Down the Road --- Burning Gas
(Drive Your Own Financing)
Down the Road --- Burning Gas(Drive Your Own Financing) |
1. You can determine your own initial cash outlay. Your decision about a down payment may help you free up cash for other needs and lower your monthly payments.
2. Over time, your regular payments build good credit. This is especially important when a young buyer with little or no credit wants to earn a favorable credit history.
3. Based on the amount of time you expect to keep your vehicle, you can determine the right payment, the right term, and the most cash equity.
4. If, with the right combination of down payment and monthly terms, you can build equity that is important down the road.
Although some don't realize it, equity in your car is as important as equity in any other investment, such as your home or business. Let's take a closer look at equity…
If you have ever considered a dealership's new car or program car or leased vehicle, you have probably have been enticed by several "advantages." Who can say NO to the low down payment, low monthly payments , extended terms and "three months free..." Jump in for a ride, you might be cruising down Destination Highway.
You love the down payment, you love the delayed initial payment, you love the monthly payment, you love the vehicle. What's not to love?
Now, look through your windshield to the end of the lease/loan term. Compare the remaining balance on the loan/lease to the projected estimated value of the vehicle (based on market trends and auto maker reputation). Are those two numbers close? Probably not.
So, here's the rut on that road. Suppose that at the time you want to sell or trade, you discover that you owe more on the car than it is worth. Youch!! You areU P S I D E D O W N !
In other words, you have little no equity in your vehicle and its value at trade is neglible. The name of your Destination is "Consternation" and you've driven there on a washed out gravel road. Who can blame you if the blood rushes to your head?!
Unfortunately, Jon and Hal have met with many people with this predicament. If you suspect you may be upside down, bring your lease/loan papers with you, find a vehicle on the lot, then see what the guys can do for you.
1. Have an idea what your vehicle needs are now and in the next couple of years. (Kids leaving home, new young driver, no more car pools, building a home in the country, need to cargo large items, etc.)
2. Select a vehicle from Aspen's lot or ask Hal and Jon to find you that special unit from their contacts around the state.
3. Bring your basic financial information with you so you can complete your credit application accurately.
4. Hal and Jon will run a report from Manheim* showing your current value of your trade in. If you're upside down, they may be able to help you.
5. Now you can determine the down payment you will need to get the payment you want and the equity you need.
6. Hal or Jon can show you immediately on the computer what your payment will be.
As you move through your transaction, you will have two men with extensive authomobile experience lending a hand (no pun intended!). Jon and Hal have excellent business relationships with area lending institutions.
Jon and Hal have a solid track record helping people get the vehicles they want. They can offer guidance if you have the upside down dilemma. They will provide honest feedback to you about your own vehicle financial position.
So, for all your vehicle financing questions, check out Aspen Motors. If Hal and Jon are with customers, you can leave your message with Bubba (but he'll expect dog cookies when you come in!). You can also email Jon and Hal at autos@avicom.net.