The type of vehicle you’ll qualify for is based on a number of factors. Your current debt level, gross income and your current credit status all affect the rate, term and amount of loan you’ll be approved for.
The year of the vehicle and mileage will affect your rate and terms as well. Don’t worry though, Your Loan Doctor Specialist will help you select the car or truck you want and ensure you the best approval possible!
A beacon score is a three digit number between 300 and 900 that quickly summarizes a customer’s credit situation for a lender and what level of risk they may have extending credit to that customer.
Explaining the Beacon or F.I.C.O score and its purpose is fairly simple. Explaining how the score is calculated is very complicated and determined through a complex algorithm. All of the entries in your credit report are considered when calculating the credit score. However, some factors are more influential than others when calculating the credit score.
Payment History
Payment history determines 30-35% of your total credit score. The payment history is an important component of your credit score. Here are the important considerations:
Amount owed
How much money you owe determines about 30% of your credit score. The important factors to consider are:
Length of credit history
The length of credit history is not as significant as the above two but determines about 15% of your credit score. Simply put, the longer you hold on to your credit cards, the better your score will be. Some experts recommend not closing your older credit card accounts to build a good credit score.
New Credit
New credit comprises of 10% of your credit score. The new credit factor looks at how many new accounts have been recently opened, how often you have made requests for credit and the length of time since the credit inquiries were made. If you are shopping for better rates, it does not affect your score because inquiries are made for particular kind of credit during a short period of time.
Credit mix
The overall credit mix is approximately 10% of your credit score. The overall mix factor comprises of the mix of your credit cards, personal loans, mortgage loans etc. The more balanced the mix, the more likely this factor will improve your overall score.
Your score is important but far from the most important factor when getting approved for a loan with Loan Doctor. If you think your score is low don't worry, Your Loan Doctor Specialist we look at the whole credit picture and also the events leading up to your current situation. Whether your credit is excellent, good, fair, bad or horrible we can help you not only get approved at rates starting as low as 0% but put you on the path to rebuilding your credit should it be damaged.
Inquiries on your credit report can indicate you’re a risk as a borrower. Too many inquiries might mean that you’re taking on too much debt or that you’re in some kind of financial trouble and are looking for credit to help you out. Several inquiries can reduce your credit score. Depending on how much information you have in your credit report, an additional inquiry might not affect your credit score at all. On the other hand, if you have a short credit history without a lot of accounts, an additional inquiry could cause your score to drop by a few points.
Credit report inquiries will remain on your report for two years, but only those made within the last year are included in your credit score calculation. The most recent inquiries have the most effect on your score. If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult. Don’t worry though; Your Loan Doctor Specialist will shop around for you. We know where and how to get you the best rates with the least impact on your credit score.
Calculating a monthly loan payment is tricky business, and if the loan is not at a fixed rate, the rules change. Auto loans may be fixed or adjustable: Fixed means the interest rate is locked in and the monthly payment will be the same for the length of the loan; adjustable means the monthly payment can fluctuate based on market conditions, in particular an increase or decrease in the prime rate.
If interest on a loan is compounded, this also changes the monthly payment. Finally, the APR on any loan, is the rate number used to determine the monthly payment. The APR is a combination of the quoted interest rate and fees applied to the loan. Don't worry though; Your Loan Doctor Specialist understands how payments are calculated clearly and we can help you understand it as well.
Your payment specifically will depend on the best+ possible rate we can secure for you and the vehicle you select. The rates, terms, and sale price are determined by the vehicle you choose. Don't worry; Loan Doctor's goal is to get you into the best possible car at a payment you can comfortably afford. We take pride in it!
Your personal information is important and needs to be managed securely. Sadly this is a huge problem with "lead generating" websites or "landing pages". These websites are the sites that like ours guarantee approvals, usually with a picture of smiling people holding car keys. The trouble with these sites is they sell your personal information to whatever dealer pays the most money for it. The problem with this is obvious. Your information is valuable and needs to be managed securely. This is why Loan Doctor will only deal with Loan Doctor Authorized Finance Centers that meet our high standards of professionalism. They need to follow a specific protocol when handling and storing your information.
When you fill out an application on our secure web site you are putting your trust in us. You're in trusting us to keep your personal information safe and secure. All data is protected using the most advanced encryption method available. We take every precaution to protect our customer's information. When a customer submits sensitive information via the website, your information is protected both online and off-line. This site uses a Secure Certificate to offer secure communications by encrypting all data to and from the site. Hard copies of your information at the franchise level are also handled with the same care and concern. Personal information is valuable and credit is fragile. Don't worry though; Your Loan Doctor Specialist will diligently protect both.
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