Financing Options by Blue Book Cars in Sanford, FL

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Some Information on Credit

Blue Book Cars™ has partnered with over a dozen banks and credit unions in order to provide our customers the best available rates for their credit situation.

Having excellent credit will save you hundreds, even thousands of dollars over the course of the vehicle loan. For those with less than perfect credit, a vehicle loan that is paid on time will greatly help in building strong credit, resulting in the reduction of interest paid on future auto loans.

Some things you should know about financing:

In most situations, Blue Book Cars™ can obtain you a better rate, than you can by yourself (even through your own bank). Why? Because of our reputation with the lenders, and because we have access to numerous lenders, each who have unique lending programs. We shop the best rate for you.

Your down payment requirement is determined by several factors:
o Your overall credit score.
o Your income
o Your current financial obligation (generally, no more than 50% debt to income).
o Vehicle valuation (the better your credit, the more a bank will loan compared to vehicle value).
o As a general rule, banks prefer to see 10%+ as a down payment.

Should you shop price or payment? You should shop both, based upon your credit situation. Shopping only payment can place you in a bad loan. Do not over extend your budget when buying a vehicle, and do not be tempted to be “packed” into a 72 even 84 month loan. Depending on your credit, and current market value, it generally takes midway through a loan to be at a “breakeven” point on the vehicle you finance (you stop having negative equity in the vehicle). Shop for vehicles that can accommodate a 36 to 60 months loan (the newer the car the longer the loan if desired). Needs and situations change, therefore you should factor this in your decision regarding a loan.

First Time Buyers. If you have a relative with excellent credit co-sign with you, your interest rate will be lower. As a general rule here are things banks look for:

Minimum income in the range of $1,500 to $2,000 per month.
No more than two jobs in two years, with no lapse in employment.
Two years local residency.
At least three trade lines on your credit report, excluding medical and student loans.
A credit score of 600+.

As a Service to our Community, Steve Lash will provide counseling to High School and college students, and first time buyers regarding financing and the purchase of a vehicle that allows them to be good stewards of their money. For those who have experienced some financial difficulty, our Business Manager, Herb Pieper will provide, along with Steve, similar counseling—whether you purchase a vehicle from us, or not.

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