If you haven’t done any shopping for used cars before, there’s a fair amount of information you should be looking at before you make a purchase. In addition to price checking to make sure you’re getting a good deal, you need to be certain that all the necessary maintenance and inspections have been taken care of so you won’t be sinking more of your own cash into pricey repairs.
Any good dealership will offer some form of certification to prove that the vehicle has passed inspection and is fit for driving. You’ll want this certificate to be as complete as possible so that it covers a variety of issues that could pop up after you get the title to the car. Ask the dealership any specific questions about the work that was done and the certification process, as that will give you insight into how well maintained the car actually is.
Make and Model
When buying used cars, it’s easy for people to forget about researching the general specs of the vehicle their looking at. For example, a 2003 automobile made by Company X might have some thoroughly documented issues that you should know about. Hopefully that information will turn up when you do any price checking, but the more diligent you are in your research, the better your chances are of uncovering important information.
The car dealership should have a few different options for financing, and some can make it incredibly affordable to get a used vehicle. Ask about any deals or specials and see how much your down payment might affect your monthly costs. If you ask the right questions, you should be able to work out an excellent payment plan.
Buying a car, new or used, can be very stressful. If you decide to go with a pre-owned vehicle, make sure you’re thorough in your research and inquisitive. The right knowledge will help you get the right car.
Anytime you’re dealing with a large sum of money, you’re bound to have some anxiety and nervousness. Whether you’re buying a home or a car, your obligations are significant, and you’re undertaking a serious transaction. When it comes to car loans, it’s important to understand exactly what you’re getting into and to know precisely what the loan entails. Here are a few things you should ask yourself and your dealer when purchasing your next car.
What is My Interest Rate?
Paying interest is how your lender will make money off the transaction. Your interest rate will be expressed in a percentage. Car rates can vary tremendously, but they are generally lower than mortgage rates. Understanding your interest rate will help you know what your monthly payment is and why it is that amount.
What Are the Terms?
The term is the length of time it’ll take to pay of your loan, expressed in months. Most car loans have terms between 48 and 60 months, though it’s possible to find terms lower and higher than those figures. A longer term will give you a lower monthly payment but a larger total sum over time. A shorter term has higher monthly payments, but because you’ll pay the loan off faster, you’ll pay less over time.
What’s My Down Payment?
Usually, you’ll be required to put a certain amount down for your car loan. This may be a fixed amount or a percentage. The more you can put down, the less your monthly payment and principal will be. Before purchasing any car, it’s wise to save a few thousand for a down payment.
Can I refinance?
Refinancing is common with mortgage loans, but it’s possible with car loans as well. If you have a higher rate due to poor credit at the time you got your loan or simply due to market conditions, it might be time to refinance to a lower rate.
Taking control of your finances isn’t always that easy, especially when it comes to making a big purchase. However, there are steps that can be taken to ensure you’re getting the best deal available. If you’re looking to by a car and trying to figure out which car loans or lenders will be the right fit, here are some things that can help you out.
- Focus on the Purchase Price
If you think too much about what you can afford each month, you might end up with a long-term loan that forces you to pay more than you should for a certain vehicle. If you’re going to negotiate with the dealership, discuss the purchase price instead of the monthly installments.
- Choose Low Interest
In some cases, people are given the choice between cash back and reduced APR. Nine times out of 10, you’ll want to go with the low interest rate. Cash back is appealing at first, but a little bit of math usually reveals that a low APR will save you money in the long run.
- Don’t Finance Add-Ons
This might be unavoidable if you have limited funding at the time of your purchase, but it’s always preferable if your loan only covers the cost of the vehicle. When you start covering other things with the borrowed money, you’ll quickly find that you’re monthly payments are far higher than you expected them to be and your interest payments might become unmanageable.
- Shop Around
When you have multiple quotes, it’s much easier to find the best deal and you’ll also have a little leverage when you’re trying to negotiate. Always be careful about accepting the first offer.
While a bad loan can really hurt your wallet, good car loans can make the purchasing process virtually pain free. Think about these tips when you head to the dealership and get the type of financing you need.
Buying a used car is a great way to save money while still getting a quality vehicle. That being said, not all used cars are of the same quality, making it imperative that you know what to look for as you’re out shopping for your next ride. Here are a few things we recommend you keep in mind to help you drive away in the perfect used car.
