Nate Tilley explains why a 720 credit score isn't enough to finance your dream car. You need auto-loan history first. Start with something cheaper, build a strong payment record, then upgrade to what you actually want.
Building on the educational part, I think there's probably a dozen or more subjects we can talk about such as credit, Right. So most automobile financing is credit driven. There are exceptions like you can have somebody with a 720 credit score but if they have no automobile finance history, not every bank wants to take a chance with them. Or if you have somebody who wants let's say a BMW or Mercedes and it's a 60, $80,000 car and the highest credit limit they've had is $10,000. Banks also are going luck camp. So educating them on credit and kind of giving them a strategy where hey, I know you want this particular car but perhaps the smart thing for you to do is get something that's a little bit more reasonable, that you can absolutely handle the payment, create strong payment history in the automobile area and your next car can be your best car or your the best car you've had so far.
