Buying Back Good Credit With a Used Car Loan

Financing a quality used car through a reputable used car dealer can be a great way to improve a lagging credit score. A low credit score can sometimes make it seem difficult to purchase a vehicle, but there are options, no matter how low a credit score has fallen.

Credit scores fall due to many reasons. The best way to raise a falling score is with good positive payment reporting on a credit account. It can be very difficult to get that credit account with a low score. There are very few credit products available to those with low credit scores. Most banks will require a security for loans to anyone below a certain credit threshold. In most cases, these secured loans will not positively affect a person’s credit score, no matter how diligently payments are made.

One solution is with a quality used vehicle. Used car dealerships often have relationships with many lenders and can easily handle both the purchase and the financing of your vehicle in house. Often they work with lenders who specifically assist those with low credit scores in purchasing a vehicle.

These types of car loans may require minimum down payments or cost a little more over the life of the loan, but they have two major benefits for the lower credit consumer.

Firstly, a low credit car loan through a lender that a car dealer has a good relationship with may allow an individual to purchase much need transportation which would otherwise be unavailable to them.

Secondly, and more importantly, even though these loans may cost a little more over time, these lenders work with credit reporting agencies, reporting on-time payments and helping raise a credit score over the course of the loan.

With on-time payments, the slightly higher fees associated with a low credit score loan through a quality used car dealer allow a consumer, essentially, to “buy back” a good credit score.

Maintenance Tips To Help You With Your Car

If making decisions about your automobile maintenance sometimes feels a bit daunting, you are not alone. But there is a fairly standard, yet helpful thought that you should know about car service: maintenance tips you should know are normally found in the car manual that comes with the used car. It will let you know the factory recommendations on when various fluids should be changed, and even tips on how to monitor fluid levels. It will also let you know the tire pressure that is best for your used ca, and when the brakes on your specific vehicle ought to be serviced.

Here is another important aspect of car service: maintenance tips you should know regarding the life of your tires are extremely important! Following recommendations can ensure your vehicle is safe to have on the roads. It is beneficial to know the guidelines on when to get new tires. Do not wait until somebody visibly notices that your tire has a bulge, a bald spot, or even thin tread. The truth is that if any of those things were obviously visible to somebody just happening to glance at them, you would already have a potentially dangerous situation.

Educating yourself about the projected life of your tires is a proactive move. Keep your documentation when you get new tires and be aware when you are approaching the maximum mileage suggested. Tires should be replaced according to age and miles used, not necessarily the tread. This is important for you to have the safety that you want. It is easy to forget about car parts that are easy and inexpensive to replace!

Consider this when you are planning car service: maintenance tips you should know about your windshield and windshield wiper blades are for your protection! It is not advisable to let cracked windshields go unfixed as the crack could travel into your range of vision. Windshield cracks and worn wiper blades can distort your view and make driving less than safe. When it comes to windshield wiper blades being worn or missing, don’t forget that their replacement is one of the cheapest and easiest services you can get for your car’s safety. Give your used car a new pair today!

Buying a Used Vehicle with Poor Credit: The Basics

There are many reasons why you might find yourself dealing with a poor credit rating. Illness, the loss of a job or other unexpected events may cause a serious drop in your credit score, which can make it difficult to get financing for a used car. However, there are ways you can secure bad credit car loans, and we’d like to give you a few tips for getting started and what to expect.

Understanding Poor Credit Car Financing

Before you seek out non-traditional car loans due to your poor credit, it’s wise to understand how these loans differ from one you might receive from a bank or large financing company. Bad credit car loans are usually offered by used car dealerships and have a variety of interest rates. These rates might be higher than ones offered to those with better credit, but you can always compare what different dealerships offer you before you decide.

What to Expect at the Dealership

When you visit a dealership that offers bad credit car loans, you can expect loan officers to work closely with you to understand exactly what you can afford. They may pull your credit report, but not all lenders judge your ability to pay simply by that number. If you have steady employment and are working to repair your credit, that may be enough to secure a loan.

Loan Terms

If you have poor credit, you may be offered a long-term loan that can help lower the cost of monthly payments. The length of the loan may vary with dealerships, but some can extend up to five years. If you accept one of these loans, make sure you tell the loan officer exactly what you can afford in terms of payments and whether you will have the option to refinance in the future, if your credit permits.

Having poor credit can make it difficult to secure a used car loan. However, when you understand the basics of bad credit car loans and how they can benefit you, the road to financial growth may be easier to navigate.

