Category Archives: Used Trucks

3 Things Every First Time Car Buyer Should Do

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First Time Car Buyers

If you are new to the car buying scene you may have experienced some common feelings: Exhaustion, anxiety and confusion. Sound like you? It doesn’t have to be like this! With the help of a trusted automotive professional and a little research on your part, you can find the perfect vehicle for you and your needs without experiencing any of these seemingly terrible feelings! It can actually be quite an enjoyable experience for those who love to shop or are anxious to get behind the wheel of their very own vehicle. We’ve come up with a short list of the MUST do’s when considering buying your very first vehicle.

Research

Think you know what kind of car you’re looking for? Take the time to research features and models that are important to you. Doing a little research before stepping foot on the lot will help you find the best deals and know when to walk away. It can also empower you to make decisions and help calm your nerves. When you understand more about what you’re buying you will know exactly where you money is going and you may also lift the rose colored glasses on some features or add ons that can be costly. If you aren’t a big music lover, paying for that sound system really isn’t worth the extra speaker, maybe you don’t need the 8-way power adjustable seat but you would like leather detailing. Learn the value and assess what’s important to you before you’re overwhelmed by choice and price tags.

Build a Budget

When you are really excited about that big purchase it can get easy to get lost in all the features, add ons and new model upgrades thrown your way. To keep yourself from getting distracted by all the bells and whistles of a new vehicle, make a budget prior to heading to the dealership. If you have any shopping companions, tell them your budget and get them to help you stick with it! It’s easy to say yes to the added features when you see their seemingly small price next to the larger, overall price of your vehicle but these things add up quickly. Don’t let a $100 or $200 there throw off your finances. If you’ve done your research you know what kind of vehicle and the features that you can afford. Stick to it!

Shop Around

Now that you know what you want and you know how much you have to spend, you’re ready to shop! Take the time to cruise a couple different dealerships not just for pricing but for salespeople. Great sales staff will make a difference for you and your vehicle. If you walk on a lot and someone is pushing you into a vehicle you don’t really want, they might not have your best interest at heart. Shopping around will also allow you to find a trustworthy individual to help you find a payment plan that will work for you. Don’t worry, there are not sneaky sales people all over the place, trust your instincts and come armed with your knowledge of how much things cost, and how much you can spend.

If you are looking for your very first vehicle, it can be easy to become overwhelmed. Using some of these points you can make the process a little smoother and even enjoy your experience! If you’re looking for a reputable financing department in North Carolina, you can contact Frank Myers Auto Maxx in Winston-Salem to learn more about automotive financing!

What Is A Subprime Car Loan Anyways?

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What Is A Subprime Car Loan

When shopping for a new vehicle, some of us are faced with past credit problems. If you have a poor credit score or no credit score you’ve probably heard the term “subprime loan” thrown around a lot. You have enough to worry about when shopping for your new vehicle without hearing new terms and jargon. To help ease the process we can help you understand what a subprime loan is and how it can help you get the car, truck or SUV you need.

What is a subprime loan?

A subprime loan is designed for people who have low credit scores. They enable people who may not have the greatest review with creditors to get a loan at a higher interest rate than other lenders or “prime” loans may receive. These loans a typically labelled as being at a higher risk of default than other loans. There is no cut and dry line on what distinguishes a prime rate from a sub-prime rate so it’s a good idea to speak with your reputable auto lender to discuss your rate and what you can afford. While there is no strict definition, the Federal Reserve defines a subprime loan as a loan that carries an interest rate at least three percentage points higher than the rate on a US Treasury bond that has the same term as the loan. Keep this in mind going forward in your auto loan!

How can a subprime loan help you?

A subprime loan is a second chance. You can secure an auto loan and get the car or truck you need! Yes, the interest rate is higher but if you can afford the payments it may be worth more than just a new vehicle to sign up for a subprime loan. Consistent making payments can help raise your credit score over time and ultimately get you a better rate on loans in the future! Because there is no fixed subprime rate, it’s a good idea to shop around for a loan before signing up and it’s an even better idea to start with a lender who has a great reputation.

Shopping for a car can be stressful but it doesn’t have to be. Doing some research can help make this process easier. Knowing what a subprime loan is and how it can work for you and your financial needs is a great first step. For more information about subprime loans, use the resources around you including dealerships like Frank Myers Auto Maxx in Winston-Salem, NC. Getting a loan can be your first step out of bad credit, and enable you to keep shopping for the car you need!

How Big Should Your Auto Loan Down Payment Be?

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cheap used car down payments

Purchasing a car is one of the largest investments we make. It can be a challenging field to navigate especially when considering financing options with bad credit. In order to start rebuilding bad credit, you have to enter into an affordable agreement and make timely monthly payments that you can afford. Most vehicle financing programs start with a down payment followed by a term length agreement, where you choose how long it take you to pay back your lender but some dealerships offer no money down programs for buyers. Choosing how to balance term length and size of down payment can be difficult and should be carefully considered.

How big a down payment do you need?

It’s possible that you won’t need a down payment at all and even those with poor credit can to benefit from these programs. When considering a down payment it should be noted that contributing money upfront can help reduce both your interest rate and your term length. While many factor contribute to your interest rate, a down payment will often afford you a lower interest rate and a lower monthly payment. If keeping your monthly payments low is high on your priority list, then contributing a larger down payment is a must or you selecting a less expensive vehicle.

If you’re credit score is low or less than ideal, you should save up a reasonable down payment so you can secure a better rate. A lower credit score will yield a high interest rate so your best bet is to pay a little more up front. That said, don’t be scared to look around for the best loan rate. If you know your budget and can put forward a 30% down payment but you can get the same or a better rate for only 20% down, hold on to that extra cash.

