A credit score is not just any number. This three-digit figure is what lenders use to assess a potential borrower’s creditworthiness. In the case of car buyers, specifically those who intend to finance the auto purchase, this number is crucial. This will dictate whether they qualify for financing and what rate they will get.
While each car buyer knows about the importance of his or her credit score, he or she may not be aware that there is more than one credit score for each person. The idea of having multiple scores is bound to confuse any potential vehicle owner.
So you have been negotiating with the car salesman and he finally offers you a price you like. He then extends his hand, asking if you two have a deal. Even if he gives you the price you want for the vehicle, postpone shaking his hand. A handshake seals the deal, and you are far from done. Before you agree to buy, ensure you are indeed getting a good deal.
We at Colorado Springs Auto Approval Center listed below four things you should ask about before you sign the contract. These will allow you to identify—and avoid—key problems regarding the purchase.
Here in Colorado Springs, there are many lenders that offer auto financing to car buyers (one such lender is Colorado Springs Auto Approval Center). While there is no shortage in auto lending options in the city, many residents find themselves seeking for alternative loans with which to pay their auto purchase. One such alternative loan is the home equity loan. A home equity loan is borrowed against the current market value of the house minus the remaining mortgage balance.
If you are in the market for a new car and is considering financing it, should you or shouldn’t you take out a home equity loan? Read on to find out.
Many individuals in Colorado Springs, as well as in other parts of the country, are stuck in the cycle of car payments. Some people finance another car prior to paying off their current car, forcing them to roll over the old loan with the new one. Meanwhile, others finance another car immediately after paying off one vehicle. If any or both the situations are familiar to you, you know what it feels like to go through a seemingly endless cycle of car loan payments.
Know that your situation is not hopeless—the cycle can be broken. Remember the tips below so that you can buy a car without financing in the future.
The auto loan is not the only expense you need to think about when you purchase a car. Another cost you have to carefully consider is car insurance. How much insurance coverage would you need? What is the right amount you should be paying for? Unfortunately, there is no definite answer to both questions. This is because the right coverage depends on what the state requires and the person’s situation.