Car Loan Facts and Tips
Determine your financial situation
This is the first and most important step in the car buying process. You must know how much you can spend before you can determine what you can afford. First of all, you need to have a monthly budget. This is very easy to calculate. Add up all of your fixed monthly expenses, such as your rent/mortgage, phone bill, etc. Subtract that from your net income. Then subtract your estimated miscellaneous expenses, such as food, gas, entertainment, whatever. The result should be an amount of money you have to buy your new or used vehicle.
From that, you need to remember that buying a car involves more than a down payment and monthly payments. In your budget you will need to include licensing, registration and other hidden costs, as well as monthly insurance costs, gas and maintenance.
Once you have all of this worked out, you should have a ballpark figure of the budgeted amount you can use for car payments. A good rule of thumb is roughly 20 percent of your net income can be used for a car payment. Once you determine that figure, stay with it.
Decide which car you want
Now that you have settled on a monthly budget, now you can look at which vehicles fit into your price range. This is really about personal choice, but a good criteria to go buy is to look at what your needs are. Do you have a family? Chevrolet offers plenty of affordable, safe and reliable sedans and SUVs. Single and commute, or do a lot of city driving? The Buick Lucerne and Chevy Cruze segments offer a wide range of models to choose from that boast handling and superior gas mileage. Do you use your vehicle for work-related tasks, such as hauling, delivery, etc? Check out the Chevrolet and GMC SUVs. Desire luxury? The Chevy, coupes and high performance cars will make you feel young again.
Also consider your wants. Compact cars get really good gas mileage and are a great if you want to save money on the increasing gas prices. Plan on taking road trips? Consider something that gets good mileage and has cargo space and lots of cup holders. Plan on going off-roading? The SUV is your best bet.
Once you've narrowed your choices down to a couple, it's time to do some car research.
Do your homework
Here's where you will need to spend some time sorting through some details, but it will be worth the effort in the end. After all, the more you know about what you're buying, about Plattner Automotive, and about our Finance Department the more likely you are to be satisfied with your purchase and get all of the after market services you will need. Be sure to ask your sales representative about extended warranties and cosmetic packages to keep your new vehicle running smoothly and looking good for years to come.
Come in to Plattner's Automotive
Once you are ready, we invite you to make an appointment for a free, no pressure consultation with one of our friendly, knowledgeable sales staff. You already have an idea of what kind of vehicle you want and how much you can spend. Our sales staff are professionals and help people get into just the right vehicle everyday.
Also remember that at Plattner Automotive you are in control at all times. You have the right and ability to stand up and walk out of the office at any point. Be relaxed and comfortable that we will make sure that you know all the information you need and that you hold all the cards.
The scary truth about your credit score
Your credit score has more of an affect on your life than you think. A bad credit score can cause you to pay higher loan interest rates, and can adversely affect your ability to get a job, cause you to pay higher insurance premiums, or cost you more in interest. Many people are unaware that insurance companies check your credit before selling you insurance.
How To Get Your Credit Report
As you are car shopping, get your credit report instantly online now so you'll have it, and apply for your car loan online now so you'll know now whether you are qualified. You can get your credit report instantly online from Equifax, Consumerinfo or TrueCredit. Be sure to get your credit score with the credit report. If your credit score is below 450, consider repairing your credit prior to applying for a car loan.
Your credit score will not drop if you run your own credit report
Many people mistakenly think their credit score will drop if they run their own credit report.
Determine your financial situation
This is the first and most important step in the car buying process. You must know how much you can spend before you can determine what you can afford. First of all, you need to have a monthly budget. This is very easy to calculate. Add up all of your fixed monthly expenses, such as your rent/mortgage, phone bill, etc. Subtract that from your net income. Then subtract your estimated miscellaneous expenses, such as food, gas, entertainment, whatever. The result should be an amount of money you have to buy your new or used vehicle.
From that, you need to remember that buying a car involves more than a down payment and monthly payments. In your budget you will need to include licensing, registration and other hidden costs, as well as monthly insurance costs, gas and maintenance.
Once you have all of this worked out, you should have a ballpark figure of the budgeted amount you can use for car payments. A good rule of thumb is roughly 20 percent of your net income can be used for a car payment. Once you determine that figure, stay with it.
Decide which car you want
Now that you have settled on a monthly budget, now you can look at which vehicles fit into your price range. This is really about personal choice, but a good criteria to go buy is to look at what your needs are. Do you have a family? Chevrolet offers plenty of affordable, safe and reliable sedans and SUVs. Single and commute, or do a lot of city driving? The Buick Lucerne and Chevy Cruze segments offer a wide range of models to choose from that boast handling and superior gas mileage. Do you use your vehicle for work-related tasks, such as hauling, delivery, etc? Check out the Chevrolet and GMC SUVs. Desire luxury? The Chevy, coupes and high performance cars will make you feel young again.
Also consider your wants. Compact cars get really good gas mileage and are a great if you want to save money on the increasing gas prices. Plan on taking road trips? Consider something that gets good mileage and has cargo space and lots of cup holders. Plan on going off-roading? The SUV is your best bet.
Once you've narrowed your choices down to a couple, it's time to do some car research.
Do your homework
Here's where you will need to spend some time sorting through some details, but it will be worth the effort in the end. After all, the more you know about what you're buying, about Plattner Automotive, and about our Finance Department the more likely you are to be satisfied with your purchase and get all of the after market services you will need. Be sure to ask your sales representative about extended warranties and cosmetic packages to keep your new vehicle running smoothly and looking good for years to come.
Come in to Plattner's Automotive
Once you are ready, we invite you to make an appointment for a free, no pressure consultation with one of our friendly, knowledgeable sales staff. You already have an idea of what kind of vehicle you want and how much you can spend. Our sales staff are professionals and help people get into just the right vehicle everyday.
Also remember that at Plattner Automotive you are in control at all times. You have the right and ability to stand up and walk out of the office at any point. Be relaxed and comfortable that we will make sure that you know all the information you need and that you hold all the cards.
The scary truth about your credit score
Your credit score has more of an affect on your life than you think. A bad credit score can cause you to pay higher loan interest rates, and can adversely affect your ability to get a job, cause you to pay higher insurance premiums, or cost you more in interest. Many people are unaware that insurance companies check your credit before selling you insurance.
How To Get Your Credit Report
As you are car shopping, get your credit report instantly online now so you'll have it, and apply for your car loan online now so you'll know now whether you are qualified. You can get your credit report instantly online from Equifax, Consumerinfo or TrueCredit. Be sure to get your credit score with the credit report. If your credit score is below 450, consider repairing your credit prior to applying for a car loan.
Your credit score will not drop if you run your own credit report
Many people mistakenly think their credit score will drop if they run their own credit report.