The Basics of How Car Loans Work

If you’re looking to finance your next car through our dealership, there are several things you should know about how car loans work. We’ve broken the basics into easy to follow sections so you can gain the knowledge you need to get the best deal on your loan.

 

Lowering Your Loan Amount Can Save You Money

 

There are three factors to look at when you’re searching for a new car loan. The first is your actual loan amount that you receive through your financing company. You can lower the amount you borrow by making a down payment or trading in an older vehicle. This, in turn, will lower your monthly payments because you’ll have less to pay back.

 

Lowering Your APR Can Save You Cash Too

 

The next factor in the basics of car loans is your annual percentage rate. This is the interest rate that you negotiate with our dealership. Taking the lowest APR possible will save you money over time by decreasing your monthly payments. Less interest equals less money spent.

 

Stretching Out Your Payments Can Cost You Money

 

The last piece of the financing puzzle is your loan term which can be spread out over 3 – 6 years. You’ll end up paying less per month, but because of the time added on to your loan term, you’ll pay much more money in interest than you would if your term was shorter.

 

Taking a Lower Monthly Payment Can Cost You Extra

 

As stated above, normally lower monthly payments come with a longer loan period. While you pay less each year, you pay that amount for an additional 1 – 3 years, costing you more money over time. Try not to judge a loan based on monthly payments. Consider paying a bit more to save you additional costs.

 

Financing car loans with us is easy if you know what to look for. We’re willing to work with you to get you the best rates you can afford. Just keep these basics in mind and negotiate your best terms.

Auto Financing With Bad Credit

People need to go places to earn an income whether they have good or bad credit. Transportation becomes an issue when someone has bad credit, because people in such a situation have limited options to get around. Sometimes a person does not have a choice other than buying a car, even if it means finding bad credit car loans. There are several ways to make the loan application process more productive. While none of these alone may be the silver bullet that gets a loan approved, altogether these steps represent a positive step towards car ownership.

 

Right Dealership

 

An essential step towards owning a vehicle with bad credit car loans can be to find a car dealership that will offer assistance. Some dealerships even specialize in helping people with bad credit, though such experience is not necessary but merely helpful. The right dealership can provide more insight into a person’s individual situation. Anyone looking to own a car should investigate the various dealerships and support provided by those professional services if he or she is worried about dealing with the process alone.

 

Approved in Advance

 

Another way to find a vehicle with bad credit car loans can be to seek approval in advance. A bank typically reviews several aspects of a loan seeker’s life, including how much a person spends, a person’s credit score and how much a person makes. Then the bank can make a decision about how much a loan seeker can spend on a car, “pre-approving” the loan seeker to match the promised money with the right vehicle.

 

Credit Score Boost

 

An important tip to keep in mind is that a credit score should always be increased whenever possible. If someone is looking for bad credit car loans, he or she should also find ways to immediately increase his or her credit score, which may have an impact on a credit decision. Even minor fixes have the potential to help a person majorly.

 

Anyone looking for bad credit car loans should work with a dealership to find the right financing to get back on the road and back working.

Taking the Worry Out of Car Loans

So you need a new car. It may have happened unexpectedly, perhaps your car broke down and you could buy a new one with the money it would take to get it fixed. The problem is you don’t have enough money to buy something else without some sort of financing. I can help. I specialize in car loans for everyone. Even if you think you can’t get financed, come talk to me. If you have a steady income, I will most likely be able to help you. I’ve been doing this for many years, so let my experience work for you. Getting any sort of loan can be a scary experience, but I’ll do what I can to put your mind at ease. You’ll walk out of my dealership with a new or used car and even be able to sleep at night, knowing that you haven’t signed your entire life away (I’ll even let you keep your firstborn child) for a car.

 

I realize that car dealerships (and the salesmen or women that work there) have a long ways to go before they’ll be considered trustworthy. I’m doing what I can to improve that. My customers are everything to me. Any success I have is thanks to all of you. I promise to repay the favor by working as hard as I can to get you in the car you want at a price that you’re comfortable with. If you don’t believe me, please feel free to check online to see the many favorable my customers have. I like to build a relationship with my customers so that they feel they can come back. Believe me, there is no better compliment to my work than seeing a repeat customer, especially when they’re buying a car for a spouse or a newly licensed child. When someone trusts me with the safety of such precious cargo, I never take that lightly.

Why Buying From a Car Dealership Is a Superior Experience

We know that choosing your next vehicle is an important choice. After all, we spend so much time with our cars that they almost become part of the family. However, when it’s finally time to retire your old vehicle, and begin a journey, we hope you will consider the advantages of buying a used car from a reputable dealership.

