From our general manager, Larry Spacc, of Larry Spacc GMC:
With over 25 years of experience and leading the Finance Department of a huge dealership specializing in helping people that have gone through tough times get approved for car loans (not to toot my own horn, but we are the best and help everyone). I will give you secrets I have learned that will make it easier to get approved, plus I have something so special for you that it will change your life. This special offer will make your life easier and will afford you luxuries and freedoms you could have only dreamed about previously. You MUST read this report in its entirety and heed the secret tips I give you to make getting a car loan easier. Let’s get started!
Factor #1: Repayment Ability
The first thing the bank is concerned about is your ability to repay the money you borrow from them. There are many factors that we will cover, but repayment ability is first and foremost in the bank’s eyes, and income is what drives this. Most banks feel comfortable with 14-16% of your pretax documentable monthly income being allocated to a car payment. For example, if you make $16 an hour and work 40 hours a week, that is $2752 a month income, 16% of that income would in turn be a $440 car payment.
I can’t stress enough about repayment ability and how this is front and center when banks consider approvals. I have seen many people insist they need too much vehicle and too big of a payment, and every time the bank says we could help this customer, but they must be on a vehicle with a payment that they can afford. Work with your sales consultant. They are trying to find a vehicle that meets your wants as well as a vehicle that the bank will approve you for. Everyone wants the shiny Escalade to be on point, but you must do this in steps. You may have to start with the Equinox and show the bank you are ready to move up after you have made some timely payments and improved your credit, and this is where we are going next: CREDIT!!!
Factor #2: Credit Score
This is the numerical value determined by the 3 credit bureaus that is attached to your credit history, determining so much in your life. As time goes by and the banks turn into streamlined money-generating machines, the only thing that they care about is your score. Years ago, the relationship you had with your banker meant so much; today, it means about nothing. However, I will tell you that a strong finance director such as myself and some of my guys have very good relationships with bank underwriters, and this can help “smooth” some of the waves in the approval and ultimately the funding process for your loan.
Credit scores are determined by a zillion factors, but ultimately, there are a few factors that drive most of the score. The first and probably most important is repayment history. Here’s the good news about this. It does take a while to drastically change your score, but when you work with someone like me and my team, we go to bat for you with the banks and can sell your story if your recent payments are made on time. We see you as a good person with a bad past on your way to some great place. I know and can appreciate past problems. Divorces, repossessions, foreclosures, and medical bills from unforeseen illnesses. We can help you if you are ready to help yourself.
The banks also look at the amount of outstanding debt that you have and the ratio of how much credit you have available. This goes back to repayment ability. If you make $2700 a month and have $1400 going out in current payments and bills, that only leaves $1300 available, which is too much. Most banks have a threshold of 55% of gross income for the total of all payments. There are always exceptions, but this is a good place to try and maintain. The other side of this is available credit. This means that if you have two $5000 credit cards that are full, you have no available credit, and this is not a good sign for the banks. However, if you have the same credit cards and owe $4000 total, that is 40% utilization, which the banks like to see because you are financially responsible.
The last criterion is the length of time in the credit bureau. I have seen too many times to count a person who comes in and tells us they have great credit and scores 700+. For example, 700+ credit scores are considered excellent. When we make any inquiry, we see one credit card with a $500 limit and a $150 balance, the customer has had open for 6 months, which is a great ratio, but gives the bank very little to go on to make a decision. Luckily for you, when you work with an experienced person like me and my team, we can help with this by utilizing co-signers, money, trade equity down, and deal structure to get you approved. This also goes back to working with people who have the relationships you need to get the approval you need to get the vehicle you want. With 25 years’ experience, no one fits that description better than me and my team to get the vehicle you want. So, if we are discussing the vehicle you want, let’s talk about vehicle choice.
