There are no shortages of reasons why someone might find themselves in a low financial position these days. Some of the most common reasons at this time are the economic downturn, divorce, job loss, repossession or bankruptcy. Many people try to keep up with the Joneses, living well-beyond their means. Often times this lands people in situations where living paycheck-to-paycheck is the new norm. Unfortunately, it seems impossible to break the paycheck-to-paycheck cycle.
It’s easy to get caught-up in spending with the growing use of credit. This permits us to make purchases, based on anticipated earnings, and pay them back later. The problem is that we often treat credit as cash rather than the loan that it is. In turn, we find ourselves in an endless cycle of repayment thanks to the additions of interest charges. Many people even continue to spend money and only make the minimum payment, instead of paying off the existing debt in full. Regrettably, this leaves dealerships in a terrible position when you find yourself in need of a vehicle.
Consumers these days don’t have the cash in hand to purchase a vehicle outright. This means you will need to finance your purchase. How do you get financing without a good credit rating to get a loan approval? How will you be able to replace your vehicle that is breaking down and unreliable?
Budget: Set realistic goals when it comes to purchasing a vehicle. Look for something that will fit your needs. You might want a fully loaded truck, but you can’t buy champagne on a beer budget.
Interest Rate: Your interest rate will reflect your credit score. Understand that the lender is taking a risk for approving someone based on a history that has bumps and bruises. Easton Motors highest interest rate is 19.99%. With approved credit we are can get your rate as low as 5.99%
Down Payment: Having money down is going to help with your approval, vehicle options, lower payments, and even shorter terms.