Auto Loans

The joy of buying a used car is often overshadowed by financial difficulties. Sometimes a person’s budget simply does not allow for this type of investment, and dealerships are sympathetic to this problem. They are able to offer auto loans to people who are incapable of making the full payment on a vehicle. By allowing them to payoff a car over an extended period of time, loans supply people with greater ease and satisfaction. ​

Monthly installments are common with financing of this kind. By dividing up the payments in this way, the dealership is compensating for any financial struggles that may arise for their customers in the future. People also have the added convenience of working with only one location; the place they bought the vehicle is the same place where they obtained the loan. Dealerships usually have extended hours, so communication between themselves and their customers can remain strong. ​

There is also the chance that people encounter no problems and actually payoff their vehicle early. In the event that this occurs, they may be able to greatly improve their credit score and redistribute the money saved toward the payment of other financial investments. ​

Unlike other finance establishments, there are a wide variety of programs available to people that get auto loans through a dealership. There may be specific requirements needed in order unlock the benefits of these programs, but for those who qualify, there could be many rewards accessible to them. ​

With so many different ways to obtain auto loans, many people find it difficult trying to determine the best option. However, there is great convenience associated with obtaining financing from the same location that a vehicle was purchased. Strong communication is enabled between the dealership and the customer, and there are numerous programs attainable with this option as well.

Dealers want to see their customers satisfied, and they will assist them in financing their vehicle in order to make that happen. ​

Ways to Finance Your Vehicle

Once you have chosen the perfect used vehicle to purchase, you will want to figure out how you are going to finance your new car. There are a few different methods you can choose from in order to purchase your vehicle including cash, lease, or car finance. Paying with cash is not very common among most people, but if you have the money to pay with cash, you should go for it. This will save you money on interest and other fees. Leasing can be a great option if you plan on getting a different car every few years. With this option, you are basically renting the car for a certain amount of time. You will find that the majority of people choose financing.

The most popular way to pay for a car is financing. Financing is when you make a monthly car payment for a certain number of months through a bank or other type of financial company. The bank or financial company will give you a loan to pay for your car now, and then you pay them back over time. This is a great option for people who are strapped for cash and cannot afford to pay for the whole car payment up front. It allows them to have time to pay a little bit at a time, until the debt is paid. In order to get a car loan, you need to have a credit score, preferably a good one. With a high credit score, you can almost guarantee that you will get the amount of money you need to pay for your car and that the interest rate will be low. Once you have completed all of the payments on the car, it is yours.

If you have found a vehicle to purchase, you will need to figure out the best way to finance it. You can choose to pay with cash, lease the vehicle for a set amount of time, or pay through financing. Financing will allow you to make payments over time so that you do not have to break the bank to get a new car. Apply with us today!

What to Look for in a Used Vehicle

Buying a used vehicle is a good way for you to save hundreds or even thousands of dollars on a car or truck. Used vehicles are less expensive, but may have hidden problems that the previous owner conveniently “left out” when selling you the car. Because of the lemons that are on the market, you should take some time to research the vehicle that you are considering and give it a thorough inspection before you make the purchase. There are a number of things that you should check to ensure the quality of the vehicle. Use the following list as a guide, but not as your only guide for making a purchase. ​

Mileage is one of the most basic things you will look at when making a used vehicle purchase is the mileage. The mileage is a guide to show you how much wear the vehicle has. It does not mean that all vehicles with high miles are bad and all that have low miles are good, but it will give you an idea of how much usage the vehicle has been subject to. Typically, vehicles get about 20,000 km put on them each year so try to calculate the number of kilometres per year the vehicle has. ​

The next thing that you should look for is rust. Rust is one of the most debilitating things that a vehicle can be subjected to. Body panels can crumble, frames can be weakened, and floors can rust out. If the vehicle you are considering has rust, you want to ensure that you are know the extent of the damage to the vehicle. If you feel like the damage is excessive, don’t buy the vehicle. ​

Before you even step on a lot to look at vehicles, check the price using an online pricing guide. These guides allow you to input the make, model, and options to find out what a vehicle is actually worth on the market. Once you know the price, you will have the upper hand negotiating when the time comes

It’s Alright to Tell Your Used Car Salesman the Truth

People who sell used cars have a reputation, and it isn’t a good one. The title “used car salesman” conjures up images of cheap suits, greasy hair, and fake smiles. It’s an occupation that has a negative stigma attached to it, and some of the games that have been played between buyers and sellers on car lots are legendary. You may feel that there are very good reasons for withholding your income and financial information for as long as possible. In this antagonistic environment, it can be hard to let your guard down, but there are reasons why a good salesman should be trusted.

Salesmen are Professionals

Most salesmen are business professionals with an incentive to provide you with excellent customer service. They are working hard in an industry that is highly competitive. Repeat business and referrals are critical to their success, and playing deceitful games with customers is not in their best interest. The only salesmen that last for any length of time have earned reputations for fair deals, but that doesn’t stop most buyers from approaching them with suspicion.

Salesmen Have Helpful Knowledge

In order to serve you best, a car salesman must understand your needs. To do this, your trust must be earned. The relationship they work to developed with you is what puts you in a position to get the most out of the exchange. Without your cooperation, you are just making it harder on yourself. A good salesman makes suggestions that help you decide which auto purchase is the most advantageous for you.

