Originally Posted by starflyte1
... it is hard to find a lending institution that will lend on an used AS. It is a 2007 FB SE LE...
a good fica score helps but loan'a'rangers don't like starting UPSIDE down.
so a hefty % DOWNPAYMENT is critical.
and a shorter term helps.
financing the FULL used price for 10 years gets one immediately UPSIDE DOWN...
unless the purchase price is way way way low.
so they need to put 20-30% down, accept a tiny bit higher interest but shorter terms (like 5-7 years max)...
and then pay FASTER to shorten the real term and save on interest...
they can also buy "gap" coverage for the load.
another EXTREMELY DANGEROUS approach would be for the seller (YOU) to finance a portion of the price,
this means the buyer borrows LESS from the bank, but you are at risk for the UNsecrured loot.
do you actually KNOW their fica score?
lenders don't have to SHARE it with the customer, UNLESS they are denied a loan and ASK for the score.