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Questions to Ask Before Financing a Car

A car can symbolize your independence. Public transportation can be limiting and most people don’t want to have to wait on friends or family members to drive them around. There are a lot of restraints put on people who don’t own their own car. Unfortunately, even when you have magnificent credit many people can be intimidated by vehicle financing. For those with a lower credit score it can be even more daunting. Bad credit car loans are available though. If you’re considering financing a new car, here are three questions you should answer.

Is a Car a Necessity?

The truth is that for most people this answer is going to be yes. Vehicles are not only a luxury. Without them, it can be difficult to have new job opportunities or to transfer the kids back and forth from school. There are a lot of inconveniences that not having a car can have but it can also keep you from carrying out basic errands. Cars generally are necessary.

Have You Shopped Around?

Before you settle on a lender or a car loan, you need to look at all of your options. Make sure to get as many price quotes as you can. You don’t want to settle for a loan that is going to be more expensive and at a higher rate than another would have been. Don’t get locked into anything until you have all of the facts.

Do You Know Your Exact Credit Score?

Knowing your credit score can help you when you shop around. While they will inevitably do a credit check and you may know that your credit is poor, it’s important to have an exact number. Credit scores can change quickly and you don’t want to be up against any surprises after you fill out your application.

Car shopping can be difficult. It’s hard to choose which car fits your lifestyle but even more difficult to figure out which financial plan will be best. When you have poor credit, you need to consider all of your options and know what you’re getting into.

3 Keys To Getting The Right Car Loan

There are many companies offering car loans. However, it may be difficult for some to distinguish between these companies and their offers in order to find the right loan.

Here are four keys we recommend you use to identifying the right company and loan.

Know Yourself

Before you get started with your search you should know have a good understanding of your financial standing. Among other things, you should know your credit score, how much you can afford in monthly payments, and the total amount of financing you need. The more you know about yourself, the smoother the process is likely to be.

Know The Lender

You should make a list of possible lenders and do a search of their background. For many lenders, you can get an idea of the terms and fees they usually offer, their loan approval rate, or even their customer service practices by searching the internet. In most cases, our dealership is able to help you get the financing you need.

If your credit score isn’t ideal, don’t let that detract you from finding a lender. We specialize in working with individuals who have poor credit and look at each situation on its own prior to choosing the lender that has the options for you.

Know The Terms The loan that you agree to should be right for you. Don’t be afraid to shop around for the loan that fits your needs in regard to the monthly payment amount as well as overall terms such as interest rate, extra fees, and repayment period.

The best thing you can do when searching for a car loan is to start early. Once you have an idea of what your financing needs are, you should begin to identify potential options. You don’t want to wait until you’ve found the car you want to begin searching for financing options.

Benefits of Using a Loan for Your Next Car Purchase

The majority of car buyers finance this major purchase. Given the statistics, it’s likely you will be looking at options for car loans when shopping for a vehicle. There are many benefits to purchasing a vehicle with financing. Here are some top advantages to using a loan to purchase your next car.

When you finance a car, you can obtain more vehicle than you may have the cash for. A better car can be safer, more reliable and save on maintenance and repairs. With financing, you make a down payment, then periodic (usually monthly) payments for the duration of the loan. As opposed to paying straight cash for a car, down payments required when obtaining a loan are usually a small percentage of the price being paid for the vehicle.

There is flexibility in terms when financing car. Payments can be made over various lengths of time such as 36, 60 or 72 months. Interest rates that lenders offer are often flexible too, varying with credit score and the desired length of loan. In an economy with low interest rates, your money may be put to better uses than paying cash for a car. Car loans free up that cash so that it may be used for higher interest earning investments, businesses or home purchases.

If you have poor credit or little credit history, financing an automobile may look less attractive. Higher rates are charged to those with low credit scores due to the increased risk to the lender. With a poor credit score, you may need to put down a larger sum of cash in order to keep the payment affordable. However, when you make consistent on time payments, your loan will help improve your credit score over time.

By offering greater flexibility and purchasing power, car loans play a critical part of the automobile purchase process for most.

