3 Mistakes to Avoid When Trying to Get Bad Credit Auto Financing

If you have bad credit, you may assume that purchasing a new vehicle is out of the question. It’s not. Many lenders offer bad credit car loans to people with low credit scores. Though the rates are higher than traditional auto loans, they are ideal for individuals who need a reliable vehicle but who cannot spend months fixing their damaged credit score. With that said, there are three mistakes to avoid when financing a vehicle with bad credit:

Providing Wrong Information

Too many people over exaggerate their income and downplay their expenses to achieve better rates. Don’t do this. Dealerships are meticulous when it comes to checking a person’s information. They want documents verifying income, bank statements verifying expenditures and a list of references. If you somehow slip through the cracks, you’ll be stuck with a loan you can’t really afford, thereby risking your credit score even more.

Underestimating Your Creditworthiness

Don’t just assume that you have bad credit. If you’ve been working on building your credit through secured credit cards, you may have better credit than you though. Check your credit score before heading to the dealer. If you go in blind, they get to define your creditworthiness, and they might not be honest about the information they turn up. Get copies of your reports and research what others in your score range are qualifying for to avoid having a fast one pulled over on you.

Overextending Yourself

Longer bad credit car loans might seem ideal because they come with lower monthly payments, but they may end up costing you more in the long run. If the vehicle’s total combined with the high-interest rates mean that you need to increase the term just to afford the payments, you cannot afford the car. At this point in your life, you don’t need a nice car—you just need a car to get you from point A to point B.

Bad credit car loans are a great option if you need transportation today and cannot wait until your credit score has been restored. However, be careful when working with bad credit lenders, and use the above advice to obtain the financing you can reasonably afford.

The Importance of Patience when Looking to Purchase a Used Car

If you’re on the lookout for a used car, you probably know about all the things you’ll need to think about in order to make your purchase worthwhile. While buying a car can definitely be an emotional experience, it’s certainly not a situation where your emotions need to rule the day. Keeping a level head and staying patient are very important things when you purchase a new car, as they can be the difference between finding a car that you kind of like and finding one that you absolutely love. It can also play a major role in the reliability of the car that you find. Researching your options before you head to shop can help you in this regard. Here are some of the reasons research is important when you’re in the market to buy a used car.

When you’re looking for a used car, you’ll want to make sure that the one you choose will last you. Whether you know a lot about cars or not, anyone can do basic online research to read about different models of cars. Reading about the overall reliability of a car will help you avoid buying one that won’t last very long. In today’s day and age, with the internet being more prevalent than it’s ever been, and growing by the minute in the amount of information you’re able to consume in a short amount of time, there’s no excuse for not doing your homework on your options for different car models.

You’ll also want to look into your options for dealers in your area that sell used cars. It’s a good idea to go to as many dealers as possible so you can test drive different models, as well as get information that may help you gain some leverage in the eventual negotiations.

Financing is an important step in the purchase of a used car, and we can help you with that. Visit us to find out what we can do for you today.

Where To Find Bad Credit Car Loans

There are several places where you can get a car loan, regardless of your credit, and some will be better than others. For instance, if you come down to the dealership and sit down with one of our finance specialists, then you can get the loan and the car that you want at the same time. Two things you want to look for in a lender is the loan availability and their reputation.

Loan Availability

Not every dealership, or other lender, can offer you a car loan if you have no or bad credit. This is why it is a good idea to check out our requirements and loan offerings before you start shopping for a vehicle. This can help keep you from finding the right car or truck for your needs and then not being able to purchase it. It can also help keep you from unfavorable terms because we can sit down with you and determine which available loan is the best for your needs.

Lender Reputation

The reputation of your lender can be important because it reflects the terms you are likely to get. When you get a loan from us, it is a good idea to ask any questions that you may have about the loan to ensure that you understand what is required of you, and of us, in the contract. This can help you get a better bang for your buck.

Finding bad credit car loans can be easier than you might think. We can help you find the car that you want for the financing options which will work the best for your needs. To find the best loans, please fill out our secure online credit application or to come to the best dealership and talk to one of our finance specialists.

These talented people can help you find the right options for your financial situation and help get you into a new car at the same time.

Providing Car Loans No Matter Your Credit

Are you looking for a used car? If you are, make sure you choose the right dealer because that simple decision will dictate the whole purchase. The dealership you decide to buy from should stock the highest quality cars, provide excellent financing, and offering service is a must as well. Our dealership can meet all of these expectations and more, so come in today to drive off in your new dream car.

