Understanding The Creditors Choice

Creditors will look at a number of factors when deciding on your loan. Devy Auto Park determined the main criteria consist of the following:

1.  Vehicle information including the age, cost, and mileage of the vehicle

2.  Credit Application Information including Employment History, Living Situation, and Income Information

3.  Credit history that is found on your credit report

4.  Trade equity and/or down payment towards your purchase

*Devy Tips:

In order to get the best financing plan available, purchase a car in your budget and apply as large of a down payment on the vehicle as possible. Doing these two things may help you receive a better offer from the bank. It also could improve the chances of a loan getting approved and it will always lower your monthly payment.

Components that are incorporated into your monthly payment:

1.  Amount of the loan
2.  Term (length) of the loan
3.  APR or Annual Percentage Rate of the loan

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