Dye Autos Denver Area Truck and Automotive Blog
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 carefully
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.
Please reach out to us >>>here<<< with any question you have. Or just call us at (303) 286-1665. At DYE Autos, we’re here to help!
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Financing your truck doesn’t have to be complicated or confusing. While it’s true that getting the right information can be tough to come by, we’ve found that after many years of working with great customers, it’s all about who you trust.
You’ll find a lot of info out on the web, so much info in fact that it’s like drinking water from a firehose. DYE Autos is here to adjust the nozzle so you get the information you need at the exact time you need it.
When you shop for a truck, you’re also shopping for a truck loan.
Financing your truck is a big decision with many moving parts and having a trusted partner to guide you is crucial. Here are 5 benefits of financing your truck with DYE Autos:
1. We’ve got 70 years of combined truck financing experience.
We’ve also got 100 years combined experience in selling trucks. We’ve seen every situation and we can help you. How?
- We know what banks require.
- We often get customers approved while they’re here at the dealership.
- We have the ability to finance anyone.
2. We’ve helped many customers with negative credit history.
Your credit history plays a major role in getting approved for a car loan as well as the interest cost you pay for financing your purchase. Unfortunately, buying a car with bad credit is tough, even if you have the income and a stable job history.
At DYE Autos, we welcome our customers’ questions. Here are a few you should be asking:
- Do I need to make a down payment?
- Why does the truck’s age and mileage affect my financing options?
- How much should my payment be?
- How much truck can I afford?
- Can I get pre-approved?
3. We look forward to working with customers who’ve had difficulty financing.
Many people have trouble obtaining financing for their new truck. Bad or damaged credit isn’t always the reason. Having no credit history can be an obstacle, too.
If you have no credit, financing your truck is a bit trickier, but not impossible. It’s still possible to purchase with no credit, but you might pay a higher interest rate, need a larger down payment or a cosigner with a better credit history to secure financing.
We look forward to working with customers who’ve had difficulty financing because we love seeing those smiling faces as they drive off the lot in their new truck.
With our 70 years experience, we’ve helped many people…and we can help you!
4. We’re easy to work with.
If you’ve ever purchased from other dealers, you know the process can turn into a marathon of wasted time.
At DYE Autos, we use our exclusive streamlined process to get you in and out quickly – often within 60-90 minutes.
You’ll also work with one person, which saves you from jumping from one office to another, and meeting yet another person on the road to financing your truck.
5. It’s easy to get pre-approved.
This fast and easy process lets you choose how much you want to borrow based on the type of vehicle you’re looking for. Pre-approved truck financing with DYE Autos is just a click away. Visit this link >>>here<<< to get pre-qualified.
We’ll put our experience to work for you.
One of our helpful finance specialists will contact you to discuss available financing options, including the amount you’re qualified to finance.
“If it’s a truck you wanna buy, you’d better call DYE!”
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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:
- Color
- Technology
- Sound System
- Wheels
- Seats
- Mirrors
- Sidesteps
- 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.
According to TrueCar, big discounts happen on the last day of the year. Their data show discounts as much as 8.5%.
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!
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You might be thinking about buying yourself a car for Christmas. Maybe something’s changed for you – a new addition to your family or a new job – and you’ve been in the market for a few months. As it turns out, December is the BEST month to buy a car or truck so you’d be making a smart move.
Why December? There are couple of pretty good reasons.
If you’ve been thinking about it and waiting for the right opportunity, here are the top 4 reasons to buy yourself (or your family) a car for Christmas.
1. Christmastime means deep price discounts.
One reason why used car prices dip at Christmastime is because fewer people are shopping for a car or truck during the holiday season.
Another is because used cars technically become one year older on January 1st, which affects buyer’s perceptions of the vehicle’s worth.
Technically, the best time to buy a used car is between Thanksgiving and the first week of January. The closer to the end of the year, the better your deal will be.
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.
2. Dealers need to meet annual sales goals.
Cars aren’t on people’s minds around Christmas so dealers are eager to make a deal. But, make sure you do your homework, just as you would before buying a car at any other time during the year.
Dealers are looking to meet their annual sales goals, so many prices are slashed on even the most popular models.
