Dye Autos Denver Area Truck and Automotive Blog
Financing a used car or truck is something nearly everyone does at least once in their life. At Dye Autos, we’ve been providing financing for customers in Denver and the surrounding areas for many years. It’s still difficult for many customers to navigate the waters of auto loans and we work hard to make the process easier.
A little knowledge goes a long way.
It’s a good idea to prepare yourself from the outset so you’ll know exactly what to expect before you make this financial commitment.
The fundamentals of financing a used car or truck are:
- Type of vehicle you want
- Determine down payment amount
- Monthly payment and terms
- Get Pre-Approved
We wrote in more detail about these fundamentals in our post here: “Answers to Your 6 Biggest Used Car Financing Questions.”
When you’ve got your fundamentals figured out, your next step is to make the actual transaction – go to the dealership and drive home in your dream car.
When you’re at the dealership financing a used car, salespeople and managers do their best to answer every question and they’re required by law to give you important disclosures. But why not bring with you a list of the 6 key questions you should ask?
All of it boils down to this: How much am I paying for the car? Get the answers to this six-pack of questions before you say yes to the financing.
6 key questions to ask when financing a used car or truck
What is the …
Precise (down to the penny) price I’m paying for the vehicle?
Total amount (be exact) being financed?
Amount I’m paying for the credit (finance charge)?
Annual percentage rate (APR) I’m paying?
Exact amount of each payment?
Total number of payments?
The Golden Rule of Financing a Used Car
Uncertainty is not your friend, especially when you’re financing a used car or truck. The decisions you make will have a lasting effect on your life for many years to come…so choose wisely.
At Dye Autos, we pride ourselves on being transparent and responsive to your needs. We walk our customers through every step of their car or truck purchase and we’re happy to help you.
Call us today with any question you have, even if you’re not in the market to buy right now: (303) 286-1665.
“If it’s a truck you wanna buy, you’d better call Dye!”Read More
You’ve done it. You’ve decided to buy a new car to replace your old car. There are a lot of important decisions you need to make now and one of them is whether or not trading in your car is beneficial.
How does it work when trading in your car?
When the amount you owe on the car is less than the trade-in value, the process is pretty straightforward.
Say you still owe $5,000 on your car and a dealer offers you $6,000 for it as a trade-in. The dealer pays off the $5,000 loan for you and then you transfer ownership of the car to the dealer. You can use the $1,000 difference as a down payment.
When the amount you owe on the car is more than the trade-in value, the dealer still pays off your loan. This leaves a balance due to the dealer which you can either pay in cash, or sometimes, roll that amount into the new loan you’re getting on the new car. Various factors like creditworthiness, terms and payment amounts govern which options will be available to you.
Do’s and Don’ts of Trading in Your Car
- Use online tools to appraise your car’s value. Edmunds.com and kbb.com are two great resources to appraise your trade-in’s value.
- Be honest with yourself about your car’s trade-in condition. The more forthright you are when using online appraisal tools, the better off you’ll be when it comes time to trade it in. Very often, people come into the dealership with an overly-optimistic idea of what their car is worth, only to find that reality is less optimistic.
- Give your trade-in curb appeal.
- Clean the exterior and interior well.
- Remove small dents.
- Fix window glass defects.
- Bring all vehicle paperwork with you. You will need:
- Certificate of title (if you don’t have it, the DMV can tell you how to get it replaced). Note: if you have an outstanding loan on the vehicle, this will not apply since the bank has your certificate of title.
- Current registration.
- All your car keys and the owner’s manual.
- If you still have a loan on the car, you’ll need to have your account number or a payment stub.
- Maintenance records. These help support your claims about whatever prior damage your car has had and the repairs it has undergone.
- Don’t fly blind. After you’ve learned what your car is worth via the online appraisal tools, obtain 2-3 dealership quotes or estimates. Information is power so get all the facts before you take the plunge.
- Don’t be unrealistic about your trade-in’s value. We all have attachments to our cars because most of us spend a good portion of our lives in them. However, don’t expect any added “sentimental” value once it’s time to trade in your car. Treat it as a transaction, nothing more.
- Don’t over-fix your trade-in. It’s beneficial to spruce up your car before trading it in, but be sure to set a budget for small fix-ups. Perform simple maintenance and cheap cosmetic fixes (like fixing scratches), but don’t spend so much money that you end up losing money on the trade.
- Don’t forget to pack all your car’s accessories. Trading in your car means you are trading in everything that goes along with it. Make sure the original owner’s manual and any extra keys are in the vehicle when you arrive at the dealership. Dealers like used cars that still have all the accessories and may even give you a better deal on your trade when everything is there.
Are you thinking about trading in your car or truck? We’re here to help you every step of the way. Call us at (303) 286-1665 or contact us >>>here<<<.Read More
A good credit history is important, especially when buying a vehicle. But life happens and that often affects your credit. If you’ve had a bankruptcy, live in Denver, Wheat Ridge, or the surrounding areas, and you find yourself wondering what your options are, you’ve come to the right place. It is possible to buy a car after bankruptcy.
