Rules of the auto financing the game you must play by

So here's the rules of auto financing the game. Be approving you for a car loan, lenders want you to have an established pattern of credit showing you paid your bills on time, no black marks on your credit history, no forgetting to pay your bills, no paying your bills 30, 60, 90 days past due. Lenders want to see you have a minimum monthly income of $1600, so if you work part time at Blockbuster Video, forget about getting a car loan, you won't meet the minimum criteria.

Before approving you for a car loan, lenders and car dealers pull your credit report and look at all your past creditors and current open accounts. They don't like to see lots of open accounts, so keep it to a bare minimum, you don't need every department store card, in fact you don't need any. I tell people just get one gas card, and one MasterCard, and pay them off every month, don't run a balance, or you will pay 21% interest on your credit card. That is what puts people horribly behind, because if you only pay the minimum credit card payment, it will take you 10-11 years to pay off the credit card. Lenders also don't want to see any of your credit card balances above 50%, or they will reject you. Lenders want proof that you have been living at the same address for 6 months, otherwise you'll get rejected. Statistics show people not in place for 6 months are nomads, otherwise why do they keep moving? These nomads are very likely to default on their loan. In the car financing landscape, there is online financing, and car dealer financing.