Financing Questions ??????

There has been alot of talk in the news recently about banks and financing. Alot of folks have been hearing that it is more difficult to get financing and that the banks are tightening up. We have had quite a few customers asking us about the current condition of bank financing.

The simple answer is.....well, there isn't really a simple answer.

If you have good credit, you won't have any problem getting financing. Actually, if you have good credit you may find that right now you will see the lowest interest rates ever available. Banks still want business, and they REALLY want the business of folks with good credit ratings.

If you have credit with some blemishes, then you already know that even a year ago you were facing a more difficult time securing financing and the rates would be higher. For the folks that have some blemishes, MOST financing companies are wanting you to be vested in your purchase with a good down payment which they determine by your credit score.

For folks that have had some really bad luck...if you couldn't get financing a year ago, you probably aren't going to be able to get it now either.

The bigest impact we have seen is that first time buyers with limited credit history are needing to have a co-signer to help them get established. There were some sources before all this banking problems that would finance first time buyers with limited credit history without a co-signer under certain circumstances, but that has shrunk. Notice that you don't see the offers being made at dealerships anymore for special programs for "First-time Buyers."

Our advise, if you need a car and you need financing, don't be afraid to TRY NOW. Rates can't possibly get any lower than they are now (CAN THEY?). If you are turned down, they don't hit you with a baseball bat; they just say no. There's no humiliation or shame, because bad things sometimes happen to good people. It's O.K.