The Final Deal Benefits You Both

As a buyer, you are working together with your salesman to produce a result that is mutually beneficial. You want to get the most out of your money. Every dollar you spend should be returned to you in the value of the vehicle you drive. A salesman needs to make certain you buy something that will satisfy your needs for as long as possible. From the salesman’s perspective, getting it right the first time around is less costly than continuing to provide follow up service for unhappy customers. By cooperating together, you both win.

Experienced salesmen have seen it all before. Being coy with them signals that you are they type of buyer that wants to play games. Used cars are tricky enough. Instead of approaching your salesman with suspicion, try giving the benefit of the doubt.

Car Loans Aren’t Scary

As a car dealer, I often hear customers say that car loans are scary. Often, one of the biggest worries that people have is about their credit. This is normal, because a car is a big purchase for many individuals. Most folks know their credit score influences the final amount of their monthly loan payments. Why does that matter? Let’s talk more about the process.

First there are some important terms to know when talking about loans – down payment, principal, interest rate and loan term. The down payment is the money you pay the dealership toward the overall price of the car. The difference between the loan and what people can pay right away is called the principal. The interest rate is how much people pay the lender for loaning them money. The loan term is how long the borrower has to pay back the loan. Because monthly payments are determined by both the initial value of the loan and the interest rate, the lower interest rate we can secure for a customer, the lower the monthly payment can be.

As a dealer, I have access to great deals and can get customers the best car loans. Customers get their car shopping done in one stop. The dealership is here to work with you. My goal is to build a relationship with customers where they know they are getting treated right from start to finish. I work with customers so they get the right car, for the right price and secure their car dreams with the right loan. Cars are an investment and car loans can help make owning a reliable vehicle go from dream to reality.

I’m here to tell you that my dealership makes buying a car and getting a loan a stress-free process. We want you to drive away, happy that we were a part of your journey.

5 Smart Questions to Ask a Used Car Dealer

Shopping for and comparing used cars may seem like an overwhelming or stressful task. After all, you are making a major monetary investment. So, it is important that you find a quality vehicle for the best price. To make things easier for you, we have prepared a list of questions to ask the car dealer.

Do You Take Trade-Ins?

Selling your current vehicle to a dealer is beneficial. For one, it takes the hassle out of selling the car on your own. Additionally, it lowers the final price you pay for your used car.

Who Is the Previous Owner?

Dealers receive used cars from a variety of sources, such as private owners, rental car fleets and auctions. The car’s history gives you a better picture of its value. For example, if it is a trade-in there a good chance the dealer has maintenance records. You can also obtain information about prior accidents or repair costs.

Can I Get a Copy of the Pre-Certification Report?

If you are interested in a certified pre-owned car, request the service report. The document provides a list of everything fixed as well as anything that still requires work.

How Long Can I Test Drive the Car?

There are dealerships who allow customers to keep used cars overnight. In these instances, you will need proof of insurance. A handwritten agreement stating you will return the car with a full tank of gas and won’t drive more than 100 kilometers may also be required.

Do You Provide New Equipment?

Dealerships may sweeten the deal with some extra items. You can negotiate for things such as a set of tires or a new timing belt, especially if the auto has close to 100,000 kilometers.

Asking the right questions will help your trip to the dealer go a lot smoother. Once you have the information you need, you will feel confident knowing you have bought the right car.

Are Car Loans for You?

When buying a car, a lot of people struggle to decide if they should purchase outright or get car loans. While car loans aren’t for everyone, they can be a great option for some people. If you are having a hard time deciding what to do, ask yourself the following questions to see if getting a car loan is a good choice for you.

Are You Short on Cash?

Do you have the money to purchase upfront and outright? Unfortunately, in many cases, the answer is no. If you don’t have enough money to purchase a decent car but you need a car sooner rather than later, the best option is to apply for a car loan for a good car rather than spending what you do have on a clunker.

Are You Financially Responsible?

If your credit history reflects financial responsibility, you can most likely qualify for a low interest rate loan. This means that in the long run, you won’t pay that much more than the purchase price for the car, with the added benefit of having extra time to pay for it. Additionally, if you know how to be responsible with your money, you won’t suffer consequences of late or missed payments.

Do You Need the Money You Have?

If you have enough money for a lump sum purchase but are worried about using it, don’t do it. Having money as a safety net will give you more peace of mind than any car will. It’s always nice to know there is money available to use in an emergency. Rather than making a huge dent in your savings, get a car loan and make a payment each month from the paychecks you earn.

If you live paycheck to paycheck, barely afford rent, or know that you don’t handle your finances that well, car loans might not be your best option. However, if you asked yourself these three questions and you answered yes, look into car loans. They could be your best bet for immediate access to a safe and dependable car.