A Car That Feels Right
As you’re test driving a pre-owned car, pay attention to how you feel behind the wheel. Are you comfortable? Does the car feel as if it were made with you in mind? How does it feel driving on the highway and local roads? Keep your ears and nose open for strange noises or smells as you’re driving.
Interior and Exterior Aesthetics
Take a close look at the car’s interior upholstery to make sure it’s in good condition. Do the same with the exterior to make sure there aren’t any signs of damage of which you weren’t made aware. Pop open the hood to take a close look at the engine. If you aren’t mechanically inclined, bring someone with you who is in order that you don’t buy a lemon.
Do Your Research
Before you head out to the dealerships, it’s best that you do extensive research to see which makes and models are the best options for used vehicles. In addition to checking consumer reports, ask your friends and family how they like their vehicles if they drive models that are similar to the one you’re considering. It’s also a good idea to check out review videos online to see and hear how the vehicle should handle and how it should sound.
It’s understandable for you to be nervous about buying a used vehicle. Use these tips to put your fears to rest and become a satisfied and proud car owner.
There is nothing quite like getting behind the wheel of a vehicle that you can call your own. While your current financial situation might seem like it is getting in the way of your dreams, it is important to remember that there are solutions. Looking at used cars might be just the choice that you need to make to feel satisfied in your decision. There are many different ways for you to go about looking for used automobiles to fit your life and your budget.
The Life You Live
First and foremost, you are going to want to take a good amount of time to think about what you are planning to use your car for. Are you single? Do you have a family? How often do you drive? Understanding what you will be using your car for is a surefire way to begin your search right. There are tons of different used cars out there and when you know a little bit about each model, it will be much simpler for you to find a good fit. If you have trouble in this regard, reach out to professionals who can steer you in the right direction. Advice can come in handy with a decision like this.
The Money You Spend
Another area that you absolutely have to pay attention to when looking into used cars is your budget. No matter what kind of vehicle you are looking for, you do not want to spend more than you can afford. Luckily, this is an easy fix. All you have to do is take a look at the money that you can spend and weigh it out against the average cost of used cars that you have looked into. If you do not have enough for your ideal vehicle, you will be happy to know that there are financing options available. Those with low credit benefit from these financing options do to the short term nature of the loans.
If you are ready to buy a used car, you have a number of options that include the local classified ads and the internet. However, these routes often include a number of drawbacks that might cost you extra time and money. When it comes to used cars, our dealership has a wide variety of quality vehicles, as well as several other services that can help make your car buying experience a pleasure.
Shop With Experienced Salespeople
When you shop at our dealership, you will be choosing a quality used vehicle with the help of knowledgeable, experienced salespeople who can let you know about the facts for each car you consider. They will be able to tell you about the average mileage each vehicle gets, its overall history, and whether the make and model is well known for its reliability.
Buy Here, Pay Here
Our dealership offers a variety of in-house financing options that make paying monthly installments quick and easy. This type of financing can be advantageous if you are just starting out and do not have much of a credit history or if your credit is less than perfect and the banks have turned you down for a loan. When you take advantage of in-house financing, all the paperwork can be completed on site and you will make your payments directly to the dealership.
Get Your Service Here
The maintenance and proper care of your car is paramount to keeping it running like new, and we offer a number of servicing and repair options directly from our dealership. This means that when it comes to maintenance or repair, you will not have to worry about finding a mechanic or auto shop you can trust. You can come to us for almost any type of maintenance or repair, and we can help you get back on the road quickly.
Not only does our dealership offer a wide variety of quality used cars, we are also your one-stop shop for financing and service. Visit us today to learn more about how we can make your car buying experience quick and easy.
Bad credit car loans get a bad rap. Just the shady radio ads touting too-good-to-be-true promises are enough to make you pause. Add that to your neighbor’s sister’s boyfriend’s horror story, and everyone is afraid to consider the possibility of buying a car if their credit is less than stellar.
However, getting a car loan with bad credit is doable. While the terms of the loan obviously won’t be as favorable as they would for someone with sublime credit, they don’t have to include your first-born child and right arm.
As you’re likely well aware, your interest rate on any loan is contingent upon your credit score – this tells lenders how reliable of a borrower you are. Reliable borrowers are rewarded with lower interest rates. Rates will also vary slightly from lender to lender. Someone with good to excellent credit can expect an interest rate somewhere between two and four percent. On the flip side, someone with poor credit (scores between 600 and 649) and bad credit (anything below 600) can often count on an interest rate of ten to thirteen percent.
