It saves you time and Frustration? but more importantly, it helps to avoid the credit requests that can lower your FICO credit scores up to 12 points per request.
Want you approved under the best possible conditions to get when you buy a car, credit lenders standards it is important you know a car before you apply for credit above all if you bankruptcy?.
Step 1 in a lease ? buy or decision is the determination of a lenders credit standards.
You first be asked whether these people with a bankruptcy are suitable. You must, in advance, that you have filed bankruptcy. We have to the fact that some traders work not only with people who have filed bankruptcy. Some lenders will be lease only to people with a bankruptcy. Others provide only purchase financing. Ask dear Finance Director at dealership you draw the manufacturer to structure, what.
And here is a quick tip for you: If your insolvency your lending site-then, in the eyes of the lender pulls does not appear on the credit report you are not in bankruptcy.
The only lenders that I take into consideration are:
-First choice: captive lenders (automobile)
-Zweite choice: Banks (not financial companies)
-Dritte choice: Savings banks
Ninety-nine percent of the cars Ive leased over the years have been with captive lenders. Only one was leased by a bank.
I had that particular thing from a conversation was with Amy, the financial manager at the local Land Rover dealer here in Indianapolis. I told her I was open for its financing recommendations, but I financing by the car manufacturer preferred.
I told her my current FICO scores. I have a loan and said to go her.
The next day I signed a leasing agreement with the local bank. Open for their advice Division literally me hundreds of dollars per month on the car.
It seems that most car dealers to call banks all their funding sources. If some banks are in reality, some are credit unions, and most are sub prime finance companies.
Here is a list with some of the most commonly used sub prime car finance companies:
1. HSBC Auto
2. Capital a
3. AmeriCredit
4. WFS financial
Want the sub prime finance companies-share if you have exhausted all other options. Your last resort should be sub prime lenders.
And savings banks only use if it all three national reporting credit bureaus reports. How to find out, if a Credit Union reports to all three credit reporting agencies?
Questions of the Manager to the Credit Union, if they report. The three worst luxury captive lenders to lease or purchase from after bankruptcy are:
1. BMW
2. Mercedes
3. Porsche
The three worst established captivity are lenders:
1. Honda
2. KIA/Subaru
3. Toyota
For example, if one of the above happens, be the largest retailer in your area, you may can special offers, a smaller retailer who can not.
Of course also things change constantly with captive auto lenders. You change their credit standards on a whim, to achieve their own financial goals. OK, so you made your research and restrict your choice to one or two car manufacturers.
Step 2 in a lease of or buy decision is to purchase your FICO credit scores.
If you enter notes with your FICO a dealer, the dealer will know youre better informed consumers and can not be invoked. Only you know that the FICO credit scores car dealers use are a little different than what we see as a consumer. The notes, check the dealer called FICO auto industry of option scores. The good news? This FICO scores may be higher than your normal FICO scores If you paid all previous car loans as agreed.
Some car dealers have told me that if your FICO scores are higher than the scores of dealers reviews ? you can even use your scores will find a better deal.
You can buy your scores by myFICO.com.
Step 3 is to interview the remaining car dealers at a deeper level.
-What is your minimum credit score to get request approved?
-Requires is what credit score to get the best interest rate?
-Your lenders prefer, offers leasing or purchase to finance to a bankrupt debtor?
-Bestehen what incentives, to lease or to buy now?
Evaluate your opportunities and incentives. Keep in mind that you buy the financing. In other words, the most important factor is the willingness of lenders loan money.
Personally, I see the leasing to buy decision in three ways:
1. If you restore recently from bankruptcy are, is the only one which ranks what, if you can get approved with an interest rate, you can afford by a lender, reported on all three national credit bureaus reporting. So you should only lenders that bankruptcy are friendly.
2. Once your credit scores start to increase, you can start, select cars on the basis of which credit reporting agency of the lender uses to help determine whether you qualify. Of course you should choose the lender, that your highest FICO credit score used by the lending decide.
3. If your scores are high enough? or two years have passed after your bankruptcy? or your bankruptcy is used not on the credit report of the creditor, then select can almost any car you like. But sure you still do your research and based on your credit scores you can interest to compare conditions and incentives.
Source: http://www.culturedefense.org/is-step-1-in-a-lease-of-or-buy-decision.html
doug hutchison larry brown kevin hart thomas kinkade
Posted by Press Release on Aug 23 2012.