 

Pre-Inspected Used Cars

 

Unlike private sellers, we offer a far more streamlined way of guiding you through the process of buying your next automobile. First, you have the satisfaction of knowing that the used cars you’ll be looking at have already been inspected by trained experts in the field and provided with any necessary repairs. We take pride in our work and will do everything possible to make sure you leave our dealership with the fullest confidence that your used car is safe and ready to go.

 

Financing Options

 

Secondly, if you find the perfect car, but it’s just out of your price range, we can provide options to help you finance your purchase. If you have a vehicle already that you would consider trading in, we will gladly inspect it to see if we can trade-in your older vehicle to cut the costs of buying your next one.  Also, at your discretion, we can help you look through a number of car loans so that we can find one that meets your needs.

 

Streamlined Paperwork

 

We want you to have the very best without feeling uncomfortable or overwhelmed by all the paperwork. Let us handle all your paperwork, including title and registration, so that you can quickly get back on the road without having to head to the transportation services of your local province.

 

We are ready to help you make your next car purchase a smooth and pleasurable experience. Let us be your valuable partner to help guide you through the many choices and benefits that used cars provide. We’ll do our very best to ensure that your experience is a satisfying one that helps you get the car you’ve always wanted. We look forward to seeing you!

Great Ways to Pay Off Your Car Loans Faster

Do you love your car but hate the stress of making payments on your car loan every month for the next few years? Are you anxious about high car payments that never seem to end? If you are looking for ways to pay off your car loans faster, try these three tips.

 

Make Every Payment

 

The first and most essential guideline to follow is to always be consistent in paying off your car loan. Never miss a payment or make a late payment. If you do, your interest rate could go up, your loan term will lengthen, your credit score could be affected or you may even lose the vehicle. Be responsible and avoid the repercussions of lapsing on your loan payments.

 

Make Higher Payments

 

An excellent trick to chip away at the amount you owe on your car is to pay more than you owe each month. Try rounding up your payment. For instance, if you owe $365 each month, pay $400. It’s just a little extra money out of your pocket each month, but it adds up in the long run. At the end of each year, you’ll have made an extra payment towards your car and shortened your loan term.

 

Make More Payments

 

Are you getting a bonus or raise at work, coming into some inheritance money, or making it a point to cut costs and save more each month? Put that extra money towards your car loans. If you can’t make a very big extra payment, make a few smaller ones throughout the year. Every additional payment you make brings you one step closer to paying off your loan, owning your vehicle, and giving you more financial freedom.

 

Car loans are a great way to drive the car you need before you have the finances to purchase it. However, if you feel overwhelmed by the amount you owe, use these tips to pay off your car in the quickest way possible. Start by making every payment and then graduate to higher and more frequent payments, and before you know it, you’ll have paid off your car loan.

 

Advantages to Car Loans Over Leases

Anytime you’re faced with the decision of making a big purchase, there are many questions to ask. The financial implications can be significant, so it’s important to make the right choice for you and your family. Purchasing a car is often behind only your home and possibly education in terms of financial commitment. When it’s time to buy a car, if you don’t have the full amount of cash to cover the transaction, you can either lease it or obtain a loan. Both have intriguing reasons to consider, but car loans might be your best option.

 

Drive All You Want

 

If your job requires you to put on lots of miles each month, or if your lifestyle is one in which you enjoy hitting the road often, a lease isn’t the wise choice for you when it’s time to get a car. In leases, you are restricted in the number of miles you can drive per month or throughout the term of the lease. If you exceed that mileage, you have to pay a penalty. However, when you obtain a car loan, you are free to drive as much as you’d like. So take those road trips without worry when you get a loan.

 

Make Modifications

 

With leases, you can’t modify your car in any way, but with a loan, you can change your car’s appearance to match your own style and preference. Change the paint color, add on some designer fins or replace the headlights—and don’t worry that you’ll get in trouble with the dealer.

 

Build Credit

 

Car loans are one of the best ways to augment your credit history, and if you stay current with your loan, you can improve your score. This will help you obtain future loans.

 

Obtaining a loan for your car can have some advantages over leasing. Think about these when it’s time to get a new car.

3 Critical Questions to Ask Your Auto Lender

If you have bad credit but need a new car, you might be tempted to take any auto financing you can get. Be careful. Having bad credit does not mean you should be an uninformed loan applicant. Instead, ask your lender three critical questions when applying for bad credit car loans.

 

How Much Does This Car Actually Cost?

 

You might be surprised how many new car buyers do not know the actual cost of their new car. It seems like a simple question, but with monthly payment, interest, and additional fees, it can be difficult to know exactly how expensive a car is. Your lender, however, should be able to tell you how much you will pay over the life of your car loan if you make your payments on time.

 

What Is the Loan’s Interest Rate?

 

Your bad credit might make it relatively difficult to get a good interest rate. Still, you want to be sure you negotiate the best one you can. Ask your lender for the exact interest rate. If you can negotiate it down even a fraction of a percentage point, you might potentially save thousands over the life of your loan.

