Thomas Jefferson once advised, “Never spend your money before you have it.” Maybe that advice was easier to follow in Tom’s day — but in today’s world, most people need to borrow money on occasion. And one of the more common occasions for borrowing is a car purchase.
Once you decide to buy a new car, you are faced with the challenge of paying for it. Mountain View Chevrolet and other auto dealers do their part to help out by providing loan and lease services. You may like the convenience of dealership-arranged financing (many car buyers do), but you should know that you have other options. In addition to working directly with the dealer finance group, you can arrange for an auto loan through a bank or credit union. Let’s take a quick look at all three options.
Your first stop should be your bank, where you keep your checking and savings accounts. You may get a slight deal on your loan because you’re an existing customer in good standing. And there’s another advantage too. You may be able to manage your auto loan through the same online portal that you use to manage your other accounts.
After you check in with your bank, you can shop for bank loans online. Not all banks that advertise online offer rock-bottom rates, however. Be prepared to do some legwork to find the best deal. Also, watch for fees. Financial institutions like to charge fees for all the application, paperwork and administrative processes involved in obtaining a loan.
Credit union car loans are a second option. Generally, credit unions offer a more personalized experience along with competitive loan rates. A loan advisor at a credit union is more likely to have leeway to work with you if your credit situation is unusual.
Not all credit unions have strict membership requirements. If you don’t have a credit union, visit MyCreditUnion.gov to find one near you.
If you do get a pre-approval letter from a bank or credit union, bring it with you to the dealership. You can and should still have a discussion with the dealership’s finance manager. Mountain View Chevrolet has access to a variety of loan and lease programs, and you’ll want to look at all the options before you choose the right one.
The advantage of dealer financing is convenience. If you see something in the terms you aren’t sure about, you can ask the dealer’s finance manager right there for an explanation. In some cases, the finance manager can adjust the terms on the spot to fit your needs. Then you can close the deal and drive home with your new car — on your terms.
Mountain View Chevrolet has finance experts ready to help you secure the financing you need. Visit us today online at MountainViewChevrolet.com or call us at 888-9-Next Car.
Mountain View Chevrolet is a community-oriented car dealer with the best selection, lease offers and finance deals you’ll find anywhere in and around L.A. Learn more about Mountain View Chevrolet at www.MountainViewChevrolet.com or call us at 888-9-Next Car.
Over 1/3 of people today have bad credit, and even more are unaware of how it will affect purchases, especially something as important as a new or used car loan. The truth is that a lot of good people have less-than-perfect credit scores for very understandable reasons, like medical bills and student loans, but a bad credit score doesn’t stop you from getting the family or commuter vehicle that’s perfect for you. If you’ve believed one of the following common credit myths, it’s time you gave us a call…
1) Bad credit is uncommon. If you have bad credit you may feel as though you are being singled out, when in reality, having bad credit is a fairly common problem. 1 in 3 people have bad credit, and it’s not as big an obstacle as you might think!
2) Bad credit is forever. It all depends on the type of reasons that led to a bad credit score. Diamonds may be forever, but your credit score can literally change overnight.Making auto loan payments on time and paying off existing credit cards can be fast, effective ways to repair damaged credit. Eventually, the reasons for the decrease in credit score become less important, and a person’s history of responsibility holds more weight than their past.
A vehicle loan can be one of the strongest ways to improve bad credit!
3) Approval for bad credit auto loans takes a long time. Mountain View Chevrolet understands that good people can have bad credit scores for lots of good reasons and makes it easy for you to start rebuilding with a fresh car loan quickly and easily. Just apply online, or check out our payment calculator if you’re still researching and feel free to visit our ‘Should I Buy or Lease” page to help you make the best decision..
4) Bad credit auto loan terms are forever. Initially, the interest rate on a bad credit loan might be higher than its good-credit counterpart. However, if you are attentive about making payments on time and prove that you have good responsibility with the loan, you may eventually be able to negotiate refinancing at a more competitive rate. Again, diamonds may be forever, but not the terms of your loan!
5) Getting a bad credit auto loan will damage your credit score. While there are many reasons that a person’s credit score falters, getting a bad credit loan is not one of them. In fact, if you make regular payments on the loan, over time a bad credit auto loan can actually help improve your credit score.
If you are ready to learn more about getting into a new or used car in the Los Angeles area, visit us online and pre-qualify in minutes. Our sales team is standing by to answer any questions you have, understand your individual needs and work out a way to hand you your new keys.
Even bad credit won’t keep new car keys out of your hands!