Financing Your Car At Tom Masano
Whether your dream is to own a sleek new Ford Mustang, the hefty Ford F-250, or anything in between, here at Tom Masano we’re in the business of making dreams happen.
Now, if you’re like most folks then buying your cruiser outright might not be possible or practical. And that’s where financing comes into play! Even with bad credit or no credit, we’ll work hand in hand to find you the best deal and interest rate.
If you’re new to financing or don’t know your options, we’ll go step by step through the financing process and fill you in. Keep reading to learn more!
What Are My Auto Loan Options?
Unless you have a wad of cash lying around, then you’re probably going to want to finance a car. Now, most people choose one of two options: financing your auto loan through a bank or financing through an auto dealer. Both are great options, and the financing route you take is entirely up to you. Here, let’s explore each financing option a little further.
Get An Auto Loan Directly From The Bank
One of your options is to apply for a car loan directly through the bank or credit union. If you’re partial to your financial institution, then this may be the best option for you. The bank or credit union will agree to lend you a specific amount of money, which often depends upon your credit score and banking history. They’ll then add interest on top of your loan, which you’ll pay over the course of time. Each month you’ll make monthly payments directly to the bank.
Now having bad credit or no credit can be tricky when it comes to a large bank or credit union. A lot of times they’ll either reject your application or approve it with an extremely high APR rate. A high interest rate can cost you gobs of money over the life of the loan.
Finance With Us At Tom Masano, On-Lot Financing Made Easy
One of the big advantages of financing your auto loan through an auto dealer is the ease of it! You get to enjoy shopping for your dream car, while the auto dealer handles the financing terms and arrangements. This can save you a massive headache, and makes the financing process easy and straightforward.
Much like financing directly through a bank, with a car loan you’ll make a monthly payment to your lender. But here’s the real difference! Here at Tom Masano, we’re proud to have great relationships with many car lenders in our area. Because of this we can shop for the best interest rates on your behalf. Financing a car with no credit? No problem.
We’ll reach out to our friends in the financing world and find you the best interest rates. So instead of your bank offering you one interest rate that you can take or leave, we’ll find you the best rates among several car lenders! Because of this we can cater to those with both good and bad credit scores! Buying a car is made easy.
Steps You Should Follow When Financing A Car
We know how easy it can be to jump into something, especially when you’re amped up and ready to put the metal to the peddle. But before you finance a car, you might look over these helpful tips full of useful information.
Check Your Credit Scores
It’s never a bad idea to know your credit score, especially when buying a car. There’s a ton of free tools online but our favorite is Credit Karma. With this tool you can monitor your credit scores for free! This information will help you gauge whether your credit score is in tip-top shape or poor. This information can clue you in on whether your interest rate (APR) will be low or high. Keep in mind that here at Tom Masano Ford, even with low or bad credit you still have options. We’ll reach out to our many financing connections and help you lock in the best interest rates available!
Get Pre-qualified For A Car Loan Online
Instead of pursuing your loan once you get here through on-lot financing, you can get the ball rolling ahead of time! With your pre-approval, you’ll know exactly how much money you have to work with, in terms of your auto loan. This can help you narrow down your search quicker, and find the new car, truck, van, or SUV you’re looking for. To do this, simply fill out the pre-approval form on our website. You can find it here.
Trade-In Your Old Car
With every new purchase, it’s worth considering a trade-in of your old vehicle. Putting some extra cash towards a down payment can lessen your monthly payments. This can help with on-lot financing too. Or you could use the cash to pay off your vehicle taxes? Either way, you can really knock down your expenses or payment with a trade-in! Here at Tom Masano, we’re happy to give you a no obligation trade-in estimate. It’s hassle free and easy. Just reach out to a member of our staff for more details or visit our website.
Select A Trusted Auto Dealer
We hope this blog has been helpful! Taking a loan for a car or truck doesn’t have to be confusing or complicated. Even if you’re financing a car with no credit, there’s no need to worry. We’re happy to lend our financing connections to our customers. Helping you find your new car, the one that’s perfect for you, is what we’re here for.
Now that you know the many financing options available to you, driving that cherry red Mustang convertible, isn’t so far out of reach. You’ll have the wind blowing in your hair as you cruise down the interstate, in no time!
If you have any questions at all, please don’t hesitate to reach out to the experts here at Tom Masano Auto Group. You can contact us via telephone or our online form. And as always, we’d love to see you here at the dealership. We have a large inventory and stand behind each and every vehicle we sell.