Topic Eight: How I Structure A Deal In 5 Easy Steps

You need a car and you need to make payments.  You have iffy credit and don't want your credit checked or the loan on your credit report.  At 9995 Motors we totally get it.  At some dealerships you'll get the Spanish Inquisition but we try to be minimally intrusive but also find out if you can make your payments.

In general, we need around $1500 down, ususally to pay off what's left of our floorplan loan on the car.  Then we try to keep your payments around $300 a month so that you can get to ownership as fast as possible.  We also try to make your car paid off in under 24 months so you get your equity and can get on with your life.  I also try to keep your interest rate under 20% unlike most credit cards.  That rate seems high but let's face it, dealer financing is risky with 25% of notes becoming repos.  We need a couple of references for you, your place of work, your drivers license, etc. but that's about it.  We als deal in cars under $9995 hence the loan balance will not be $25k.

How does this compare to other dealers?  Other dealers will mazimize profits by stretching your payment for as many months as possible.  They will also charge you 26% interest and who knows how much for the actual car.  Some will even do $500 down to hook you and get as many people on notes as possible.  If you can't pull together $1000 you probably won't have enough for comprehensive insurance (dealer is on insurance as loss payee in case of accident as they still own the car for now), let alone maintenance and repairs and gas.  If you are late, they repo the car and resell it.  I have done repos before but try very hard to keep you in the vehicle.  Wait a few weeks, get to $1000 or so together and then come see us.

If this sounds like what you need then come by and see us and we'll treat you with respect.