Most cases of bankruptcy aren’t caused by reckless spending but by financial hardship, and many are lower-income individuals who simply can’t afford to deal with unexpected major expenses such as job loss or medical bills.
At DYE Autos, we’ve worked with hundreds of customers here in the Denver – Wheat Ridge area who were credit challenged and we understand how tough it can be to buy a car after bankruptcy. Lenders do lend to people who’ve been through it.
Here are 5 tips to help you navigate your way to getting the car you need.
Your situation is not hopeless
Your situation doesn’t have to be grim. If you’ve had a good track record paying previous car loans or your financial issues stemmed from uncontrollable events, you may very well be able to finance your vehicle.
The Great Recession caused many people to lose their job and eventually make less than they did. Medical bills, divorce and other unforeseen circumstances happen. You’re not alone.
Shop around for a loan just as you would if you had perfect credit. Too many customers come to the table ill-equipped to discuss their credit score and available options…and that can get you in trouble.
While DYE Autos has a long track record of helping people buy a car after bankruptcy, there are many dealers who aren’t set up for it. Do your homework.
Look for the lowest interest rate, but be realistic
Consumers face several different negotiations when purchasing a car: the price to pay for the car, the value of the trade-in, the financing and whether to purchase additional products like extended warranties and other insurance products.
When you’re just emerging from bankruptcy, you’re likely to agree with just about anything a dealer or bank will give you.
Instead of taking the first offer you get, shop around. Many consumers have gone through what you’re going through. Get yourself the best rate possible but be realistic and know that your situation is temporary. You can build your credit back up and get a better rate in the future.
Keep your expectations low on the type of vehicle
One of the important components when you’re shopping for a car after bankruptcy is to keep your expectations in check. Don’t expect to drive away with more than you can handle. In the lender’s eyes, you’re a new driver just learning how to navigate your new credit worthiness.
Everyone wants a nice car and there are plenty of nice cars that are affordable. At DYE Autos, we work with lenders everyday and our customers get the guidance they need to find the right vehicle.
Do your homework on which dealership to work with
The lack of transparency has chipped away at consumer confidence in the auto finance market. You need to find the right kind of dealer who can handle your type of loan.
A dealer with a lack of experience and skills in working with people who need to buy a car after bankruptcy can very often cost the consumer hundreds of dollars.
Choose to work with a dealership that has a proven track record with helping people buy a car after bankruptcy. Here are the questions we want our customers to ask:
- How long have you been working with customers that have credit issues?
- How much interest will I be paying over the life of the loan?
- Is there a prepayment penalty? (a fee if you pay the loan of quicker)
- Do you have options for me so I can refinance later, after I’ve proven my credit worthiness?
These tips will get you on the road to shopping for the right car, the right loan and the right dealership.Read More
Surprisingly, some of the biggest discounts on a new truck come at the beginning of the year. If you’re looking for the best time of the year to buy a car or truck, be prepared to act quickly! You won’t find a better time than when the calendar changes into a New Year.
Buying a new truck can be an arduous process. People naturally get caught up in the more exciting parts of buying a new truck, such as:
- Sound System
- Power outlets
- Off-road accessories
- Towing equipment
These are all super important features to consider but many people don’t stop to consider the details that could possibly save them THOUSANDS of dollars when it’s time to purchase.
4 New Truck Buying Tips to Start 2018 Off Right
Now that the New Year is upon us, you might be thinking about buying a new truck. Take the time to consider all your options to get the best deal possible.
1. You can save money if you buy on New Year’s Eve.
This is because it’s the last day a dealer has the opportunity to make both their quarterly AND yearly goals. Salespeople potentially have year-end bonuses on the line so they want to get the cars out the door before the midnight.
Everybody wants to save money on their new truck and your best chance to do it is on New Year’s Eve.
2. New Year’s Eve Hangover
Dealers trying to close out their year will often allow discounts that “hang over” into the New Year.
When dealers are busy on New Year’s Eve, there sometimes isn’t enough time to get every deal completed. The new truck deal you’re craving could still be available on January 1st, but only if you act quickly.
3. Forlorn salespeople are eager to sell.
It’s tough for car salespeople sitting in empty showrooms when almost everybody else is sitting at home watching football, recovering from late night parties, or not daring to venture out into the cold.
The only consolation for a car salesperson in this situation is to sell a car or two.
When salespeople are eager to sell, that makes a great opportunity for a savvy buyer.
4. Dealers need to clear their Inventory for new models.
Every dealer has inventory at the end of the year that they want to get rid of.
Used car prices tend to go through a predictable cycle in which they peak during the summer months followed by a downward slope hitting rock bottom around January 10th.
Prices tend to shoot back up quickly through February.
If your 2018 plans say it’s time for a new truck…
Remember these tips when you’re ready to buy. At DYE Autos we’re here to help you anyway we can so please reach out to us anytime!Read More