Providing financing for any auto purchase is perhaps the most beneficial service a dealership can offer. It is just easier and more straightforward to receive credit through the dealer, rather than the bank. We specialize in bad credit car loans. Never let your credit score control your purchases. Even if you have been denied in the past, cars have lighter criteria when it comes to credit, so your score might actually be considered quite good. However, even customers with bad credit can get an incredible deal. Our team will work with you to meet your payment needs. We will create a payment plan that fits within your budget.

In addition to financing your car, you can be sure to find the exact vehicle you are looking for on our lot. We have a large selection and all our cars are of high quality. After all, there is no point in settling for a car you do not want. Come and browse our range of makes and models. Soon you will be cruising in your dream car.

Of course, it is important for a dealer to offer service as well. We would be glad to provide maintenance and repairs on your new car once you have driven it for a while. It is all part of our dealer’s way of serving you.

If you are considering buying a used car, come in and see us today, and you could be driving away in no time at all. We are sure that you will be impressed with our service.

Make Auto Loans Work for You

Without a functioning vehicle, some may find it impossible to perform daily tasks, such as commuting to work, shopping, or carting kids to and from school. Auto loans are an integral part of the buying process, and we are willing to work with you to negotiate a price that everyone can live with.

Things like budget, financial history, and credit score can all have an effect on the terms of a loan. Here are a few things to remember when negotiating a car loan. By keeping these tips in mind, you can rest assured you will procure a loan that’s just right for you.

Be Aware of Your Credit History

Before visiting one of our top-notch sales staff, be sure you are fully aware of your credit history. Your credit score is a huge factor in what type of interest rate you’ll ultimately end up with. There are numerous websites which offer free credit checks online, and for a small fee you can get a more comprehensive report. This will give you an indication of what type of loan you’ll be eligible for.

Arrange Financing Through the Dealership

Our dealership offers a number of financing options for many types of customers. Depending on your credit history, a low interest loan may be a distinct possibility. Our experienced salespeople will work closely with you to determine a loan that will work with your individual financial outlook.

Consider Putting More Money Down

A larger down payment can be extremely beneficial to procuring a reasonable loan. With more money down, the length of a loan may become shorter, and interest rates with be far easier to deal with. This is especially true for customers with faulty credit histories. A larger down payment can help lessen the financial burden associated with car loans.

No matter the financial situation, we can help you to determine the best possible outcome. With some assistance, you are sure to find the vehicle of your dreams at a price you can afford.

5 Benefits of Used Cars

When you set out to look for your dream car, you want one that has all the right features but doesn’t break the bank. Used car dealerships offer you myriad car choices, and they are your best bet for finding that perfect car. Here are five of the benefits of buying used cars.

The first and perhaps most obvious benefit of a used car is the lower price sticker. The steepest depreciation in value comes in the first two or three years of a car’s life. When you buy used, you profit from that depreciation, whereas an original car owner inevitably takes a serious financial hit on trade-in.

Used cars tend to come with lower down payments as well as lower prices. Furthermore, insurance and taxes on your used car will be less expensive, which means you have more money in your wallet at the end of the month.

If you want a car loaded with all the hottest tech, the latest safety features or the cleanest engine developments, you have plenty of options to choose from among cars made in the last two to four years. You can get a thoroughly modern car without the sticker shock or the drastic depreciation.

If you are operating on a tight budget, cars older than four years are probably the ones in your sights. Although buying an older used car may not leave you with Bluetooth compatibility, you will still have access to plenty of safety features in cars that date as far back as early 2010.

Last but not least, if your passion is classic cars, you have only one option. Used is the only way to go.

There are plenty of other benefits to buying used cars. These cars give you the greatest bang for your buck and offer you the widest purchasing variety.

Used Trucks Are Available in Many Styles and Sizes

It’s time to hit the road for a trip, but you’ve known for quite awhile that your current truck needs to be replaced. The days of its sleek finish are long gone, and it is hard to hear the radio thanks to the loud engine noise. You may have a lot of questions about your new set of wheels. We have the answers you need. Visit our dealership, and you will find a plethora of used trucks. We will help you pick a truck that fits your lifestyle and budget.

Before you visit, there are a few questions you can ponder. Think about how you will use your new vehicle. Will you need a compact truck, a mid-size truck or a full-size truck? A compact pickup truck might be right for you if saving money on gas is important. Compact trucks usually get better gas millage than larger sizes.

Do you need to be able to tow equipment or a boat? With a compact truck, you will be able to tow about 3,000 pounds. This truck can handle most boat towing tasks. If you have a larger boat, you may want to upgrade to a mid-size truck or a full-size truck.

Will you and a bunch of friends be heading to the lake for a fishing trip every weekend, or do you usually travel alone? It’s important to determine the amount of seating you will need in the cab section. A standard cab offers either one long bench seat or two bucket seats. It does not offer a second row of seating, but there is room for storage behind the seats. An extended cab offers a row of seating behind the front seats. This design offers either jump seats or a bench seat.

