FOR IMMEDIATE RELEASE
(Newswire.net—July 5, 2013) New Port Richey, FL—Jim Luce, of Consumer Financial Services- EZ Loans in Port Richey, Florida, shared some ideas about the quagmire of the lending process, particularly with regards to car loans and personal loans that are not real estate related. Although Luce had extensive lending experience with different asset classes of financing, the individual smaller personal loans is where he gravitated his interest and therefore his business. Auto loans is a majority of the loan requests that come across their desk at EZ Loans perhaps since many auto companies are in the vicinity and require good and efficient loan sources to sell their cars.
Income verification is an important criteria as Luce explains that they weigh very carefully the debt to income ratio of a potential borrower. It is this ratio that gives the lenders comfort in knowing that there is enough of a cash flow cushion to address the monthly car loan payment and still be suffice to pay for a rent or mortgage, insurance, and any ancillary car expenses that may arise in the course of a month.
One week’s net pay is generally the rule of the car lending thumb. In addition, the relationship to the assets or net worth calculation is secondary to the income amount since there is a keen correlation to the cash that is liquid and is earmarked for debt. Most people would not want to liquidate assets in order to make car loan payments.
EZ Loans has a number of car dealer relationships in Port Richey, New Port Richey, Holiday, and Clearwater, Florida from where it receives a lot of loan requests. Personal loans are also an area that Luce services as many people are constantly seeking smaller amounts of loans for various household needs and purchases.
The mortgage lending business is very different as the size of the loans is greater and the security of property and land give rise to a different collateral and how it is valued. Depreciation of the underlying purchased item also affects the nature of the financial calculations. When all else fails and income levels are impaired, the asset valuation then must take over which is why income verification supersedes assets initially.
For more information regarding car loans and personal loans in Pinellas, Pasco, Hillsborough, and Hernando Counties, contact Consumer Financial Services- EZ Loans at 10431 US Hwy, 19 Port Richey, FL 34668 (727) 862-2944 www.eznocreditloans.com .