3 Tips for Buying Used Cars

Buying used cars can be a challenging endeavor, especially if you’ve never undergone the process before and don’t quite know what to look for or expect throughout the process. In some cases, inexperience can land you with a dud of a car. However, this doesn’t have to be the case. We’re here to help you understand how to properly shop for your used car, and to ensure you’re getting the best deal for your cash when you finally make the deal. For the best results when making your new purchase, consider the following when making your selection of our available options:

Don’t Buy More Than You Need

Even if you find a great deal on an SUV, minivan or truck, that doesn’t mean that you should buy more than you need. Assess your needs before selecting the used car for you. How far will you be traveling normally? How many passengers do you expect to have? What sorts of events or work will the vehicle be used for? These are all things to consider when selecting the right size and type of used vehicle for your future needs.

Know the Car’s History

We would never dream of selling you anything less than a great used car, but it’s always good to know a bit about the ride’s history, just in case. Prior accidents and other issues can greatly impact how a car, truck or SUV handles on the road, and should be taken into consideration before buying.

Be Aware of Your Budget

At the end of the day, we want everyone to happy with the deal that’s made at our business. In order to make that a possibility, you need to keep your budget in mind when making your selection. Even if one of our cars seems exceptionally undeniable in the moment, that doesn’t mean you’ll be able to afford the monthly payments down the road.

Therefore, be mindful of how much you can spend. By following these tips, you can make sure your next search for used cars is a successful one, and you find the perfect ride for your needs and your budget.

How to Obtain the Best Car Loan Rates

When looking to buy a car at our dealership, we want you to get the best rates available for your loan. You can do this by following these tips and knowing what to ask for when you get here. These factors matter when trying to get the best rate on car loans.

Look for a Low Annual Percentage Rate

APR is the rate of interest that is added on top of your loan payments. The lower your APR, the less money you’ll pay back over the term of your loan. Negotiate for the lowest APR based on your credit history and consider deals we might be offering. For example, sometimes paying low interest with a large rebate might be better than taking zero-interest APR. Do your research.

Make a Down Payment

By making a down payment or trading in your previous vehicle, you won’t need as much financing as those who don’t. This obviously lowers the amount of money you need to pay back. Also, those looking to obtain car loans with bad credit can sometimes get a better APR by making a down payment because it’s less risky for us as your lender. It also shows us that you’re serious about paying in full.

Negotiate a Shorter Loan Term

We often offer car loans varying between 3 – 7 years. While taking a longer term may decrease the amount of your monthly payments, it also adds to the number of payments you make and how much interest you pay over time. By taking a shorter loan term, you’ll repay it faster for less money, so consider paying a bit more monthly to disburse less money over the term of your loan.

Following these four tips will help you gain the best rates for car loans when you buy from our dealership. By negotiating for a lower APR and shorter loan term as well as making a reasonable down payment, you can shave a large amount off the money you owe and the total of each payment.

Understanding The Basics of Car Loans

It can be difficult to understand loans and the process of obtaining them, but we are happy to help to answer all your questions. Even if you have bad credit, we believe that should not discount you from purchasing a car. We work directly with you to ensure you receive competitive loan terms and rates.

Paying Off Your Loan Faster

Paying off your loan faster can be advantageous and there are a few ways to do so. One way is to round up you payments at the end of each month. This simple step can have your car paid off quicker without breaking the bank. Other simple steps to take include shortening your loan or putting more money down initially. This can even lead to lower interest rate because it shows you are less of a risk than your credit entails and dedicated to paying back your loan.

Grasping The Terms

Understanding the terms of your loan agreement including how long and how large each payment is are two factors we can explain and evaluate with you. Opting for a shorter term allows you to pay off your car in a timely manner, but your payments will most likely be larger. If you would rather make small payments over an extended period of time, you can opt for a longer term agreement. Both your loan term and interest rates effect your monthly payments. Your APR also comes into play which is effected by a variety of factors and it includes the interest rate charged on the amount you borrow for the car and any other fees associated with the loan.

We know all the options can make it difficult so we work alongside you to seek out a car that fits your needs and budget. Bad credit car loans are obtainable and our tips and tricks can help you pay off your car quickly.

