The Finance Managers that I've met are some of the nicest people. Their job is fairly complex and covers a wide range of important responsibilities. I hear a lot of laughter coming out of our Finance Managers office. As nice as they are - no one wants to spend hours and hours in their offices. So, to expedite the process as much as possible, I suggest you have the following information and/or forms with you:
I’m going to ask for your patience and understanding today, you’ll see why in a minute.
At some point in just about every conversation you’re going to have with a car salesman, out on the lot, just kicking tires, you’re probably going to ask him “How much do you think my payments will be?” It’s an innocent question and I hate to say this, but we’re probably not going to be able to answer it. Not because we don’t want to, but in order to give you accurate numbers, we’d need a lot more information. What will your down payment be? Do you know the value of your trade in, and has it ever been in an accident. Are you upside down on your trade in? How much? How about your credit rating, is it good, bad, or thin? Will you register it in this state, or in one of the nearby, that is going to affect your taxes and fees. And then there is the interest rate you qualify for, (here’s when I need your patience):
Assuming a loan of $25,000, and you’re got good, but not perfect credit -
5 years @ 3% interest = $449.22 payment
6 years @ 3% interest = $379.84 payment
7 years @ 3% interest = $330.33 payment
Now assuming you’ve got great credit, with that same $25,000 loan -
5 years @ 0% interest = $416.68 payment
6 years @ 0% interest = $347.23 payment
7 years @ 0% interest = $297.63 payment
If your credit is not so good -
5 years @ 11% interest = $543.56 payment
6 years @ 11% interest = $475.85 payment
7 years @ 11% interest = $428.06 payment
So - we’ve got a range of payments from $297.63 to $543.56. Two lessons here - first, it pays to take care of your credit, second, if I tell you I think your payment will be about $400 - and because of some dings on your credit score that you forgot about, it’s actually going to be above $500, odds are you are not going to be happy with me, and you’re going to question if you can trust me. I want to deserve your trust. So I’m really not trying to put you off when you ask me about your payments, with my limited knowledge of your situation I could give you numbers that are really off. We have sales managers and finance people who are very good at their jobs and they are going to be able to take all of your situation into account - and give you good, solid numbers.