Phoenix, AZ -- (SBWIRE) -- 05/21/2013 -- Credit-yogi.com is here to provide some guidance when dealing with these lenders, including:
- Contact the Sales Manager
- Check in with Finance Office
- Co-signer to Help with Approval
- Make Necessary Changes
Talk to a Sales Manager
The first step in obtaining guaranteed car finance approval is contacting the sales manager at the dealership one has chosen. The sales manager is the person to start talking with, as he is the one who ultimately decides if a person qualifies for immediate approval. During this chat, make an offer on the car one desires. Don’t worry if it takes a bit of back-and-forth bargaining; that’s to be expected. Once a price has been agreed upon, offer a down payment.
Finance Office Visit
After chatting with the sales manager, it’s time to visit the finance office. This is very important to getting guaranteed auto finance approval. When one arrives there, he will meet with the finance officer, who will try to sell him an extended warranty or an entertainment package. Be careful here, as he’s just trying to raise the amount of the car loan. After sitting with the finance officer, he will send one homewith the promise to get back to him.
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Is a Co-signer Necessary?
In most cases, an individual who is trying to acquire guaranteed car finance approval has a poor credit score. This makes him likely to have to pay a higher interest rate for his loan. However, if he knows someone whose credit score is terrific and who would be willing to co-sign the loan, the interest rate would be considerably lower for him. It depends on the person’s situation as to whether or not a co-signer is necessary.
Make Required Changes
If a borrower does not have good credit or a co-signer, he may be asked to put down a larger down payment in order to get guaranteed auto finance approval. Most lenders require a minimum down payment of $1,000; in some cases they need up to $5,000. If the borrower has a charge card with this much available credit, he should use it to make the down payment, as it shows his commitment to the deal. If he does not have a credit card he can use, he may have to change the vehicle he’s after to one with a lower price.
www.Credit-yogi.com is a highly respected website whose purpose is to bring together people who have financial questions and the experts who can supply the answers – at no cost. For a free consultation, dial 866-964-9644, any time, day or night.