Financing Tips for Used Vehicles in Schuylkill Haven PA
If you’re looking for a vehicle that offers a ton of benefits for a low price, look no further than a used vehicle! However, if you’re on the market for a used vehicle you might find that it’s not as easy to finance a vehicle as it is to find one you like. That’s what we’re here to help with! Continue reading to see three great financing tips we have for you!
1. Know Your Credit Score Beforehand
While it is possible to get a vehicle with bad credit, it’s not recommended! You’ll have a high-interest rate and that’ll lead to longer, more difficult to pay loans, making it a harder financial burden for you and your family. That said, you should really make sure you know your score before shopping. When a dealership says that they have low-interest rates, they mean that for people with a credit score of 700 or more. So, make sure you keep this in mind when you’re shopping for a used vehicle.
2. Put as Much Money Down as Possible
Another key tip for financing a used vehicle, or really any vehicle, is that you put as large of a down payment down as possible. At least 20 percent is typically what is recommended for a down payment amount. This will decrease the monthly payment as well as greatly impact its interest rate, saving you a lot of money in the long run!
3. Time Your Purchase Well
Interest rates on a car loan can fluctuate greatly due to current economics or the time of year. Do some research, find out when the rates are the lowest from your dealership or your chosen financing company. Get quotes from these sources at different times of the year. The dealership might also offer better deals at certain times of the year due to sales.
To learn more about financing your vehicle, or to see our great used vehicle inventory, contact us today!