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Auto Financing 101 : Making Smart Vehicle Financing Decisions - PowerPoint PPT Presentation


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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

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Presentation Transcript
slide1

Auto Financing 101:Making Smart Vehicle Financing Decisions

Brought to you by AWARE

www.AutoFinancing101.org

slide2

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

ARE YOU

GET TO MAKE YOUR DECISION

TO THE DEALERSHIP

slide4

ARE YOU

STEP 1:

Prepare your budget

slide5

ARE YOU

Down Payment

=

Monthly Payments

STEP 2:

Save for a down payment

slide6

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

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

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

TO MAKE YOUR DECISION

GET

Research vehicles within your price range

www.nadaguides.com

www.jdpower.com

www.edmunds.com

slide10

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

TO MAKE YOUR DECISION

GET

Source: “Keys to Vehicle Leasing,” Federal Reserve

slide12

TO MAKE YOUR DECISION

GET

Source: “Keys to Vehicle Leasing,” Federal Reserve

slide14

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

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

TO THE DEALERSHIP

  • Stay within your price range
  • Discipline pays off!!
slide17

TO THE DEALERSHIP

  • Optional Products
slide18

TO THE DEALERSHIP

  • Read Your Contract

Quality Auto Credit, Inc.

12345 Smith Hwy, Springfield, TX 76021

slide19
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

Discussion

Brought to you by AWARE

www.AutoFinancing101.org