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Old 06-19-2010, 09:29 AM   #3
Drives: 09 Vette GT1, 06 350Z, 82 MSE
Join Date: Jul 2009
Location: Oklahoma
Posts: 573
Originally Posted by Agent Iroquois View Post
When one applies for financing, what is the total amount requested?
if the car is going to be say 45k, and with interest it will be 55k, what is the amount of the loan?

it looks to me that they want to ask for the total amount (55k with his example).

sorry...its my first time with this.

The amount of the financing agreement will be for the price of the car plus any upside down you have with a trade-in...that is all. There will be a section that says "total cost of financing"...this is the disclosure box that tells you how much financing the car is financing you. There should also be a box that says amount financed...that is the example I provided above.

I'm not trying to belittle you, so please don't take it that way-There are plenty of people out there that are willing to take advantage of a first-timer like you. Please Please Please have someone you trust look over the papers. If they can't go with you, ask the dealership for a copy of the financing contract and the purchase contract so that you can have someone look over them BEFORE you sign and take delivery. If the dealer is not comfortable letting you do this...find a new dealer. Any honest dealer will let you do this as they have nothing to hide.

Also, don't fall for paint protection, paint protection or additional undercoating as these items can even potentially cause more harm than good.

Good luck in your purchase.
GaryTucker is offline   Reply With Quote