Re: Car Financing Propects Being a Pro? (X/P)
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I worked as a finance manager for a dealership for about a year. In your case, you're only looking for at most 50% or so of the ACV (Actual Cash Value) of your new vehicle to be loaned. Generally speaking, with a FICO over 700 or so, you will have no problem at all with financing a new vehicle in a deal structured with those figures.
ChewyMint
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It wouldn't be a new vehicle though, does that make a difference? It seems so, as interest rates and terms (36mo, 48mo etc) seem to differ between new and used cars.
I'm looking at '03/'04 Expeditions, Discoverys or Escalades and wasn't planning on going through a dealer for financing, 'cause that seemed even more difficult to attain.
What about income verification? Is that an issue with auto-loans?
Thanks for your help.
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