1800 Main St. # 4 Lake Como, NJ 07719 732-681-2273

Finance Education

THE DIFFERENCE HERE AT SURF IS NOT ONLY THAT WE CAN FINANCE ANYONE!!!!! WE STRIVE TO PUT YOU INTO A QUALITY VEHICLE IN YOUR BUDGET. SO CAN A NEW CAR STORE BUT WE ALL KNOW THAT THE VEHICLES ARE MORE EXPENSIVE, THE OVERHEAD IS MUCH, MUCH HIGHER. AND THIS WILL ULTIMATLY KEEP YOUR PAYMENTS HIGHER. THE KEY TO HIGH INTEREST LOANS DUE TO NO CREDIT OR BAD CREDIT IS TO RE-ESTABLISH YOUR CREDIT NOT PURCHASE OUT OF YOUR BUDGET, AND ULTIMATLY BE IN A WORST SITUATION THAN YOU STARTED !!!! COME IN FOR A FREE CREDIT CONSULTATION. WE ARE SMALL FAMILY OWNED COMPANY THAT ARE HERE TO HELP YOU SELECT THE RIGHT VEHICLE AND PAYMENT FOR YOUR BUDGET.

GUARANTEED CREDIT !!!!!!!

WHAT IS THE QUALITY OF YOUR CREDIT?

Auto Credit quality is usually divided into Tiers. Used as a guide for estimating your current credit rating, the tiers described below will help you determine which category you fit into prior to applying for auto credit. Prime to subprime auto loan credit is described below to assist you in your auto loan financing.

When in doubt, get your true credit score by

*Credit History = all tradelines reporting within last 10 years
**Tradelines = Auto, Mortgage, Installment, Credit card reporting to Credit Agencies

Your requirements and lending terms will vary depending on the lender and your credit profile.

EXCELLENT CREDIT
An excellent , substantial credit record is needed to qualify for our lowest rates.

• Estimated guideline 680 + credit bureau score
• Minimum five years of credit history* with at least 5 tradelines**, each having a minimum of 36 month payment history. One of the 5 trades must be prior auto paid satisfactory.
• Credit history reflects various credit card and installment loan tradelines. Low usage of credit card lines is evident.
• Homeowner for 24 months
• No Past due payment history is evident.
• Current Employment and Residence history minimum 12 months at same, with complete 36 month history.
• Minimal credit inquiries

GOOD CREDIT
• Estimated guideline 620 – 679 credit bureau score
• Credit history is between three and five years, with at least 3 tradelines, each having a minimum of 12 month payment history. One trade must be $7,500 installment high paid satisfactory.
• Credit history reflects various credit card and installment loan tradelines. Low usage of credit card lines is evident.
• Homeowner for 12 months is helpful
• Past history must reflect payments received in a timely fashion with no current delinquent accounts.
• Current Employment and Residence history minimum 6 months at same with complete 24 month history.
• No repossessions.
• Bankruptcy acceptable if discharged 24 months with positive re-established credit
• Minimal credit inquiries

FAIR CREDIT
• Estimated guideline 560 - 619 credit bureau score
• Credit history of less than three years is acceptable, with at least 3 tradelines, each having a minimum of 12 month payment history. One trade must be $2,500 installment high paid satisfactory.
• Moderate usage of credit card lines is evident.
• Homeowner is helpful.
• General credit history reflects some accounts have been past due in the last 24 months, but current history shows accounts paid as agreed.
• Auto history current for last 9 months.
• 6 months current employment, max 2 jobs in last 12 months, with complete 36 month history. Max 2 addresses in last 12 months.
• Bankruptcy acceptable if discharged 12 months with positive re-established credit
• Credit inquiries above minimal

POOR CREDIT
• Estimated guideline 520 – 559 credit bureau score
• Credit history of less than three years may be reflected.
• Heavy usage of credit card lines may be evident.
• General credit history may reflect delinquency over extended period of time on more than one account.
• Credit history may show several collection accounts.
• Recent Bankruptcy discharge OK based on overall credit and application profile. No re-establish credit necessary
• Numerous credit inquiries within last 12 months

FIRST TIME BUYER
• Credit score could range from 550 to 700 with no real reporting value
• No previous car credit history
• Minimum credit profile


NO CREDIT
• No numerical credit score available from the reporting agencies

Building a good credit history and maintaining it through the years is important. If you have no credit history, it takes time to establish your first credit account. People affected most are
1) young people just beginning careers
2) elderly people that have not used credit in past 10 years
3)divorced or widowed people who shared credit with their spouse that were reported only in spouse’s name.

To build credit history
1)you must have steady income and have lived in the same area for at least a year. 2)apply with a local business or borrow a small amount from your credit union or the bank you have checking and saving accounts.
Before you apply for credit, make sure the creditor reports credit history information to credit bureaus.

When obtaining a credit report, if you share or shared accounts with a spouse, had credit under a different name or in a different location that is not reported in your file, ask the credit bureau to include it. The creditor is required under the Equal Credit Opportunity Act to report the information under both names, so be sure that is being done.

If you apply and are rejected for credit, find out why. Reasons could be more than lack of credit history. A few common reasons are:
1)income may not meet the creditor’s minimum requirement
2)employment time may not meet minimum requirement
3)excessive inquiries on your credit report

If you have been rejected for credit, it is best to wait for 6 months prior to reapplying.

An alternative to credit rejection is to ask a person with an established credit history to act as your cosigner. A cosigner promises to pay if you don’t and can thus substantially improve your chances of getting credit. Once the debt has been repaid, try again to get credit on your own.

WE HAVE ACCESS TO OVER 25 BANKS AND LENDERS TO HELP WITH ALL YOUR FINANCE NEEDS !!!

VISA AND MASTERCARD ACCEPTED.