Financing FAQs at Mike Fair Cadillac
You have finance questions, and we have answers! Don’t worry if you don’t understand everything regarding financing or credit scores, we’re here to help! We’ve compiled some of our most frequently asked questions, and outlined a brief explanation of each for you. For anything more in-depth, or to talk about your specific situation, please don’t hesitate to contact our finance department at Mike Fair Cadillac.
Why Finance at Mike Fair Cadillac?
Our finance team at Mike Fair Cadillac is filled with experts who are skilled at finding a financial solution fit to your individual needs. From no credit to low credit and beyond, we’ll treat you with respect and ensure you’re involved in the process every step of the way.
What Goes Into Monthly Payments?
A lot of important factors go into setting a monthly payment. These include:
- Down payment: The larger your down payment, the lower your monthly payment will be.
- Total amount that is being financed: This includes the cost of the vehicle and any additional accessories or products you’re purchasing, but can also include the amount of money we’ve given you for your trade-in vehicle or how much money is left owing from your last vehicle’s finance contract.
- Length of the contract.
- Annual interest percent rate.
What is Best to Budget for Car Payments?
On average, you should be looking at budgeting no more than 15% of your monthly gross income for a car payment.
What is a Credit Score?
A credit score is a gauge used to estimate the risk you carry by a financial institution on a purchase of such large-scale items like a house or car. It’s a score that attempts to measure how likely and able you’ll be to pay your required bills. As such, the higher your score the better chance you have of getting good financing in return. Things that help make up your credit score include how timely you were paying past and current payments, amount of debts, length of your credit history and your public records.
How do I Learn About My Credit History?
Don’t worry if you don’t know what your credit history is, you can easily find out. Just contact a credit reporting agency and they’ll be able to generate a credit report for you, complete with your credit score.
What if I Have Past Credit Issues?
Just because you’ve had credit issues in the past doesn’t mean you can’t get the vehicle you want. That’s where our skilled finance team members come in, each equipped with the skills to find you a solution that works with your situation, even with past credit problems.
How Does Having Good Credit Benefit Me?
With good credit, all it does is benefit you! That means less time and effort required to find a plan that works for you, competitive terms and a simple and transparent transaction.
Am I Able to Apply for Credit Online?
Yes, you can easily apply for credit online with us. Please reach out to us online and we’ll help direct you to our safe and secure application form.
What Documents Should I Bring to the Dealership?
When you come see us with the finance process in mind, there’s a few important documents you’ll want to make sure you have on-hand:
- Valid government ID
- Current pay stub or letter of employment (confirming earnings)
- A void cheque
Though, because institutions may require more documents, it’s always best to reach out beforehand and ask what other documents you may need to bring before you come in.
How do Finance Institutions Make Their Decisions?
Financial institutions take a handful of factors into consideration when they make their decision on your application. These include credit history, down payment, vehicle specifications and the information on your application (ie. income, job, time at residence, etc.).
If you have more questions, or require more information than the answers listed above, don’t hesitate to reach out to our finance department at Mike Fair Chevrolet Buick GMC Cadillac.