One of the biggest mistakes many people make when buying a car is forgetting to add the down payment in the total price of their loan. For instance, in case you are buying a new or used car, the difference between “market price” and the price proposed by the dealer is around $1500-$2000. In case you opt to finance the car for four years at (let’s say) 6-7% with nothing absolutely nothing as a down payment, you will pay approximately $2,000 in total as interest. Also, financing your car for 3 years at 4-5% with as low as $950 down payment, can, however, save you around $1500 from the total cost.
So, if you are willing to negotiate the total cost of the car then you should not ignore the loan terms involved (if buying a car on bad credit). If you are out there in the market in search of a perfect new or used car, do not wait until you are in “the box”- as the dealers call the offices where you document everything, just keep the following tips mind for easy and fast credit.
Here’s what we recommend:
Know Your Credit Score Before Contacting a Dealership
Always take time to check and track your credit score before applying for a car loan. So, here the deal is: unlike a credit card or any other mortgage, you can generally get a car loan even if you have quite a bad credit.
It is relatively easy for the banks to repossess a car if you are not able to pay. But, in case you have a shaky credit score, you are excited to even get a loan- you are not going to consider buying it.
Remember, the lower you credit points, the more important it becomes for you to shop around. This is to make sure that you are getting the best rate a bank or credit union can offer you with.
Chances are you may have to pay a little more than the customer with good credit, but you can still have a car loan.
Cars and Credit Master is one of the most competitive car dealerships in the area of TX, including Arlington, Joshua, Garland, Humble, Richardson, and Houston.
Regardless of the credit score of CarsMaster customers and potential buyers, clients may contact support for questions, additional information, and doubts, with a favorable option to leave with a newer vehicle at low down payments.
How can you get financing quotes with Bad Credit?
If you have a high credit score and you know it, you will definitely get the best financing rates (as mentioned above) from the dealership.
Do not have a high credit score?
Fear not!
The nice thing is that you don’t have to use this loan if any dealer provides you with a better deal on the same. At least, you can walk through the door knowing that you have a rate of interest to beat.
Cars and Credit Master is said to guarantee car loan approval, while this Texas-based car dealership emphasized a 100% approval rate for their clients.
Go for Short Term to What You Can Afford
When you contact a dealership and share your budget with them and calculate how much you will pay down and monthly installments. When you apply for a car loan at CarsMaster, you may get approved, while down payments start at as low as $950 with monthly payments going from $350 and up.
If you prefer to pay lower installments by extending the term of your loan, you can go with that as well. And all of a sudden a $470 loan installment becomes around $350. In addition to this, you are not paying any less for the car. As a matter of fact, you will end up paying a high rate of interest.
Cars and Credit Master provides affordable down payments and monthly payments with unmatched after sale service.
CarsMaster doesn’t exclude customers based on their credit options, which means that all interested car buyers may walk out with the car keys of their favorite car models available at Cars and Credit Master.
Affordable Down Payment as Low as $950
You can always avoid a situation where you owe mountains of money than the car is worth putting money into. But, several dealerships do not require customers with a good credit score in order to make any down payment at all.
Driving off your new or used car without putting a penny down is quite attractive, but it is very risky. So, if you find yourself in need to sell your car, you may not be able to if you have a more on the loan than the worth of your car.
Summary
If you have to get a car loan, be as realistic as possible. You can also consider the following:
- Keep a check on your credit score.
- Research hard before you apply for a loan or contact dealerships and use the offers to get the lowest APR possible.
- Keep the loan term as short as possible to pay the least interest throughout your entire loan approval.
Connect with us
