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Car Shopping | Get the Best Interest Rate

One of the first questions a customer will ask when getting financed for a new or used vehicle is “what is my interest rate?” While it sounds like a simple question, in reality it is quite complicated. Dealers do not set the interest rates; those are set by the banks.

Numerous factors go into the process of determining a person’s interest rate. They compile a large list:

  • Length of time with current employer
  • Length of time at residence
  • Amount of revolving credit
  • Credit utilization
  • Late payments
  • Collections
  • Credit score
  • Year of vehicle being financed
  • Terms of the loan
  • Amount of income
  • Other auto loans
  • Your age
  • Amount of down payment
  • Any negative equity on the trade in
  • Type of vehicle being purchased and whether it is new or used
  • Advance on a new loan
  • Bank being used

Legacy Ford Fernie A.K.A Fernie Ford works with all kinds of people to help them get financed, whether they have excellent credit or some blemishes in their past. They can help people rebuild credit with the purchase of a new or used vehicle. The finance management team has many years of experience with helping people get financed. Stop in or give us a call today to find out what you need to do to apply for financing with your next vehicle.

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