If a new vehicle is in your future but you don’t need it right away, start putting some money aside. Only you know what’s best for your personal finances and if purchasing a car outright isn’t for you then having a healthy savings to dip into where if you don’t use it all you’ll have a little extra cash for monthly payments if need be. Plus, being able to come to the table with some more money behind you may put you in a better bargaining position. If paying that extra 5 or 10% gets you a lower rate or shorter term, it may be worth it in the long run as the longer you take to pay people back, the more interest you’re going to pay.

While you’ll hear some mixed messages around how much you should be paying, the consensus seems to be that at least 10% down is ideal. We know that this isn’t always possible especially if your need for a new car is sudden. If you can’t manage this or any down payment, speak with a qualified auto loan specialist such as the ones at Frank Myers Auto Maxx in Winston-Salem  and discuss your options. Having bad credit or limited options doesn’t have to prevent you from securing a great quality vehicle at an affordable price.

How To Build Your Credit Score In 3 Easy Steps

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When you first start building your credit score it can be hard to know where to start and even harder to get people to trust you with a zero credit rating. While it may feel like you’re being punished before you’ve committed a crime, don’t worry. You can begin building towards a great credit score and not to mention finance a vehicle even if it may seem impossible.

Creditors and lenders use your credit history to establish whether or not you’re trustworthy. If you hope to take out a loan in the future, or buy a house, you need to establish a good credit rating early on and nurture that relationship over the years. We have a few tips to help you build up your credit.


1) Check out your credit score

I know you think you have a zero credit rating, but are you sure? Make sure you have a clean slate before you begin to move forward. Sometimes things you would not expect can show up on a credit report such as an unpaid library fine and a forgetten medical bill etc. Doing a credit report check will help you know exactly where you stand so when you have a discussion with lenders, they won’t blindside you! It will also give you the opportunity to pay off any of the sneaky debts you may have accumulated.


2) Apply for an auto loan and/or credit card.

You are more than capable of securing an auto loan with zero credit. It you are new to the country you start with a blank slate and creditors will often give you a chance, merely at a higher rate. While the rate may be higher than if you had already esablished an impeccable credit score, with the right team working for you, you can find yourself an affordable payment plan that works with your budget and still find a high quality vehicle.

If you are not in the market for a vehicle, credit cards are also a great way to establish trust with creditors. Talk to your local financial institution about what card may work for you. If you are in the position, you could get both. It you’re looking for a card and are able to secure a low-limit credit card, go for it! Taking loans and paying them back is how you establish credit.

3) Make your payments in full and on time

When you enter into a loan agreement, make sure that you are signing up for affordable payments. When you take out a loan, you are expected to make timely payments and if you fail to do so your credit score will fall. No if’s and’s or but’s. When discussing your financing options with the financial services department, make sure you are open and honest about what you can afford and don’t feel pressured to commit to something that is out of reach. If you feel the agent is pushing you, move on to work with someone more trustworthy.


If you have gone the credit card route, make small payments on your card that you are able to pay in full. It is not enough to pay the minimum payments so be aware of your spending and know that the creditors are watching!

While it may seem overwhelming, especially if you’ve been turned down, to get your first loan and build your credit score with zero credit, it is possible! An auto loan is a great way to start building towards a great future credit rating if you are in the financial position to do so. Everyone needs reliable transportation regardless of credit ratings. Working with a reputable lender and team of financial professionals like the staff at Frank Myers Auto Maxx in Winston-Salem is a great way to work towards your financial future.

Leave Bad Credit Behind You: Financing A Vehicle With Bad Credit

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Winston Salem Auto Loans

Not everyone finds it easy to achieve financial security. Sometimes even a small bump in the road can leave your credit score damaged. If you’re looking for a new vehicle and you have a poor credit rating, don’t give up hope! There are ways to help secure an auto loan with bad credit and even start repairing past credit mistakes for a healthier financial future. Learn how securing a sub-prime loan is not only possible but can actually help you moving forward!

First let’s talk about what a subprime loan is. A subprime loans are loan agreements that are negotiated and awarded to individuals who have had issues with repayment in the past. While the rate is higher than that of someone with good credit, it is possible to find an affordable loan agreement, especially if you are working with a reputable dealer or loan facilitator.

While it’s possible to get approved or pre-approved you can increase your odds even further by taking a few steps to improve your credit before you apply for your auto loan. Try  ordering and checking your credit report. You want to be sure that you are familiar with your credit history, keeping track of any other outstanding payments that could be hurting you and you want to be able to ensure that the dealership gets all the correct information. You can also consider consolidating your debt and making sure that you make the minimum payment every month, even if you cannot pay your entire balance.

If these steps aren’t possible for you, or you find yourself unexpectedly needing an auto loan don’t panic! You can still reach out to a reputable lender and discuss your options!

Once you have secured a loan, making consistent and on time monthly payments will do wonders for your credit. You are now demonstrating that you are trustworthy and rebuilding your reputation as a borrower. This is essential to your success as a borrower in the future. Finding an affordable repayment plan is crucial and is possible so don’t give up! Work with someone who will work with you to create a customized plan. Your lender will report your progress and you can watch your credit rating rise! This won’t happen overnight but you can see your score rise over the term of your agreement.

If you’re looking for a sub-prime auto loan and have bad or poor credit, there are choices for you! Frank Myers Auto Maxx in Winston-Salem, NC can help you create a customized repayment plan that works with your unique circumstance. Let your auto loan guide you to better credit, and secure personal transportation. We look at all your options and have access to a variety of financing packages to make sure that we can help as many people get on the road as possible.