Repairing any errors on your credit report or paying any outstanding balances can increase your credit score almost immediately, and as such can lower your interest rate substantially.
Oftentimes, shorter loan terms can be granted lower interest rates. A typical car loan is anywhere between 36 and 60 months (three to five years). The shorter your term, the lower the interest, and that means the least expensive loan in the long run.
The bottom line is that we likely have many options available to you to help you get to your dream car at a price you can afford, on terms that you can be happy with. From a larger down payment to a less expensive car, we can find a loan agreement that works for both of us.
Whether you unexpectedly lost your job or had an accident or illness that resulted in expensive medical bills, there are many reasons why you might have poor credit. Having bad credit can affect many aspects of your life, especially when it comes to your ability to apply for car loans. Many banks require a good to excellent credit score or a sizeable down payment when you apply for an auto loan, and those with poor credit tend to get turned aside. If you find yourself in this situation, our dealership has a number of ways to help you buy the preowned car you need, even if your credit is less than perfect.
You might think that because you have bad credit, car ownership is now out of reach. However, our financing department can help. Our car loans do not require bank approval and we can offer you affordable rates that are a good fit for your current budget, even if you are only just getting back onto your feet financially.
Our auto loan department goes the extra mile to find loans that suit your current financial situation. For example, the maturity of a loan can be extended to up to six years in some cases, which lowers your monthly payments. Other loans feature low or adjustable financing rates that allow you to have more flexibility when it comes to making a purchase. For example, if your budget is better suited to a two- door model but you need a four door or SUV model for your family’s size, our finance department will work hard to secure a loan that will allow you to buy the car you need, not the car your credit score says you can afford.
Car ownership does not have to be an impossibility when you have poor credit. Visit our dealership today to explore which financial options and car loans can make your dream of owning a car a reality.
Car loans can be expensive over the life of your vehicle if you do not plan ahead. High interest rates and long terms will add to the cost of your car over the years. It may be tempting to go straight to the dealer and test drive some vehicles when shopping for a car. Before doing this, consider becoming preapproved for a loan. Shopping for a loan before shopping for a car will give you a better understanding of your buying power and the overall cost of your potential vehicle.
Preapproval is a preliminary loan application. A potential lender will review your credit, your income, and possibly several other factors. They will then tell you how much they are willing to lend you, what the interest rate on the loan will be, how long you will be expected to make payments on the loan, and if any down payment will be required.
As the borrower, you do not have to commit to accepting the loan at that time. Banks, credit unions, and dealers offer preapproval, so there are several financing options to choose from. Preapproval allows you to shop at all these locations before committing to a loan.
With a good credit score and a large down payment, you may be preapproved for a very large loan. While this may make it tempting to purchase a more expensive vehicle, be careful to not overextend yourself and exceed your monthly budget.
If you are not approved for a large enough loan, preapproval allows you enough time to prepare to compensate for the difference. Consider a larger down payment, a cosigner, or a longer term loan to make your car loan offers more agreeable.
Preapproval helps you know how much car you can purchase, how long it will take you to pay for that vehicle, and what the long-term costs of the loan will be. Car loans can be intimidating, but preapproval may make the borrowing process easier to understand.
Just because you had some financial difficulties in your past does not mean that you don’t deserve to take out money for a brand new car. It also doesn’t mean that you can’t be trusted to pay this money back. In many cases, people who have bad credit are in fact quite reliable when it comes to paying back loans. Dealerships like us are aware of this, and we have plenty of options for bad credit car loans that show our confidence in our customers.
There is quite a variety of auto loans on the market today, and it can be difficult to choose one that works for you. If your credit is moderately low, you might actually be able to do some negotiating to get ahold of optimal rates. If your credit history has some significant blemishes, turning to your local dealership is probably the best bet. Dealerships like us are experts in financing vehicle purchases when the customer has significant credit difficulties. That’s because we’re the ones that prospective car buyers usually turn to when they need some help with their credit.
It’s a good idea to get the approval process going with a number of different dealerships just to see what your options are. Keep in mind that once you get your new car, your ability to bring in cash may improve dramatically. Having a new car can really turn a person’s life around. For this reason, it may be a better choice to get going on your vehicle purchase as soon as possible with the best bad credit car loans that are available right now.
As your local dealership, we pay attention to all the options that are available to people with credit issues. We’ve seen it all, and we know what the best option is for any given financial situation. We hope you will choose us when you’re getting ready to make that big purchase!