Factor #3: Vehicle
As far as vehicles go, I can’t tell you that any make, model, or type of vehicle is better than another; obviously, everyone has different needs. A family of 6 has no use for a Reg Cab pickup and vice versa. I do have a few suggestions about this, though: First, buy the newest and lowest mileage vehicle that you can get approved for. You may have to give up a few luxuries, but you will get a more reliable vehicle, which in turn translates to a lower cost of ownership and more money for life’s other expenses. Second, heed what the dealership is trying to steer you towards. If they have 10 SUVs to choose from but keep steering you towards one, there is probably a reason, and it’s not just profit, as I am sure you are thinking. Many times, we get approvals from the bank that have limitations on Loan to Value, or the length of the contract based on the mileage of the vehicle. We can put you in a later model vehicle with lower mileage because we get a longer term at the bank and likely a lower interest rate, which all translates to a lower payment, which fits in your budget better. Again, you may have to buy a truck with cloth instead of leather, but it will be newer and have lower mileage, and in turn, a better choice for you for now. Remember, this is just a date, not a marriage; we are just getting you headed in the right direction. My team and I want to help you now because you will send your friends, family, and neighbors to us. And in a year or two, when you want to upgrade, you will be back to see us again.
Factor #4: Down Payment and Trade-In
This is what the Banks refer to as customer investment. Here’s the best thing I can tell you about customer investment….Choices!!! If you’re the underwriter and you get a deal from my team with zero customer investment, the underwriter will give us a way to go, but the number of vehicle choices will be extremely limited. Now, in comparison, if we submit a deal for pre-approval with cash investment and a trade-in in the underwriters from all the banks will be fighting over this deal. Which, in turn, will give you many choices to choose from. Inevitably, when we help a customer with very minimal, if any, investment get a vehicle, and then they complain that they are not given enough choices. Your investment helps us to help you with choices and opportunities. One final thought: We see people all the time trying to sell their old car. Whether it be to try and help a friend or to get a few extra hundred dollars. Here’s the problem: you lose out on trade-in sales tax credit savings, and the banks like to see a trade-in. Even if you are selling it to a sibling or friend, ask the dealership to do a courtesy delivery. Save the Tax and show the bank that you are 100% committed to this deal and loan, and aren’t saving your old car as a backup plan in case this loan doesn’t work out. The Bank is lending you money with the intent of getting it all back plus some interest, so backup plans don’t excite them much.
Deal structure is so important and needs to be handled by a pro like me or my team that I have trained to help secure you the most favorable terms. Non-prime auto financing is best handled by seasoned pros because if a deal is not structured properly, you will not get favorable terms or maybe even an approval at all. Don’t risk your future with an amateur at a dealership who doesn’t know what they are doing. My team and I are the best and will make sure your deal gets structured properly.
Getting a reliable vehicle can change your life drastically and positively, and this life-changing event cannot be left to people who don’t have the experience and expertise to help you. My team and I are the best!! Other dealerships will not invest the time and resources to get you the approval you need to change your life. I have an inventory that is heavily researched before purchase to make sure it meets all the parameters the banks demand. We scour inventory from 21 different auctions and all the online auctions to get the best value we can find, which translates to the best structure and approvals. We have all the pieces of the puzzle covered like no one else. At the beginning, I told you I had a surprise and a special offer for you. Something that will help you and has the possibility of changing your life.
I am so confident in myself and my team that if you take advantage of this special offer, I am willing to GUARANTEE to you that we will get approval for you. That’s right, regardless of what may have happened in the past, we are with you for the future; YOU’RE APPROVED with us. Don’t risk your future with others who aren’t willing to put their money where their mouth is. I am beyond 100% confident that we will get you approved, but now I need you to take the next step and get us all the information we need to take advantage of this special offer.
If you’re ready to take the next step, contact Larry Spacc GMC today. We’re here to help you move forward with ease. Many drivers still have questions before choosing their next vehicle, and that’s okay. If towing power matters to you, look at the best trucks for towing in 2025. Need to compare two top models? You’ll want to read our 2025 GMC Sierra 1500 SLT vs Ram 1500 Laramie guide. Still wondering where to shop? Find out why Larry Spacc GMC is the right choice for your next car purchase. We make it easy to learn more, get approved, and drive off in a vehicle you’ll love.
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