Since 2001, Michael Kislyansky has been selling cars through his dealership, the North Coast Auto Mall. In addition to selling used cars, the firm also sells new cars through franchise dealerships with Kia and Volkswagen. To help consumers needing lending assistance, in 2012, Michael Kislyansky formed LGM Auto Finance to help buyers finance vehicle purchases.
There are several aspects to keep in mind when financing a car purchase. Know the importance of the credit score. The higher the credit score, the better the chances of getting a good deal. When a dealer advertises a discount rate, that is most likely the discount rate for a relatively high credit score, maybe a minimum FICO of 750.
With the credit score in hand, get financing quotes from multiple sources. Don’t forget to get quotes from online sources as well. Go into the dealership with the best quote and negotiate for a better one.
Keep the payment term as short as possible in order to save money. Shorter terms have higher monthly payments, but lower interest rates that ultimately add up to less money spent on the purchase.
Always pay the maximum down payment possible even if it is not required. This will keep monthly loan payments down and, in the event that the car will be sold before the payment term is finished, the down payment will make it more likely that less is owed on the loan than the resale value of the car.
There are several aspects to keep in mind when financing a car purchase. Know the importance of the credit score. The higher the credit score, the better the chances of getting a good deal. When a dealer advertises a discount rate, that is most likely the discount rate for a relatively high credit score, maybe a minimum FICO of 750.
With the credit score in hand, get financing quotes from multiple sources. Don’t forget to get quotes from online sources as well. Go into the dealership with the best quote and negotiate for a better one.
Keep the payment term as short as possible in order to save money. Shorter terms have higher monthly payments, but lower interest rates that ultimately add up to less money spent on the purchase.
Always pay the maximum down payment possible even if it is not required. This will keep monthly loan payments down and, in the event that the car will be sold before the payment term is finished, the down payment will make it more likely that less is owed on the loan than the resale value of the car.
