1.) What
does MSRP stand for?
MSRP stands for
"Manufacturer's Suggested Retail Price." It is the sticker
price for the new car. Back
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2.)
Does
it cost anything to submit a credit check?
There is no cost or obligation to submit
an application to a bank. However, the banks do not show you your
credit report. They will refer to them and will tell you that if you
have any questions regarding your credit report, you will have to
contact the credit bureau directly.
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3.)
Why
do I have to provide the car or stock number in order to submit my
credit application?
You need to provide a car because you
may qualify for some car loans but not others. For example, a 22 year
old factory worker making $9.00 per hour may qualify for a '98 Ford
Taurus if you are wanting to borrow $7500 and you have good credit.
However, the same bank may not want to loan you $26,000 for a new
truck because your payments may be too high compared to your income.
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4.)
I've
been through a bankruptcy. Can I still get a car?
Maybe. Some banks will automatically
decline the application. Others will at least consider it. It definitely
hurts your credit, but it doesn't hurt to try. The worst they can
do is say "no."
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5.) I get alimony (or child support). Do I have to
provide that information on the credit check?
You don't have
to supply that information. But, if you are relying on that income
to help make the car payment, you many want to tell the bank that
you receive the income. Back
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6.) Can
I buy a car with a credit card or a check?
We do accept checks
from people to pay for a car. However, credit cards are not an acceptable
form of payment in our dealership.
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7.)
My
son/daughter is about to turn 16. Can I buy a car with my money, but
put it in his/her name?
Yes, you can.
But many parents seem to put the vehicle in their name or
at least put the parents' names on the title with the child
for insurance purposes. It helps keep the premiums down. Back
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8.)
Does
filling out a credit application obligate me to buy a car?
No.
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9.) How
long does it take from the time I purchase my vehicle, until I can
actually bring it home?
At the time you
actually purchase the car, you can take it home immediately. Sometimes,
you may want the dealership to do something extra, like wax the car.
If this is negotiated, you can pick it up later, or maybe bring the
car back in, in a few days for the wax job. Back
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10.)
I
still owe money on the vehicle I am trading in. How does that work?
Say you are buying
a new car for $25,000, and you are trading in your old Taurus that
we will allowance you for $8000 (trade-in allowance). The difference
is $17,000. But if you are going to borrow the money to buy your new
car, we need to add the payoff of your old car to that $17,000. So
if you still owe $5000, that leaves you with $3000 equity (allowance
minus what you still owe). In other words, your old car is worth $8000,
and you owe $5000, so your equity would be $3000. Just subtract that
equity from the overall price of the car, and you get $22,000, which
is what you will need to borrow. Back
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11.)
Do
I have to have a credit check in order to buy a car?
Only if you borrow
money. If you just write a check for the new car, no credit check
needs to be done because no credit is being extended to you. Back
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12.)
What
is a VIN? And where do I find that?
Every car, truck,
boat, motorcycle is assigned a "Vehicle Identification Number"
from its manufacturer. With this VIN, insurance companies and the
automobile industry can identify that specific vehicle. On a car or
truck, the VIN is usually found on the driver's side of the dashboard,
near the corner of the windshield. You'll need to be on the outside
of the car to see it. Back
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