Dealers also want to make room for incoming vehicles in the New Year. There’s only so much room on dealers’ lots and many don’t like to start the New Year off with overstuffed inventory.
3. Temperatures plunge – snowy days draw fewer buyers.
Cold, dreary, gray patterns of weather tend to keep consumers indoors.
People are busy with Christmas and New Year plans and when the temperatures plunge, that can equate to even fewer buyers on dealers’ lots.
When fewer people are shopping for cars, the odds are in your favor of getting the best deal. Throw on a parka and brave the temps because timing your purchase right can potentially save you hundreds of dollars.
4. You’ve been good all year long and you deserve it!
“Santa, I’ve been good all year. Okay, most of the time. Once in awhile. Never mind, I’ll buy my own stuff.”
The halls are decked, the eggnog is spiked, and we’ve never made so many meals out of bite-sized hors d’oeuvres. We don our glitziest party wear and everything has a little more glitter on it than usual.
We also run around like crazy, trying to make an appearance at every party, shop for gifts, and somehow put pressure on ourselves to make changes for the year ahead. But when was the last time you stopped to take a break just for, well, you?
The holidays are about giving…so don’t forget yourself.
Let DYE Autos help you decide on your next car. We’re here during the holidays to help, even if it’s only to offer a hot cup of coffee or a nice warm place to be for a few minutes. Come on by…and Happy Holidays!
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The topic our customers ask about most often is used car financing.
We know used car financing is complicated. Just remember that it’s ok to learn as you go. Here are a few tips to get you started on the right track.
1. Do I need to make a down payment?
A down payment isn’t always required for purchase, but it’s definitely a good idea.
Why?
- It will reduce the amount you’ll need to borrow.
- It improves your chances of loan approval.
- You may get better terms with a down payment.
- It will reduce your monthly payment.
Your trade-in vehicle can serve as a down payment. If you still owe on that car loan, the amount of “equity” you have can serve as your down payment. “Equity” is the difference between your trade-in’s loan payoff amount and the actual cash value of your car.
Depending whether you have a trade-in or not, and if you can swing it, any additional down payment – even a few hundred dollars – has a very positive effect in the long term.
2. Can I get approved if I have bad or damaged credit?
There are car loans for people with bad or damaged credit, but you need to be careful when shopping.
Auto loan seekers with bad or damaged credit should enter the car loan process knowing they’ll pay a higher rate than someone with better credit. But don’t let that discourage you.
At DYE Autos, we successfully provide car loan options to customers with many different credit profiles. We have over 70 years experience and we’ll help you!
3. Why does a car’s age and mileage affect my financing options?
In the world of used cars, two factors have a major effect on pricing: mileage and age.
It’s no surprise that higher-mileage cars and trucks carry more affordable price tags, however, many car loan companies may be unwilling to offer terms on older vehicles. There’s more risk involved and that equates to higher car loan interest rates.
4. How much should my payment be?
Everybody’s car buying budget is different but if you’re planning on financing a car or truck, your monthly payment is always a consideration.
As a general rule, your car payment should not exceed 20% of your take-home pay. This rule should include all financed vehicles in your household, whether you have one or ten cars in your garage.
5. How much car can I afford?
It’s never good to just guess at what car you can afford. It’s too easy to get caught up in the excitement, and then miss important details.
A better approach is to make the best choice for YOU so that you don’t end up saddled with a something you can’t afford.
At DYE Autos, we recommend that before picking a random price range that you feel comfortable with, you consider all the factors that contribute to the cost of your vehicle.
- Finance rate and loan term
- Value of your trade-in (if you have one)
- Down payment amount
- Monthly gas and repairs
- Insurance costs
Information is power. Instead of merely picking a price range, you can use an online loan calculator or better yet, give us a call and we’ll help you decide how much you can afford to spend on your next car or truck.
6. Should I get pre-qualified?
Yes, and it’s a good idea!
This fast and easy process lets you choose how much you want to borrow based on the type of vehicle you’re looking for. If you’re interested in used car financing with DYE Autos, click >>>here<<< to get pre-qualified.
One of our helpful finance specialists will contact you to discuss any available financing options, including the amount you’re qualified to finance.
Got more questions? We’re here to answer them. Call us at (303) 286-1665 or just use our contact form >>>here<<<
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