Looking At Wants and Needs

Want to buy your dream car with all of the bells and whistles? Many car buyers attempt to purchase a luxury vehicle with all of the latest features and options, but simply cannot afford the high price tag that comes along with it. Interestingly enough, there is a way that you can get a beautiful, quality used car with the options you need, and still be able to afford the monthly payments. The first step is comparing your personal needs and wants with a used car.

You may not be able to afford a model with an exclusive entertainment system and heated seats; however, you can get a car that has everything you need. Start by separating the features that you need to have in your vehicle to make it functional for you, from the features that you simply want to have.

Although the specific needs that you require in a used car may differ substantially from those of another car buyer, safety features are an important aspect of any used car. Whether you have children or you are the sole driver of the vehicle, make sure that the car has adequate safety features. Another important need may be the fuel economy. If you drive great distances on a regular basis, you may want to find a used car that offers optimal fuel economy. This will save you money at the fuel pump.

Make sure that your used car has a warranty. Since you are buying a used car, you need to determine whether or not the original manufacturer warranty has expired. Many car dealerships will offer a certified pre-owned warranty or extended-length warranty on used cars. It is definitely reassuring to know that there is some protection on your used vehicle.

Juggling your needs and wants with a used car can help you select the best car for your lifestyle. All of the used car options available makes it simple to select a car that has exactly what you need, and a little of what you want as well, visit us at LP Auto today!

Get Car loans For Your Budget

Budgets seem to be on everyone’s mind lately and when you are looking for a new or used car you may be worried about budget/car loans and how it will fit in with your current financial plan. Almost anywhere you go you can find offers of car loans and financing options that are geared toward getting you into a used car, regardless of how your credit stands. This can be a great option for those who are looking for a car to get them to work and a loan to help their credit rating. There are a few things that you should think about before settling on a car and a financing option such as type of car, financing rates, and how this will impact your budget.

Budget/car loans can vary widely between different companies and between different loans offered by the same company. One of the biggest factors seems to be the type of car you are looking for. For instance, if you are looking for a cheap car that will get you from point A to point B with little fuss and few bells and whistles, then you can usually find a pretty good financing option with low monthly payments; however, if you are looking for a top-of-the-line car to impress your friends and neighbours, then your payments and interest rate will probably be a little higher.

When you are looking at different budget/car loans rates you will want to take into account the fact that there are a lot of different companies which will offer financing. These companies include dealers, banking institutions, and even third-party financing companies. If you have the time and ability to shop around a little, then you should be able to find the best terms for your purchase and for your budget.

Financing will impact your budget, there is really no getting around that, but if you do your homework and get the best car and loan for your needs, then you can keep that impact to a minimum. Many people have a hard time finding financing for their cars because of past credit problems and many time if you can take care of all or most of those issues before looking for financing then you can get a better deal and have less of a negative impact on your budget.

What Is a Certified Used Car?

Used cars are a great option for people who want a higher-end vehicle, but don’t want to pay that higher-end price. A brand new car can lose as much as 20 percent of its value within the first year of ownership alone. That means car buyers can get a vehicle that is just couple years old at a significant savings. But the term “used” comes with a bit of a stigma, with people assuming that a used car is more likely to have problems. Such concerns led to the creation of a new category of vehicle: the certified pre-owned car.

To qualify to be a certified used car, a vehicle can’t be too old and can’t have to many miles – usually no more than five to seven years old with no more than 60,000 to 80,000 miles. Vehicles that fall within that range are given a multi-point inspection and any damage is repaired. Finally, a certified pre-owned car is backed by the original manufacturer and comes with an extended warranty, limited bumper-to-bumper coverage and other services often associated with new car sales. While buying a certified used car will still net you savings over buying new, it is important to note that you may end up paying more than you would for a non-certified vehicle.

Some cars are misleadingly advertised as certified when they are not actually backed by the manufacturer and do not undergo the inspection and repairs that true certified vehicles do. In those cases what may be represented as a warranty is really a service contract entered into with a third party. Often these contracts require customers to pay for repairs upfront and seek reimbursement or, at the least, pay a deductible that can run hundreds of dollars.