Shopping For Your Used Car

If you have been considering purchasing a new car, then you may want to think of going with a used car in Thunder Bay. You will likely find many used cars that could be just as good as new, and for a lot less money too. There are several other advantages you could find yourself with once you decide to buy used as well.

Many people simply grow tired of their vehicles and want to sell them for something new. You may be able to get a very good vehicle simply for this reason. You may find the perfect car for you and your family just because someone else didn’t want it anymore. You can expect to have your used vehicle for several more years with no problems just because they no longer wanted it.

You are able to find many quality certified used cars in Thunder Bay at Performance Motors. We have a great selection and all come with a CARFAX History report. Please view our inventory online and if you require financing our finance experts will get you approved at a low interest rate.

Bad Credit? Don’t Worry.

It is hard to afford a car these days without getting a loan first. However, sometimes people struggle to get car loans based on their credit score. You may have had something happen that ruined your credit, or you may not have much of a credit history and this may be your first car. We believe that this shouldn’t stop you from getting a car that you may desperately need.

With today’s lifestyle, getting a car is a must for a lot of people in order to get to work or even something as simple as going to the grocery store. This is why, even with less than ideal credit, every person who needs a car should be given the chance to get a loan and prove that they will pay it back. After all, if the problem with your credit is that you haven’t had enough money to pay your bills, that isn’t going to get better if you can’t get to work due to not having a working car.

Some people with no credit or bad credit may also run into a problem where the only people willing to lend to them want them to pay astronomical fees or they will lend very little money where you almost can’t afford the car. We don’t believe in that, and will work with you to find a lender that understands your situation. Being a car dealership, we know a lot of places to get car loans, and every lender is different in how they deal with situations involving credit.

Don’t let the fear of being rejected due to your credit stop you from pursuing your car. Although the situation may not be ideal, we will find you something that you will be able to get a loan for without paying high fees or settling on a car you don’t really want due to your credit score.

Can I Get Approved for Car Financing With Poor Credit?

With poor credit, you may feel like your car-buying options are also on the poor side of things. The good news is we have financial solutions for individuals who have struggled with credit in the past. To help you get beyond where you are now with your credit rating, we offer solutions that allow you to get approved for car financing with a bad credit rating.

One of the best things about getting approved for financing when you don’t have a great credit history is you can improve your credit rating. You need to start working your way toward better credit at some point, and our financing solution allows you to do that. By staying in contact with our financial representatives and letting us know what your financial situation is, we can help you make sure your payments are on time and in full so it makes a positive impact on your rating.

Something to keep in mind is you will have a lot of options when it comes to credit approval for individuals with bad credit. No matter the type of automobile you are looking for, we will have something that meets your needs, and you will be able to purchase it with the help of financing. If you need a small sedan, we can make that work. If you are looking for a van, we can make that work as well. Your options don’t have to be limited just because you have struggled financially in the past.

When you need a new car, don’t hesitate because you have bad credit. You do have options and we are here to help. Our solutions allow you to get approved for auto financing so you can improve your credit rating and purchase the car you have always wanted. Don’t wait to make these improvements to your life. Speak with a representative today to see what you need to do to get started.

Tips on Buying Used Trucks

There are many things to consider when poring over a wide inventory of used trucks in hopes of finding the right one. The most common stream of thought to have is how the truck will be utilized. Is the truck going to be driven for commercial use, or for basic daily driving? Are you looking for something more rundown for off-roading excursions, or is an upgraded and comfortable model more your speed? Knowing the answers to these questions will help to set you on the appropriate path to finding the perfect truck.

It is safe to assume that people who prefer to drive trucks over cars are not afraid of getting their hands a little dirty. Being unafraid of grease and grime will come in handy at the car lot when looking underneath the truck. Inspecting the truck yourself is a step that should not be neglected when searching for a new truck to buy. Oftentimes, some places will hoist the truck in the air for you to inspect, or will do a complete inspection themselves for little to no additional fee.

If you are unsure of what to check, make sure an experienced technician conducts a thorough inspection of the truck and provides you with a very realistic assessment of required repairs along with the cost of each one. The main issues to check are the brakes, steering components, possible leaks, weak metal, and damage.

Additionally, try not to be distracted by a truck’s outer appearance. A new paint job adds a nice touch, but it is important to find out what the motivation was behind that fresh coat. Make sure to find out if it is covering scratches, rust, a dull surface, or any other possible defect. When it comes to used trucks, the goal is to find all about the history.

