This page contains information about financing a car.

Many people call us about financing and want to know what their payments would be on a specific car.

Let me explain how financing works. There are many banks a large dealer like ours use when helping a customer get financed on a car. Each banks rate’s can vary as some provide higher rates than others. Banks gauge financing by company standards using what is called a tier system. Some use A, B, C, D and others use 1,2,3,4. A lower tier a 1 or A for instance are eligible for the lowest rates and the higher tiers eligible for higher rates. Rates vary by bank, year of car, mileage and cash down. Unless there are special dealer programs for new cars for instance rates usually are lower for short term loans and higher for long term loans.

So what is a beacon score? Well beacon scores can range from the 300’s to 800’s. If you have a 300 or 400 score it not good but financing depends on why the credit is not good. Sometimes we can get you financed by yourself or using a cosigner. A 500 score is considered a risk and 600 is good. Generally over a 680 is prequalified and when your score is in the 800’s the banks think you are a credit god. 

People often tell me they have heard that pulling their credit lowers their credit score.  This is true to an extent but really only affects those who have lower scores. Sometimes people come here and when we run their credit they have 50 inquiries for instance. Each time they have an inquiry it lowers their score. However, the result of this can be even worse than a lower score as the banks wonder why they did not get financed by the other banks. They think the person is more of a risk because of this.

My theory on why people run their credit so many times is because they are shopping for financing and not a car. Let me give you some good advice. Even if you think your credit is not good search for the car you want to buy and the right dealer to buy it from. Financing will vary by bank and a professional finance director knows which bank to try and get you approved with.  The right dealer will interview you without running your credit and a knowledgeable salesperson will point you in the right direction. Contrary to popular belief it is a good car salesman’s job to help you buy a car. Call me for more information : 954-453-6324

On the other hand when you have good credit you can be pre-qualified and walk into a dealer and buy a car the same day without a pre-approval from the bank. Generally running your credit is not detrimental to your score because a point here or there really does not matter when you have a higher score.

When you want to finance out of state it is possible but only with a national bank. Many franchise dealers use national banks, Volkswagen of America, Mazda, Primus are a few examples. Florida is a very friendly state to out of state buyers call me I’d be happy to explain how this works. Use the side menu to browse our live inventory we have many cars that can be financed if you are out of state.

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