Cars are an essential part of life. From taking the kids to school or driving to work, many of us need them to get to the places we need to be. However, most of us don’t have the cash lying around to buy a reliable ride - so we get a car loan.
But there is a difference between finding a car loan to purchase a car and finding a car loan that you can afford. Interest rates can become a real problem if you’re not paying attention. So whenever you finance a car, you’ll want to make sure you don’t spend more than the automobile is worth in the long run. Don’t just think of a loan in terms of a monthly payment, but also in terms of the total vehicle’s cost.
So before you start shopping for a newer vehicle, make sure you understand how much you can afford to pay. Here is what we recommend you know before you purchase your next vehicle.
Financing a car isn’t like financing a home. Even with bad credit, you should still be able to drive off the lot in the vehicle of your choosing. The only issue is that you may have a higher interest rate if you have less than stellar credit. Make sure you understand how your credit score ranks before you start shopping to better understand how much you’ll end up paying in the long run.
If you have excellent credit, good news, you won’t have any issues finding the best financing rates for your newer car. But if you don’t have the very best credit, you’ll want to find a dealership that accepts bad credit. Finding a company to lend to you can be difficult, but companies like South Tacoma Auto have your back.
If you’re looking for an average interest rate for a car loan with bad credit, you’ll want to talk to the team at South Tacoma Auto. With the help of their Fresh Start Auto Program, you can work with their Bad Credit Financing Specialists to acquire a sub-prime loan and drive off in a car that fits with your needs. The team at South Tacoma Auto can even work with you if you are a first-time buyer, had a recent repossession, or even a past bankruptcy filing.
But when it comes to securing the very best in auto loan rates, you’ll want to find a lender you can trust. That’s where the on-site team at South Tacoma Auto comes in. Going through the process for an auto loan request with them is simple. All you need to do is fill out our secure credit application on our website to get started. Filling out a credit application will only take a few minutes, and you’ll be approved for various auto quotes before you start car shopping.
When it comes to loans, the shorter the terms, the less you pay in interest rates. However, this will mean a higher monthly payment. While this may sound harsh for your wallet, but this will save you more in the long run.
When it comes to finding out your monthly payments, make sure you check out our online Payment Calculator. Our Payment Calculator is an excellent tool for you to find out how much you can afford to pay each month. All you have to do is enter the price you’re willing to pay, the amount of your down payment, the A.P.R, and the length you want the loan for.
Remember, the lower the term, the more money you’ll have to pay monthly. But, the less you’ll have to pay in interest in the long run!
Now that you have a few auto loan tips, make the trip down to South Tacoma Auto and speak to the expert finance team in person. They’ll work hard to ensure you have the best auto loan rate on the block.
And if you have any more questions about financing a car, reach out to the team. They will be more than happy to answer any of your questions.