Four Things a Used Car Dealership in Fergus Falls, MN Wants You to Know About Auto Financing

March 7, 2017 10:50 pm Published by Leave your thoughts

In a perfect world, we’d all be able to walk into a used car dealership in Fergus Falls, MN, pay cash for a vehicle on the spot and drive off the lot a few minutes later. Unfortunately, that’s not feasible for most of the population. Cars are expensive, and unless you’ve been saving your money for a while, paying a lump sum for even a used vehicle can be next to impossible.

Thankfully, there are auto financing options that allow customers to pay for vehicles over time, rather than all at once. Here are a few of the things we think you should know about loans and auto financing before you visit us to buy a vehicle:

  • You’ll get a better loan with a better credit score: From the time you pay your first bill until you take your last breath, your credit score follows you around. That can be a scary thought if you have a poor credit score! The lower your score, the harder it is to get a good loan. How do you keep a good credit score? Good question! Your credit score depends on how many times you’ve borrowed money and whether or not you’ve paid the monthly interest rate on those loans back on time. Keep your score up by keeping your borrowed money balance low and by staying ahead of your bills, not behind. You can check your credit score online on a variety of different websites. We recommend always having a general idea of your credit score before you visit a source to get a loan for a car.
  • Know how much you can afford to spend: Even if your credit is solid and you qualify for a big loan, you still might not be able to keep up with the monthly payments. That’s not good! If you fall too far behind on your payments, your car can be repossessed and you’ll be left walking everywhere you go. In addition, you’ll need to place a down payment before you drive away. Keep in mind that the more money you put down upfront, the lower your monthly auto payment will be.
  • Shop around for a loan: Different sources of loans will offer you different interest rates. Before you jump the gun and decide to sign papers at the first place that’ll give you a loan, explore your options. You may find that you can get a much better deal right down the road—like at our dealership!
  • We offer loans to our customers: Don’t mess with going to the bank before you visit our lot to buy a great used car. As a premier used car dealership in Fergus Falls, MN, we’re proud to say that we offer loans that enable folks across the Fergus Falls area to purchase their dream car at an affordable interest rate!

To learn more, visit College Way Auto Sales & Service or give us a call to find out what our used car dealership in Fergus Falls, MN can do for you!

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