 

Can You Pay Early?

 

If you can make an extra payment every year, you can drastically reduce the amount you will pay for your car. When shopping for a car loan, check to see if your lender will allow you to pay extra. Also, ask if there is a penalty for paying off the loan early. While you are at it, go ahead and ask about the fees for late payments.

 

Buying a car with bad credit might be difficult, but it isn’t impossible. Even with poor credit, you can apply for bad credit car loans. If you ask three simple questions, you will be in a better position to negotiate a decent loan.

 

Four Ways to Get a Car Loan with Bad Credit

Regardless of their credit history, virtually everyone needs a good car to get to work, shops, and family. Purchasing a car with less-than-stellar credit might seem like a hassle, but it isn’t impossible. If you are searching for bad credit car loans, you need a strategy for feasibly getting the right vehicle for you. Here are four ways to get a car loan if you have bad credit.

 

Finance at the Dealership

 

Car dealerships that offer financing frequently have access to loan options that regular financing institutions don’t. If you have bad credit and need to buy a car, try shopping used car dealerships that offer financing for buyers with poor credit.

 

Get a Co-Signer

 

If you need a car loan but have terrible credit, try to find someone with better credit to co-sign the loan documents. If you do, that person will be responsible for paying the loan balance if you can’t. After you pay off the balance of the loan, your co-signer will no longer have an obligation to pay.

 

Shop Around

 

You might find many options for bad credit car loans if you shop around. While dealerships generally provide the best opportunity for financing for those with poor credit scores, not every dealership will be able to offer the same financing options. Just because one dealer may not be able to extend credit to you does not mean another one won’t.

 

Wait

 

If your bad credit is due to mistakes on your credit report, a high credit balance, or some other fixable problem, you might be able to secure an auto loan if you wait until your credit improves slightly before you buy.

 

If you are like most people, you probably can’t manage without a good car. Bad credit might make it difficult to get one, but it probably won’t make it impossible. Bad credit car loans can help you get in the car you want.

 

Bad Credit and Good Prospects

 

Applying for a loan isn’t too high on anybody’s list of ways to have a great time, and for people with damaged credit it’s even worse. You may have already had the experience of being denied for several loans and the frustration that causes. Fortunately, if you know what you’re doing, you can minimize the annoyances and disappointments associated with searching for bad credit car loans and maximize your purchasing power. With some preparation and knowledge, you can get the most out of your trip to the dealership. Also, don’t be afraid to ask for help, because that’s what the salespeople and loan experts are there for.

 

Buy the Right Car

 

If you’ve been looking at luxury vehicles with lots of zeroes on the price tag, it might be a good idea to adjust your expectations for a couple years while you build back your credit. Even with equity and a steady income, most loan officers will want to see a more modest purchase if your credit score is low. That doesn’t mean you have to buy the cheapest car on the lot. In fact, you should go for the highest quality car you can reasonably afford. That will show the lending organization that your vehicle will retain enough value to offset the risk of any loan default that might occur.

 

Get the Right Information

 

One reason people get into credit trouble is that they don’t have all the information. Don’t let your credit be damaged: Be open and honest at the dealership about your financial situation. Make sure to bring all of your recent financial documents along with your identification so everybody gets a good picture of what kind of a car you can afford. Dealers only know as much as you tell them, so give them the power to help you. You might be surprised at what you could be driving and what kind of loan you can get.

3 Ways to Make the Most of Your Car Loans

Looking into and applying for car loans is a normal process which most individuals who visit our lot undergo before ever even setting foot on the premises. While you may be able to obtain financing for your new purchase, you may also be able to approach your bank or other lender for the financial support needed to complete the transaction reliably. However, it’s up to you to decide which deal is the best for you and make the most of your loan in the coming months. A few ways in which you can do this is:

 

Choose the Best Interest Rates Possible

 

Even if the sum you’re borrowing isn’t considerable, the interest rates you’ll be paying each and every month could make payments unsupportable for some budgets. Therefore, you need to do a bit of shopping around in order to ensure you’re getting the best deal possible in this regard.

 

Don’t Borrow More Than You Need

 

Even if you’re approved for a sizeable sum, it’s never wise to accept more than you need from a bank or any other lender. When it comes to sorting through your available car loans, don’t accept more than you need in order to secure the purchase of your new vehicle. This means repayments in the future will be more manageable and you can avoid financial strife.

 

Get the Details

 

Your interest rate is important, but it isn’t the only detail that matters when it comes to your auto loans. Be sure to discuss things like repayment lengths and other terms with your lender or with us prior to signing your name on the dotted line so you aren’t caught off guard by fees or other discrepancies at a later date.

 

Making the most of your car loans is up to you, but our dealership can certainly help lead you on the way. Speak to a professional to learn more about how to finance your car buying experience.