Hey Cool Car Fans,
One of the biggest issues that people face when buying, trading or leasing vehicles is when it comes to financing. I’ve seen a bank or a credit union offers someone an interest rate of 11.99% with a 665 and 710 FICO Score from two different reporting agencies and then I submit it to another bank and that bank approves the same person, the same vehicle and the same structure for 6.25%, which is half what the other lender was going to do the loan for. In addition, they may have different stipulations, such as proof of income or proof of employment or proof of residence or references, while another bank only asks for a copy of the driver’s license. That same bank though with a different buyer could do the exact opposite of the first bank based on their credit history and the entire structure of the vehicle purchase.
When it comes to people who have filed bankruptcy, one of the biggest mistakes that I see people make is that they get multiple offers from credit card companies offering to rebuild their credit. The person thinks, “This is great and more is better because I need about five different trade lines to get my credit score back up.” and the next thing you know they have opened up a bunch of credit cards and installment loans to rebuild their credit and then they go to try to buy a vehicle. They end up getting declined because their debt to income ratio is too high or they have to come up with an excessive amount of money down to get the bank to buy the loan. It’s not a bad idea to get a credit card after having a bankruptcy discharged, so that a person can start rebuilding their credit again. However, they don’t want to fall for all the offers because banks like people who have filed bankruptcy and discharged their debt and they know that they can’t file bankruptcy again anytime soon.
The other thing that people do is they get extremely picky about the vehicle they are purchasing as though it is the last vehicle they will ever own. I can typically get someone approved with credit challenges or even after they have filed a bankruptcy with a number of lenders, but the lender isn’t just looking at the person and their credit. The lender is checking out the amount of money they are putting down, the type of vehicle they are buying, their employment history, if they have a co-signer or not, how long they have been at their residence, so there is more to getting financed than just the vehicle. When people work with me, since I don’t inventory vehicles I can take a client to the Dealer Auction or get something out of the rental fleet that is often much better than what they will find on their own walking the car lot and at a better price. The key though is that it has to be a vehicle that the bank is willing to take a risk on or have enough money down that the bank won’t care.
In other words, someone can actually get a pretty cool car after their bankruptcy and get financed, if it is structured correctly and they are working with a consultant who is willing to take the time to help them find the right vehicle at the right price. The interest rate is going to be higher initially, but there is no reason why someone can’t refinance their vehicle after 6 to 9 months. Through my relationship at the dealership where I have my license I have access to lenders who specialize and work with people who have credit challenges, even bankruptcies, so keep that in mind if you know someone who is having a hard time getting financed because of their credit.
A really good friend of mine who I run marathons with is actually an Executive at a bank that specializes in getting people funded who are currently in a Chapter 13 or have a discharged Chapter 11 bankruptcy. There are definitely options available for people to get a vehicle and rebuild their credit after a bankruptcy or even if someone just has poor credit.
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Auto Consultant – John Boyd: The Cool Car Guy
John is an auto consultant with his license at a car dealership in Denver, Colorado. He can help you save time and money on any make or model, new or used, lease or purchase – nationwide! Call or email John about your next vehicle! jboyd@coolcarguy.com or Twitter @coolcarguy
Hey Cool Car Fans,
It can be more difficult with classic or custom cars because there are fewer lenders that loan money on these vehicles. Most of the people who have me track them down these type of vehicles, like a 1967 Corvette pictured to the right, have arranged financing most of the time or are paying cash.
Which is why I decided to write an article about this topic here at CoolCarGuy.com, for clients who may be looking for business financing or for people surfing the web that are looking for creative financing options for their existing business.
Most of the time business loans can be difficult to get, even if you’ve been in business for a number of years. I’ve teamed up with a company called David Allen Capital to be able to offer small businesses with the capital they need to grow their businesses. By offering this service, I can build a relationship with a business owner and assist them with all of their automotive needs, whether it is fleet vehicles or their own personal vehicles.
These are daily fixed micro-payments, so no worry about large monthly payments and an approval decision is typically in ONE BUSINESS DAY, with FUNDING in as FAST AS 3 BUSINESS DAYS. Again, this is something that is not for everyone reading this article, but I wanted to write an article about it because I’m a broker for this company as well.
Hey Cool Car Fans,
Porsche is a fantastic brand of automobile, one of my favorites since I love the German engineering, but many times people will overlook them because they are concerned about the cost of repairs and not being familiar with the brand compared to other sports cars. There are many repair shops in most parts of the country that specialize in german vehicles, like BMW, Audi, Mercedes Benz and Porsche, so you don’t have to go to the dealership to get work done on the vehicle.
I also suggest to Porsche owners that they consider joining a local car club, like the 
Here’s some additional information about the custom features of this 2001 Porsche 911 Turbo that the owner sent to me that I’m putting in this article:
wheels black. Kenwood DNX690HD Info-Nav unit with Bluetooth, DVD. Steaming, Digital radio for Android & Apple. J. L Audio Slash v2 Series 300/4v2.4-channel car amplifier 75 watts RMS x 4. 
Hey Cool Car Fans,
about that for just a minute. That little “bean can” of a pickup truck sold for more through the dealer auction wholesale than what I was retailing an Audi A6 for online. How incredibly stupid is that? One vehicle sold new for about $21,000 with a 6 cylinder motor and the other sold new for over $55,000 in a Prestige with a supercharged 3.0-liter V6 and 300hp, along with amazing luxury and amenities. 
done head gaskets on a Subaru lately with the 2.5 motor? If you haven’t and you own one, you probably will at some point and it’s not cheap.
and simple.
more people to look at the luxury brands all the time because on the used market there isn’t as much demand as there is supply and you can be driving a pretty nice ride for about the price of something that sold new for half the price. And like I said, you can get plugged into a club or find guys like Mark who can save you time and money when it comes to repairs because they know these vehicles.
clay barring then waxing her. Christine doesn’t care for the gray wheels so I’m looking into repowdercoating the bright silver. We needed spacers to run the rims and I had a set of 25 mm. ones, but they made our studs a little short so we ordered 15 mm. These were shot with the 25’S on the front and nothing on the back. By weeks end it should be all set up. I will forward more in a prettier setting.
Recently, I looked at a deal on an AWD Chrysler 300C that could bury as much as $9,000 in negative equity using a unique lease program that had to be done outside of the manufacturer. I also saw a deal on a four door RAM 1500 truck that had a similar program that could bury around $6,000, or even more depending on qualifications, in negative equity using a third-party lease program.