Auto Financing 101
Download
1 / 20

STEP 1: Prepare your budget - PowerPoint PPT Presentation


  • 242 Views
  • Updated On :

Auto Financing 101 : Making Smart Vehicle Financing Decisions. Brought to you by AWARE www.AutoFinancing101.org. Vehicle Ownership and Your Financial Future. Economic empowerment Increased job opportunities Increased earning potential Improved quality of life, time with family

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'STEP 1: Prepare your budget ' - Leo


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Slide1 l.jpg

Auto Financing 101:Making Smart Vehicle Financing Decisions

Brought to you by AWARE

www.AutoFinancing101.org


Slide2 l.jpg

Vehicle Ownership and Your Financial Future

  • Economic empowerment

    • Increased job opportunities

    • Increased earning potential

  • Improved quality of life, time with family

  • Opportunity to improve overall credit picture


Slide3 l.jpg

ARE YOU

GET TO MAKE YOUR DECISION

TO THE DEALERSHIP


Slide4 l.jpg

ARE YOU

STEP 1:

Prepare your budget


Slide5 l.jpg

ARE YOU

Down Payment

=

Monthly Payments

STEP 2:

Save for a down payment


Slide6 l.jpg

ARE YOU

STEP 3:

Know your Credit Condition

www.AnnualCreditReport.com

or (877) 322-8228

  • Credit information

  • Public Record information

  • Credit Inquiries

  • Personal Information


Slide7 l.jpg

ARE YOU

STEP 4:

Maximize your credit score

  • Improve your payment history

  • Lower your amounts owed

  • Make the most of the length of your credit history

  • Shop wisely for new credit

  • Manage the types of credit you have

Source: Fair Isaac Corporation


Slide8 l.jpg

ARE YOU

STEP 5:

Do you need a Co-Signer?

Creditor may require if you have little or poor credit history

  • Young or first-time buyers often need a co-signer

    Co-signer is often beneficial to high credit risk customers:

  • Can typically help to secure lower finance rates

  • Gives an opportunity to improve credit history with demonstration of timely payments


Slide9 l.jpg

TO MAKE YOUR DECISION

GET

Research vehicles within your price range

www.nadaguides.com

www.jdpower.com

www.edmunds.com


Slide10 l.jpg

TO MAKE YOUR DECISION

GET

Shop around for vehicle financing

Banks

Finance

Companies

Credit

Unions

Dealerships

COMPETITION

Provides access to credit for all credit risks

Economically benefits all consumers


Slide11 l.jpg

TO MAKE YOUR DECISION

GET

Source: “Keys to Vehicle Leasing,” Federal Reserve


Slide12 l.jpg

TO MAKE YOUR DECISION

GET

Source: “Keys to Vehicle Leasing,” Federal Reserve



Slide14 l.jpg

TO THE DEALERSHIP

  • Completing a Credit Application

  • Name

  • Social Security number

  • Date of birth

  • Current/previous addresses

  • Current/previous employment

  • Income sources

  • Total gross income

  • Information on existing credit accounts


Slide15 l.jpg

TO THE DEALERSHIP

  • You can often negotiateyour APR just as you would the price of the car

  • Research other financing sources in advance

  • Know what kind of a credit risk you are

  • Make yourself a strong applicant


Slide16 l.jpg

TO THE DEALERSHIP

  • Stay within your price range

  • Discipline pays off!!


Slide17 l.jpg

TO THE DEALERSHIP

  • Optional Products


Slide18 l.jpg

TO THE DEALERSHIP

  • Read Your Contract

Quality Auto Credit, Inc.

12345 Smith Hwy, Springfield, TX 76021


Slide19 l.jpg

Make your payments on time!

  • Opportunity to build good credit – or damage your credit

  • Finance company holds a lien on the vehicle

  • Talk to your creditors if having difficulty paying


Slide20 l.jpg

Discussion

Brought to you by AWARE

www.AutoFinancing101.org


ad