5 Steps to Save you Time and Money for Your Next Car Loan
When it comes to financing your next vehicle, there are 5 steps you’ll want to keep in mind to keep it simple and save yourself money.
1.) Know your credit score
Before shopping around and having lenders pull your credit, you’ll want to know your credit score and what that qualifies for. By law, everyone is entitled to one free credit report every twelve months (some free sites like Credit Karma follow your credit score even closer) which you can receive at the Annual Credit Report site. Know your credit score so you can find the lender that fits your credit situation the best.
German & Asian Concepts works with 13 lenders, both locally and nationally, and our finance department will discuss the best option with you before submitting your loan application anywhere. First Time buyer with no credit? We can help with our first time buyer programs! Our simple application process can be completed within 5 minutes, contact our Sales Center for more information!
2.) Determine how much vehicle you can afford
Lots of factors go into monthly, yearly, and lifetime costs of a vehicle. Some vehicles you will pay more for the style and appearance than others. This is perfectly fine but know your limits before committing to a vehicle. Some vehicles will require a larger down payment as well, so be prepared with what you can afford.
At German & Asian Concepts, we want to find the right fit for you! We don’t want you to shop outside of you budget and will help you find the best vehicle for your situation. For an extremely simple and transparent process, visit us to learn how we can help you!
3.) Decide on the term of your loan
Most people want the lowest payment possible for their loan, which there is nothing wrong with that. However, you can save money in interest by selecting a shorter term (normally about 0.5% for every year) which adds up over the life of your loan. Depending on the age of your vehicle, you also might not have a choice. Older vehicles are limited to a shorter term on a sliding scale.
Most vehicles older than 8 years are limited to 36 or 48 months, but this factor relies on the situation. If the vehicle has lower miles, the applicant has history with the lender, or the applicant has a great credit score, then this limit can be stretched. You can contact on of our qualified sales associates for an exact answer on how long you can finance one of our vehicles.
4.) Consider all costs involved in your purchase
Before committing to a vehicle, check out insurance costs to see if your rates go up. Also check with our Service Center to see what an oil change will cost and what oil is used in this vehicle. Our Service Center is here to assist you over the lifetime of your vehicle, feel free to get quotes from them at any time so you can protect your investment.
At German & Asian Concepts, we are here after your purchase to assist you with routine maintenance on your vehicle, which can save you lots of money over the lifetime of your vehicle. We have extremely high quality in our Service Center and every month we will save our customers $25,600 (compared to using a franchise dealer which delivers lower value and a less of a helpful environment).
5.) Shop wisely for the best source of funding
Check with at least two lenders to compare rates and payment amounts. This can save you lots of money over the lifetime of your loan.
At German & Asian Concepts, we work with 13 lenders. Several are local credit unions over the best rates to a wide array of credit scores. We suggest submitting your loan application to at least 2 lenders to get the past rate for you. You can Apply for Credit directly through us and take care of all your paperwork in one visit to make the best use of your time. Our Sales Center is here to assist you with any questions you may have, you can Apply for Credit, Contact Us on our website, or by email at: email@example.com. Our knowledgable staff is here to serve you!