New Car and Used Car Financing: What’s the Difference?
You might think there’s a big difference between financing a new car and financing a used car. Here at Joe Bowman Auto Plaza, there really isn’t much difference at all!
Sometimes, car manufacturers offer special rates through select lenders that are tied to that brand. These rates are offered only a particular model for those consumers who have higher credit scores, but that is outside of our financing department.
That’s why, generally speaking, the difference between new car and used car financing comes down to the price tag. New cars are a greater investment than pre-owned vehicles. So more money is required, but that’s where the difference ends.
There are, however, three requirements for both types of financing.
Buying a car is a serious investment, one that requires thought and planning. So how do you prepare to apply for a car loan? Here are the 7 steps that will get you ready!
Before you do anything, check your credit report with the major credit bureaus. Look for possible errors and dispute any that you find. According to Experian, it typically takes 10-14 business days to correct errors. This can be an easy way to give your credit score a lift!
Have you ever wondered if you really could pay off your car loan faster? Think of what you could do with the extra money! Save for a home, take more vacations, build up your savings account…the list is practically endless.
The good news is there are ways to whittle down that balance so that you can free up your money. Here are three of the most common ways.
Make Extra Monthly Payment to Pay Off Your Car Loan Faster
Here at Joe Bowman Auto Plaza, we have simple interest loans. That means you can pay extra on your car loan—or pay it off early—with no penalty. Paying an additional $100 per month on the principle of your loan equals an additional $1200 per year reduction in the loan amount.
That’s important. Because the quicker you reduce the principle amount, the less interest you will accrue and...
Trading in a Car at a Dealership: How Does It Work?
Ready to buy a new car or a quality used car but still have your old vehicle? When you’re ready move on, there are three ways to part with it. You can sell it privately, sell it outright to a dealership, or you can trade it in.
Trading in a car at a dealership can resolve the issue of trying to sell it yourself. You won’t have to pay for ads, negotiate a price, get an appraisal, and do all the legal paperwork required with selling a car.
With a trade-in, simply come to an agreed upon price with the dealer and let them handle the rest.
When Trading in a Car at a Dealership is a Good Idea
In fact, there are three big factors that affect your monthly car loan payment: car loan amount, interest rate, and loan terms. All of it together takes planning and careful consideration to help you get the best loan terms possible.
Here’s a breakdown.
Car Loan Amount
When you’re approved for a car loan, the lender will specify the amount of money you’ll borrow, the interest you’ll pay, and the time period for repayment.
The amount of money you can borrow hinges on:
• whether you still owe money on your current vehicle • the purchase price ...
Great for cutting through grease, dish soap is too abrasive to use on your vehicle’s delicate clear coat. A lot of leading brands use toxic chemicals and corrosives that can eat through that wax coating underneath the dirt.
The same is true for laundry detergent. It was made to cut through dirt and grime to clean your clothes which means that chemicals are put in the product formula. These chemicals can easily compromise the porous coat on your car causing it...
5 Winter Maintenance Tips for Your Pickup Truck: A Review List
We’re right in the middle of cold weather, so now is a good time to review your winter maintenance tips for your pickup truck. To see how your truck is stacking up against Old Man Winter, we’ve put together a quick review sheet.
Most trucks run on a ratio of 50/50 antifreeze to water. However, if your area’s temperatures regularly drop below zero, this may not be enough.
You can also remove some radiator fluid and replace it with straight antifreeze. Just remember to switch the antifreeze back to the 50/50 ratio for warm weather. Double check with your mechanic for the ratio he recommends.
And remember, it’s always a good idea to keep a periodic check on antifreeze levels during the winter.
Have you adjusted tire pressure so that it’s at the high end of the manufacturer’s recom...
What better way to kick off the New Year than with the 2021 Chevy Tahoe sport utility vehicle? Although it’s hard to believe, Chevy has improved on one the most versatile and advanced SUV’s on the road.
The Tahoe has a bigger, more spacious cabin, smoother ride and handling, and, as always, a commanding presence.
The all-new Tahoe has six trims to choose from, each one carefully refined to help find the right blend of design and comfort for your needs. But there is one feature that’s non-negotiable.
Standard Safety Features for A Luxury SUV
While each trim has its own brand of luxury, there are some features that are a must for every level of trim!
Portable and Mounted Truck Toolboxes: What You Need to Know Before You Buy
Truck owners use their vehicles for a variety of reasons such as business, farming, hunting, fishing, and camping, to name a few. But no matter how you use your truck, you can’t keep tools and accessories organized and safe without a good quality toolbox.
When you’re buying a truck toolbox, there are many considerations: plastic, aluminum or steel, side mounted, high or low-side, rust and weather resistant. The list is practically endless.
But when it comes to design, you basically have two choices, portable or mounted. Both of these designs have their pros and cons. Let’s take a look at each of them.
Mounted Truck Bed Toolboxes
This type of truck toolbox sometimes requires installation from a certified dealership because it requires minor drilling. Once installed, consider it a keeper because...