Understanding Vehicle Financing

Direct Lending:

Choosing the right vehicle is an important decision. Of course, once you’ve chosen your vehicle it’s time to decide the best way to pay for it. Most consumers need some type of financing to purchase a vehicle. In a few cases, out customers procure a loan directly from a bank, credit union, or finance company and then use the loan to pay the dealership for the vehicle. In this cane you come to the dealership with a bank check for the full amount of your purchase and your payments are made directly to that lender.

Note: If you come to pick up your vehicle with a bank check and then become interested in an extended warranty or some other service, remember that and such opportunities would exceed the amount of the check the bank issued.

Dealer Financing:

The most common type of vehicle finance is what many think of as “dealer financing”. Many customers don’t realize however, that while we offer financial services that meet the same high standards as the products we finance, the dealership itself does not actually finance the vehicle. Instead, we research various financial institutions in search of the best terms for you and again you make payments directly to that lender, not the dealership.

Better Rates:

What’s different is that we have established relationships with local and national lending sources. These contacts combined with The Executive Auto Group’s buying power give us an edge in getting what’s most favorable. In most cases, we actually get a better rate for you from the same or comparable back or credit union that you approach directly. How can that be possible?

We do all the work: You know how banks are today. Lending institutions generally prefer that you do your banking online or visit ATM’s rather than going inside. If no one goes inside the bank it costs the bank less to do business. They save money by cutting the costs and benefits that go with hiring additional people to take care of customers that do go in. The Executive Auto Group assists the banks in this way because we collect the information from the customers, process all their paperwork, and simply forward the file to them for final approval. Since we help lenders save money, they share some of the savings with us, which we can then pass on to you.

Best Rates:

So the term “dealership financing” refers more to our carrying out the process to get your vehicle financing approved for you, rather than actually loaning you the money. Like obtaining a loan directly from a bank, credit union, or finance company, even though we do all the work, you still make your payments to that lender.

In addition to banks and credit unions, we have other resources that are generally not available directly to the consumer. For example, you see the attractive rates advertised by the manufacturers from time to time. So, our relationships, buying power, and sources of financing only available to dealers puts us in the driver’s seat when shopping for the very best terms to pass on to you.

For the vehicle buyer, The Executive Auto Group offers:

Convenience – vehicles and financing in one place
Multiple Financing Relationships – connections with multiple banks, credit unions, finance companies, and financing from the vehicle manufacturer.
Special Programs – manufacturer sometimes sponsor low-rate programs to buyers.

Vehicle Financing: Frequently Asked Questions

What is the Interest Rate?

The bank, finance company, or credit union bases finance terms on its evaluation of each applicants credit report and score, the completed credit application, terms of the sale, such as the vehicle you are purchasing, the amount of your down payment, if any and many other factors.

We submit your information to lending institutions and they all know that they are competing with other finance companies for your business. They are motivated to offer their very best rate to get your business. But, since the dealership is notified of the lender’s decisions on the terms based on your particular situation we cannot commit to what your finance terms will be until we hear back from the finance companies competing for your loan.

We may be able to offer reduced finance rates or cash back on certain models directly from the manufacturers. In any case, standard credit criteria apply.

What influences the annual percentage rate?

Your credit history, current finance rates, loan to value, market conditions, and special offers are just some of the factors that influence your APR.

Can I use a co-signer?

If you have deficiencies in your credit history you may want to conside having someone sign the finance contract with you. A co-signer helps you to stabilize your credit and assumes equal responsibility for the amount due, so this arrangement can oftern make up for your shortcomings, but this can be an excellent way to establish for those with little to no credit, or begin the repair process for a blemished credit history.

What about bankruptcy, charge offs or slow pays?

guaranteed credit approval

If your credit history is blemished because of too much spending or poop bill-paying habits, don’t despair. With time you can improve your credit profile because credit scored change with each new piece of information about you. And, the scoring system gives extra weight to your most recent activity. When you make timely payments on your vehicle through Executive’s Guaranteed Credit Approval program, the positive steps you take today make quick improvements in your credit score.

We know that you need a vehicle to get to work in order to pay your debts. Even if you’ve been to 10 dealerships and been denied credit 10 times, we have one simple solution: We have the ability to finance everyone! We change lives by offerin you an opportunity to improve your credit score by buying a vehicle and then making timely monthl payments that are reported to the national reporting agencies.

At The Executive Auto Group we see you as a regular buyer with vehicle choices and an option to finance. However, before any creditor will extend credit, they want to make sure that you have the ability to repay them. You will qualify for financing as long as you can provide:

Proof of monthly gross income
Proof of residence
An in-state driver’s license
Ability to get auto insurance

It’s as simple as that!

By the way, these experts also run your CT vehicle registration through motor vehicles so when you do business with a member of The Executive Auto Group everything is done for you; inspections, emissions, and registration. You just drive away! You will not have to “take a number” here.

Executive Auto Center