Not all St. Louis used car dealerships reject auto buyers with poor credit scores. Among some St. Louis used cars dealers, consumers with tarnished credit have several financing resources. Data compiled by a credit reporting bureau, illustrates an uptick in subprime loans. For the consumer with a credit score below 700, Continue reading
Aside from reliability and a vehicle with an economical price tag, high school and college students are concerned with style. Some used cars suffer from a lack of design, while others are popular among middle class students and first time auto-buyers in Missouri. St. Louis used car dealer, St. Louis Auto Stop reveals which models and makes earn top grades among students of legal driving age. Continue reading
In lieu of the U.S. recent credit rating downgrade, a slew of misconceptions surround the purchase of used cars. Particularly, in St Louis, used car shoppers are perplexed by how the downgrade will influence interest rates for financing. The St. Louis used car dealer, St. Louis Auto Stop demystifies the misconceptions of buying a used car.
FALLACY: Now that the US credit rating has been downgraded, high interest rates will make securing a used car loan more challenging for Americans.
On the contrary, auto manufacturers and used car dealers have a vested interest to endorse the supply of credit as it impacts the capacity to sell vehicles. Individuals with decent credit score of 700-plus, generally tend to be eligible for today’s inflexible lending standards. Economists foresee interest rates remaining in moderate territory for the time being.
Lacey Plache, Edmunds.com‘s chief economist articulates why the interest rates for auto financing won’t feel any immediate effects, “U.S. debt is the world’s reserve collateral. More treasury bonds will now be required to secure loans, meaning that the demand for the bonds will increase. This, in turn, will create a seller’s market that will keep pressure on U.S. debt interest rates not to rise.”
FALLACY: Used cars do not have any down-payment requirements.
Buying a used car means that the buyer does not need to remit a down payment is a misconception, created by the America’s credit crisis. In actuality, an ideal used car transaction involves a minimum of a 20 percent down payment, which helps offset the interest rate, monthly car note, coupled with the first year of depreciation.
Alternatively, some St. Louis used car dealers provide guaranteed auto loans. For the consumer with tarnished credit, a guaranteed car loan affords no-frill financing. The borrower must provide proof of employment (pay stubs or tax statement), rent or mortgage and other personal financial information documenting income.
As the name implies: “guaranteed auto loans,” suggests that most consumers qualify. The caveat is that guaranteed auto loans possess inflated interest rates and monthly payments. Since the finance company is assuming most of the risk, the borrower pays heftier premiums.
FALLACY: Every used car purchase warrants immediate possession of the title.
Only a car buyer remitting the entire cost of the used car secures immediate possession of the title. When consumers secure financing for a used car, the bank or financing company maintains possession of the title until the car note is paid in full.
FALLACY: Most used car dealers have a limited inventory and few incentives.
Few if any used car dealers feature the same inventory. Not all used car dealerships are synonymous with ‘a limited inventory.” In fact, at the St. Louis used car dealer, aptly named StLouisAutoStop.com, the online showroom boasts everything from luxury BMWs to pre owned GMCs. And aside from the St. Louis used car dealer’s extensive selection, bargain hunters find vehicle specials as well as exclusive financing incentives.
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Pre owned Hondas
Having been a used car dealer in St. Louis for many years, we’ve picked up all kinds of tips to help people get as much “bang for their buck” as possible. One of those tips that might not seem obvious is to wax your car before the cold winter months set in.
And why? Because waxing your car isn’t just about making it look nice. As a matter of fact, lots of people think that waxing a car just before heading into the slushy, grungy winter months is silly. Why make it look all shiny just to drive it through a bunch of cruddy road mess?
Well the answer is because waxing your car protects it. Over time, the paint of your car can crack and chip. Sometimes you notice it, and sometimes the cracks are so small you can’t see them. But either way, when your paint cracks, the metal below the paint is exposed. And when that metal gets wet, it does what all wet metal does. It rusts.
When you wax your car, you can build up that layer of protection again. The wax fills in the small chips and cracks in the paint, creating a protective layer that keeps debris out. What’s more – it’s a waterproof layer. Wax is naturally water resistant, meaning it won’t wash off in the first slush of the year.
That said, it’s a good idea to wax a few times throughout the winter. It does, eventually, wear off, and to keep your car protected a couple good reapplications go a long way.