Mazda dealership southside branch and it was a traumatic experienced to myself and the rest of the family.
I was told to make a down paymentof $500 to $1000 so they can put a hold on the car before telling me what my monthly payments would be for 84 months. So I did'nt hesitate to make a $500 check since my only car, a 1988 Honda Civic is about to desintegrate. Then after a few more minutes, they told me that my monthly payments would be $600 to $650 for 84 months. I am buying a car that is wortrh $23,000.
I again informed the Finance officer that I am only allowed by Credit Couselling to a maximum of $500 per month. And secondly, I will not be able to afford payments in this bracket. They phoned back in a few days and told me that my monthly payments went down to $500 but I am getting a car that is of a much lesser value.
I went to an ATM machince, withdrew all my money so they would'nt be able to encash my check since the bank was close that time.
They are still trying to get in touch with me but ignored their calls. I felt that I've been had and feel more depressed than before.
Kindly help me out. I have sent you an application last night for a car loan.
Thank you for your time.

Pedro


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