Once you have found the right truck to purchase, try not to second guess yourself. If you did your research, got the right price, and are happy with the outcome, do not worry that you missed out on something better.

How to Pay for a Used Car Without Breaking the Bank

Sometimes it seems like cars break down at the worst times. You might not be in a great place financially when your car becomes inoperable, and buying a new car is not always possibly. When you need a car, and you have limited funds, a good used car might be the best thing for you. There is a wide-variety of used cars on the market. With a little bit of research, you might find a used car will work well with your current lifestyle.

Know Your Budget Before You Begin

Before you start your travels to dealerships, you need to consider how much money you can afford to spend on a used car. You could save a lot of money, if you pay for the car in full. If this is not possible, consider making a large down payment. Obviously, when you finance your car, the cost is more because you are paying interest each month when you make your payment. Traditionally, when you purchase a used car, rates are higher and the financing periods are usually shorter compared to purchasing new cars. One tip most financial experts offer is to never spend more than 20 percent of your take-home pay on a car.

Estimate Future Expenses

Always do research on the car you want to purchase to see if certain parts need to be replaced more frequently. You might have a particular car in mind that you’d like to buy, but if the water pump in that model has a history of failing, than you might want to consider another car. When you purchase a used car, there’s always a chance you will have to forgo funds for maintenance and upkeep. An older car obviously has more wear and tear on it than a new car. Having savings put aside is important, since you don’t want your car to cause you unnecessary debt.

Tips for Buying Your First Used Car

Buying a used car for the first time can be an exciting yet puzzling experience. There are so many makes and models to choose from, and because there’s such a wide selection, it can be hard to know where to begin. Whether you’re working your first job or attending school, having a reliable vehicle can make all the difference, and we’re here with some tips on how to browse used cars, narrow down your choices and understand your payment options.

Before Your Browse

While you might think the first step in finding a quality used car is to browse vehicles online or visit car lots, it’s a good idea to organize your finances first. Gather your monthly bills so you can calculate what you can afford in the way of a monthly car payment, obtain a copy of your credit report and take the time to ensure all the information on it is correct. If you don’t have a credit history yet, our salespeople can let you know about your financing options and which choice might be best for you.

The Selection Process

Browsing used cars can be the most exciting part of the buying process. However, while you might have a specific make or model in mind, it’s helpful to keep an open mind as well. You may find a vehicle that’s a great fit for your current lifestyle, such as one that gets good gas mileage for your daily commute. You may want to write down a list of questions to ask our salespeople, as this can help narrow down your choices.

After You Buy

Once you purchase your vehicle, you might have questions about how to maintain it. We can help you create a plan for caring for your car in the long term, from servicing the engine to tire maintenance.

Choosing that perfect vehicle from a wide selection of used cars isn’t always easy for a first-time buyer. However, with a little planning and guidance, you can find a car that’s a perfect fit for your budget and lifestyle.

Steps to Prepare Yourself for Buying Used Cars

Buying used cars is a big step in your life and there usually is no point in rushing it. When making such a major purchase, it is a good idea to approach the decision with care. Here are some things that you can do to ensure that you’re ready to buy a car when the time comes.

Know Your Credit Score

Your credit score and history will have a big impact on the type of dealership financing you qualify for, and ultimately the type of car that you get. Keep in mind that it can sometimes take several weeks or months to get errors on your credit report straightened out so do this as soon as you can. Get Pre-approved

Dealerships usually have pretty good financing deals, and you might not have to have outstanding credit to qualify. It is usually a good idea to get pre-approved for a loan before shopping for a car so you know what your limitations are in terms of pricing. This will also give you a good starting off point for negotiations down the line.

Unload Your Current Vehicle

Decide whether you are likely to get a better deal trading your current car to a dealer or selling it through a private sale. There are pros and cons to doing it either way, of course, but it depends on what best fits your plans.

Determine Your Budget

Last but not least, figure out your budget for your new car purchase. You might get pre-approved for an amount much higher than what you are actually able to afford so it is vital that you come up with your own number for how much you can afford to spend on a car.

Buying a car is an exciting process. It can be even more fun when you take the financial steps beforehand to ensure you make a good choice and are mentally and financially prepared for it.