If you do opt for a certified pre-owned car, you can rest assured that you’re getting one of the dealer’s best used cars that has been inspected, repaired and is backed by a warranty from the manufacturer.

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.

How to Buy a Used Car

If you have decided to buy another vehicle, you might have considered purchasing a used car. Purchasing used cars is like buying new ones, but the process is somewhat different. Because you probably want the best car for the best price, you should consider taking the following steps to get a great deal.

Think About Overall Costs

Your used car will cost you more than just your monthly payment. When you are considering how much you want to spend each month on your car, think about all car-related expenses. Loan payment, insurance, gas, parking, and other expenses add up quickly. Try to estimate each of these expenses liberally. Then, prepare a monthly car budget. If you can pay for all your car-related expenses and still cover your other monthly bills, you have successfully determined how much you can spend on your used car.

Secure a Loan

If you plan to finance your car, you will need to secure an auto loan. Think about trying to get pre-approved before you go car shopping. If you do, you might be able to better negotiate the price of your vehicle. Whether your financing comes from a bank, financing company, credit union, or auto dealer, with a pre-approval you can focus on getting the right price instead of negotiating loan terms. Alternatively, if you decide to wait for financing until you find your car, understand your credit so you can negotiate beneficial loan repayment terms.

Find the Right Car

If you are shopping for used cars, try to work with a reputable dealer. If you do, you can increase the chances of getting a great used car. Even better, if you shop at a dealership with a certification process, you will have peace of mind you aren’t getting a lemon. If you understand the process of buying a used car, you can get the best vehicle for the best price.

Getting Ready to Purchase a Used Car

Having a car seems to make life a whole lot easier. While you may have been able to get away with not owning a vehicle for a bit, you’ll find that you can accomplish a lot more when you’re behind the wheel of a trustworthy ride. Our lot offers a wide variety of options for you to consider when the time comes to buy used cars. Before you begin, there are a couple of points to remember.

Financing

Purchasing a car is always going to come at a cost. Vehicles are not cheap and you need to make sure your finances are in order in advance. If, for example, you require the use of a loan for your purchase, it is a good idea to look over your credit score. A low score can make it difficult to finance a vehicle through some dealerships. We offer several options for financing even with bad credit, so be sure to have a general idea of your credit info before your first visit.

Specifics

You also can benefit from taking time to think about what type of car you would like to buy. Used vehicles offer plenty of advantages and come in a variety of makes and models. Do a little research into which options will suit your needs best. Remember to think about the specific requirements of your life. If you have a big family, be sure to invest in a car that has ample space for each member of your tribe.

There are many reasons to think about investing in a vehicle. When the time comes for you to discover the perfect used rides for your life, be sure to pay us a visit. Take time to figure out your finances and your specific vehicle requirements in advance. Doing this will help us to get you behind the wheel of a car that you can feel satisfied with.

How To Get a Good Deal

Getting a good deal on a used car feels great and for good reason. A good deal usually means that both parties walked away happy and, in the end, this is the goal of most companies as car dealers want their customers to walk away happy and be willing to return if they have any issues, or return for another purchase. In order to make sure both parties walk away happy, here is a short guide on how to get a good deal on a used car.

Frame of Mind

A good thing to know is to walk in with the right frame of mind. Knowing how much you plan to spend and being prepared beforehand to stick to that budget will help you find a good car that won’t break the bank. Car salesmen want to sell you a car for sure and may be willing to sell you one you can’t afford. The better able you are to stick to your budget, the more likely it is that you’ll walk away satisfied.

Buy Well

The most important part about getting a good deal isn’t spending zero money, but spending the right amount, and feeling like you got something that was worth the time you spent earning the money, so make sure that you pick a car that you love. If there is one you are unsure about, don’t feel bad about asking to keep looking. There are a lot of cars for sale, and most sales personnel want you to find the right one. As stated earlier, car dealers want to sell you a car, so they probably won’t mind spending extra time making sure that you find one you really like, rather than one you are still unsure about. This is a slightly bigger investment than deciding what to get for dinner tonight, so taking a few extra minutes will be worth it in the long run.