Most of our sales representatives have many years of experience selling used trucks. They are knowledgeable, friendly and will work hard to find you the right vehicle. Visit our website or call the dealership to learn more about what we have to offer.

The Benefits of Securing a Car Loan at the Dealership

In order to make any large purchase, you must decide how you are going to pay for it. Unless you have the full price of the car saved when you are ready to buy, you will likely need to finance the vehicle into reasonable monthly payments. Sailing through the sea of car loans can be a hassle, though. To help you navigate those waters, the dealership can offer both financing and deals that you cannot get anywhere else.

Customized Lending

Financing your next vehicle through the dealership is a great way to find the loan that is perfect for your life and your budget. We are highly motivated to help you find the loan that makes buying a car off our lot possible. The dealership fosters relationships with lenders and is therefore better able to assist you with finding the right lender and the right loan for you. If you need to extend the term of your loan or need a loan that caters to mediocre credit, the dealership’s experience can come in handy. We want to see you driving off in your next car as soon as possible, and we will work to get you the financing to make that happen.

Special Deals

If you have great credit, getting a loan through the dealership can come with even more perks. For example, some dealerships are able to finance an introductory interest rate of below 3% on a newly purchased vehicle. At other times, discounts might be given off the total price of the car. Only by establishing car loans through the dealership are you are able to take advantage of these deals when they are offered.

There may be many ways to pay for your next vehicle, but only one way lets you take advantage of the experience and special deals offered by the dealership. Securing your car loan where you buy it has its benefits.

3 PROS TO GETTING A LOAN FOR YOUR CAR

Purchasing a vehicle isn’t something to take lightly or just do on a whim. This should take careful consideration. After all, your car will serve many purposes, hopefully or a number of years to come. Buying a used car doesn’t have to cause panic or anxiety, however. With car loans, it can be easier than you may think to own a vehicle, whether it’s your only car or if you plan on it being an addition to what you already have. Here are some benefits of obtaining a loan for your next used car.

Won’t Drain Your Bank

Securing a car loan can often be done with very little up front. Sometimes, you can finding lending that won’t require anything down. While you’ll have monthly payments for the life of the loan, you won’t be out a large sum of money at one time. This means you’ll keep your hard-earned cash for yourself to spend on your needs, including upcoming car maintenance and repairs. Purchasing the vehicle outright will take away from what you currently have in your account.

Easier Than You May Think

One thing that keeps people from using car loans for their next automobile purchase is the worry that the lending process will take too much time or will involve more paperwork than is wanted. But actually, here at Thomson Auto Financing we handle the lending aspect of the transaction, making the process smoother and painless. You can obtain a loan for your car quite easily without having to wait for the keys.

Helps You Get a Car You might Not Otherwise Buy

The price tag of even a used car can look out of reach or daunting. You might not have that kind of cash on hand, but with a loan, you can map out a plan to afford the monthly payments and ultimately own the car outright.

For your next purchase, consider a car loan. You can drive off in a reliable car sooner than you thought was possible.

Understanding Your Car Loan and How It Fits Into Your Budget

Car loans are a great way to help customers afford a new or used car that they would otherwise not be able to afford. Understanding your car loan and its financial impact is incredibly important. The first step is understating exactly what you can afford to pay on a monthly basis. Overreaching for a car, and the loan that comes with it, that doesn’t fit into your finances will backfire. Rather than focusing on the total cost of a vehicle, it makes more sense to focus on your monthly payments and how they will fit into your budget.

How to Get the Lowest Payments Possible

There are ways to ensure you are paying as little as possible when it comes to your loan. First, the better your credit is the lower your interest rates will be. A simple credit check before applying for a loan will give you a better idea of what you will owe. Second, the larger the down payment upfront, the smaller your loan amount will be, thus decreasing monthly payments. There are a lot of details that go into your car loan and what you will end up paying, so it can be incredibly helpful to talk with a specialist who can break everything down for you.

Don’t Overreach for a Car You Can’t Afford

This seems simple enough, but it’s easy to look at a monthly payment that’s $50 more a month and think it’s doable. Sticking to your budget ensures that you will be able to pay off your loan as fast as possible, and without any late payments that will increase your interest rates. The faster you pay off your loan, the less you will end up paying in interest, and the faster you will overtake full ownership of your vehicle.

Find a car dealership that will help you understand how to best find a loan that fits your needs, and what vehicles fall under the umbrella of what you can afford. A trusted dealer will get you on your way to purchasing the car of your dreams.