How to Get the Most Back for Your Trade
Many people trade in their older cars, trucks, and SUVs on a newer model, but how can you maximize your trade-in’s worth?
- Keep it Clean: Everyone likes a clean vehicle; it shows that you take pride in your motor and maintain it, plus it means the dealer has to spend less on detailing your trade-in. So make sure you clean your ride inside and out!
- Hold on to Your Records: Having physical evidence that the vehicle has been maintained is another big bonus. Showing maintenance records is sure to impress your sales-person and will get you more for your trade.
- Make Sure Everything Works: Prior to bringing in your trade, take a minute to ensure that everything works as intended. The less the dealer has to spend repairing your ride, the more you will receive upon trade-in!
What’s the Difference Between Financing and Leasing?
If, like most people, you’re not entirely certain of the differences between financing and leasing, then here’s a simple breakdown so you can make the best decision.
- Financing: When you choose financing, you plan on purchasing the vehicle, but instead of paying the entire cost upfront you pay off the cost in smaller payments (usually monthly). You typically make a down-payment, which can lower your monthly payments, and you pay an interest rate determined by your loan company based on your credit score. You also have the option of selling or trading the vehicle based on its depreciated resale or trade value.
- Leasing: Choosing leasing means you don’t initially intend to purchase the vehicle, but instead are only “renting” it for an extended period of time. You pay only for the vehicle’s depreciation during your tenure with it, and you don’t typically make a down payment. Instead you make monthly payments (with sales tax) along with a financial rate, called a “money factor,” that’s similar to interest on a loan. You may also be required to pay fees and possibly a security deposit. At the end of your lease, you may either return the vehicle or purchase it at its resale value.
How Do I Get Approved If I Have Bad Credit
At Summit Auto Group, we understand that sometimes things out of our control can lower our credit ratings. That’s why we don’t punish anyone for having a low credit score. Instead, our financing professionals will work with you to find a financial plan that works best for you and your budget. So contact us today to find out exactly how easy it is to receive financing even if you have bad credit or no credit at all!
What is Pre-Approval?
Being “pre-approved” for a loan means you submit your credit information to us prior to purchasing a vehicle so our financial experts can find how much a loan would cost. That way we can better suggest cars, trucks, and SUVs that find your budget as well as your lifestyle. All you have to do for pre-approval is fill out our quick and easy credit application form.