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Understanding Car Financing

Getting a car financing offer: how decisions are made

At Michaels Autos, we pride ourselves on transparency throughout the car buying process, including the financing process. To this end, we've gathered information to help you understand how creditors make decisions to give you a car financing offer. These decisions are based on four main factors:

  1. Vehicle Selection: cost, age and mileage
  2. Application information: employment, residence, and income information
  3. Credit history: information contained in your credit file
  4. Down payment: total of cash or trade equity

To get the best car financing offer, you should select a vehicle that fits your budget and provide as much down payment as possible. These two factors alone may increase your likelihood of approval, could improve your offer, and will reduce your monthly payment.

Factors affecting your monthly payment
Your monthly payment is determined by three major factors listed below in order of impact:

  1. Amount financed
  2. Term of length of contract
  3. Annual Percentage Rate (APR)

What your credit score means
Financing and budget tips
Car financing terminology
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Michaels Autos

7040 East Colonial Dr.
Orlando, FL 32807
Sales: 888-420-3197
Service: 888-420-3197
Parts: 888-420-3197

Hours of Operation

Monday: 9 a.m. - 7 p.m.
Tuesday: 9 a.m. - 7 p.m.
Wednesday: 9 a.m. - 7 p.m.
Thursday: 9 a.m. - 7 p.m.
Friday: 9 a.m. - 7 p.m.
Saturday: 10 a.m. - 7 p.m.
Sunday: By appointment only
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