5 Things to Know When Selecting a Used Car Loan

  1. When looking to buy a used car, many people use a loan to finance their purchase. Your loan can add significantly to the cost of your vehicle, over the life of the loan. For that reason, here are five things you need to know when selecting a used car loan. Set a Realistic Budget – Not only must you consider your income and other expenses, when setting a realistic budget for your used car loan payment, but also remember the other costs associated with owning a car. Fuel costs, insurance, and maintenance costs are just some of the costs you’ll incur, that you need to plan for in your budget. Also, be sure to set aside money for unexpected repairs.
  2. Know Your Score – One of the factors that will affect the cost of your used car loan is your credit score. The better your credit score, the lower your interest rate. Making payments on time and using your credit wisely, can mean saving you thousands of dollars in interest on your used car loan.
  3.  Shop Your Loan – Chances are you didn’t look at just one car, when car shopping, why wouldn’t you do some shopping for your used car loan? Talk to several lenders and get quotes on your interest rates. Talk to your local bank, credit union, and if you’re buying through a dealership, chances are they have relationships with several financial institutions that can give you a quote for a used car loan.
  4. Watch Out for Loan Stacking – If you’re trading in a car that you still have a loan on, watch out for loan stacking. Loan stacking happens when the dealership doesn’t give you as much for your trade-in as you owe on the loan.  The difference between your loan payoff amount and the trade- in value is then added to the amount financed on the car your purchasing. This will not only increase the monthly payment of your used car loan, but also your total loan cost, over the term of the loan.
  5.  Check the Terms of Your Used Car Loan – Of course you want to verify the interest rate you’re paying, the length of the loan, and the monthly payment, but there are other terms you need to be familiar with, before you sign on the dotted line for your used car loan. Is there a pre-payment penalty? Is there a balloon payment at the end of your used car loan? Are there fees (such as a loan origination fee) you’ll be required to pay?

Pick the Payment will be happy to connect you to a dealer who knows about used car loans for cheap used cars or even a brand new car. Call us today 800-452-1750

31. July 2013 by admin
Categories: Cheap Used Cars | Leave a comment

4 Types of Service Your Chevy Can’t Afford to Miss

If you want to keep your car running longer and minimize the chances of having to take it in for a major repair, there’s one key – keep it serviced! Whether you’re in Grayslake, Antioch, Fox Lake, Waukegan, or Gurnee, Illinois, having your car properly serviced will ensure it runs like new longer and minimizes the wear and tear of vital engine components. Following are four types of service your Chevy can’t afford to miss.

  1. Oil Change and Filter Change – Your Chevy’s motor oil is one of the most vital parts of your car. It not only lubricates the moving parts of your engine, it keeps them cool by transferring heat away from these parts. By ensuring your Chevy service includes regular oil and filter changes, you also keep your engine’s internal components clean and free of harmful deposits. Even the best oil eventually breaks down. As you drive around Grayslake, Antioch, Fox Lake, Waukega, or Gurnee, Illinois, the additives in your oil are used up and the oil begins to degrade, so be sure this is a regular service for your Chevy, per your model’s recommendation.
  2. Rotate Your Tires – Rotating your tires is a very important Chevy service, where your front tires are placed on the rear of the vehicle and your rear tires are placed on the front, keeping the tires on the same side. Some vehicles have staggered tires, where the front tires are a different size from the rear. In these instances, rotating side-to-side is the only option. It may not seem very important to rotate your tires, since they all do have the same amount of miles on them, but front and rear tires do wear at different rates. Rotating your tires will not only ensure your tires wear more evenly, but also maximizes the life of your tires.
  3. Tire Inflation – While your tires are being rotated, also check your tire inflation. Properly inflated tires will also ensure you get the most miles possible from your tires. In addition, you can improve your gas mileage by up to 3.3 percent, simply by making sure your Chevy has properly inflated tires, while you drive around Grayslake, Antioch, Fox Lake, Waukegan, and Gurnee, Illinois.
  4. Brake Service – Although regular Chevy service should keep your car going for years to come, performing regular brake service will ensure you can stop when needed too. A thorough brake job will start with a complete inspection of the entire brake system, from the condition of the rotors and drums, to the hoses and lines, to the master cylinder. A good brake service will also inspect your calipers and wheel cylinders, as well as change out your brake fluid. Rust, heat and use can wear brake components and break down brake fluid. Servicing them, not only keeps your Chevy well-serviced, but you and your passengers safe on the road.

01. July 2013 by admin
Categories: Service | Leave a comment