You have decided to purchase a car, and now it is time to secure auto financing. It is important to keep the 3 C's of credit in mind.
Collateral is assets promised to the creditor in the case of a loan default. Most often when financing a vehicle, that vehicle will be the collateral. If you do not make the payments, the car will be sold to cover the debt.
Your capacity is considered by your loan company. They will assess that you have stable employment and have a salary high enough to afford the loan.
Lastly, they will look at your character. This entails looking at your credit history, whether or not you pay bills on time, and if you have any outstanding debt.
When looking to secure auto financing, apply at Milburn Auto Sales!
