Dye Autos Denver Area Truck and Automotive Blog
Labor Day is just around the corner. If you’re shopping for a used pickup truck, studies show that holiday weekends are one of the best times to buy.
You’ll often see or hear car dealerships advertising huge deals or blowout sales during holiday weekends, and those ads are almost always accurate. Dealers often offer special financing or discount deals for holiday weekends. While you might not want to spend your holiday weekend test-driving and signing the papers on a new truck or car, doing so could help you save thousands of dollars and give you the peace of mind that you got a great deal.
Labor Day is the last three-day weekend of summer, so as we go into the end of August and early September, you can expect to see some fairly aggressive deals from car dealerships as they try to wrap up the summer selling season.
How to shop for a used pickup truck on Labor Day Weekend.
Dealerships can get busy on long holiday weekends so here are some tips to avoid the crowds, alleviate stress and get a great deal.
1. Do your homework.
Do your research earlier in the week. Then, by the time the weekend rolls around, you should have narrowed your car list to about three models at most.
2. Figure out your trade-in.
- Use online tools to appraise your trade-in’s value. Edmunds.com and kbb.com are two great FREE resources.
- Pack all your trade-in’s accessories. Trading in your car means you are trading in everything that goes along with it. Make sure the original owner’s manual and any extra keys are in the vehicle when you arrive at the dealership. Dealers like used cars that still have all the accessories and may even give you a better deal on your trade when everything is there.
- Bring all vehicle paperwork with you. Dealers love it when you have all the documents ready to trade-in your car. It makes it easier for them to process your info with the DMV and leaves less room for error once the DMV receives your information. You will need:
- Certificate of title (if you don’t have it, the DMV can tell you how to get it replaced). Note: if you have an outstanding loan on the vehicle, this will not apply since the bank has your certificate of title.
- Current registration.
- If you still have a loan on the car, you’ll need to have your account number or a payment stub.
- Maintenance records. These help support your claims about whatever prior damage your car has had and the repairs it has undergone.
3. Know your credit score.
If you plan on using financing to buy a used pickup truck, your credit score is key to getting the lowest interest rates. Your credit score is a three-digit number that uses your credit information to assess how risky a borrower you are, and it can significantly influence how lenders decide the terms of your loan.
The higher your credit score, the lower your risk and the lower your interest rate. The lower your credit score, the riskier you are and the higher your interest rates. Be proactive in checking your credit score beforehand so you know where your credit stands before you apply for a loan.
You can obtain a free copy of your credit report.
FTC (Federal Trade Commission) Website: You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity.
Some states like Colorado have laws that allow you to get a free credit report in addition to the free annual credit report you’re entitled to by Federal law.
4. Choose your purchase method and set your budget.
The purchase of a used pickup truck includes different methods. Your options will be to pay cash, or finance your purchase. Most customers choose to finance and you’ll either use your trade-in as a down payment or pay cash down. Make some preliminary calculations on what you can afford.
ProTip: 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. You’ll know ahead of time what to expect…and that means less anxiety and more peace of mind.
Let Dye Autos put our experience to work for you. Pre-approved car and truck financing with DYE Autos is just a click away. Visit this link >>>here<<<!.
One of our helpful finance specialists will contact you to discuss available financing options.
5. Check reviews.
If you already have a used pickup truck in mind, read expert reviews of the vehicle. Also check consumer reviews of the car you are considering. Then take a moment to see what other cars compete with the one you have selected. If you don’t yet know what you want to buy, build a list of three “target cars” to test drive.
6. Find the right dealer and set up a test drive.
Once you’ve landed on the car(s) you want to test drive, get in touch with the dealer to see if the vehicles are still available.
If possible, do your drive ahead of the Labor Day weekend. Your salesperson will be able to dedicate more time to showing you the car. Explain that you’ll be making a purchase decision later on the Labor Day weekend. It sets the expectations and should reduce a bit of the pressure.
7. Settle on a price.
Choosing the right car often depends on its price. Make sure you look at all aspects of the deal, including the interest rate, finance terms, and any additional fees. Pay attention to what feels best for you.
If you already know the dealership you’re working with – maybe you’ve purchased from them before – they should remind you about any Labor Day deals prior to your visit. If you’ve never shopped at that dealership, be sure to ask.
Wrapping up the sale…
- Be sure to bring any documents you might need to complete the sale such as your Driver’s License and Insurance info.
- Once your financing is settled, you’ll sign the contract and take delivery.
- If everything is settled, consider picking up your truck the day after the weekend. You’ll avoid the crowds and the salesperson will give you a more relaxed walk-through on the key features of the truck.
As car loan interest rates rise, the need becomes greater for consumers to work a little harder when shopping for the best deals.
Shopping for a car loan can be just as daunting as shopping for a car. Most car shopping begins online. If you’ve ever done a Google search for “car loan,” you know how many hundreds of options are available.
But how do you choose which car loan is best? Here’s where your local car dealer can help.
Dealerships are the best place to get a car loan for many reasons…
It’s super convenient since you’re already at the dealer.
All of the bothersome paperwork — from title transfers to loan agreements — can be handled professionally at the dealership. The whole process goes more smoothly with this one-stop approach.
Using dealership financing sources makes it easier to access offers from multiple lenders at once. The easiest and best way to finance a vehicle is through the dealership where the vehicle is being purchased.
Dealerships have close relationships with all types of lenders.
Dealerships normally have dozens of lenders from which to choose. They work with lenders of all kinds – good credit, fair credit, bad credit – and consumers benefit from those relationships.
We’ve all experienced poor customer service and, with the consolidation of banks and other lenders, it doesn’t seem to be getting much better.
On the flip side, dealers are business members of your community and maintain good relationships with their portfolio of lenders. They are there to answer questions and help you, instead of putting you on hold or treating you like a “number.”
Dealerships have flexible lenders who are open to people who have lower credit scores.
For people who have blips on their credit history, dealers can leverage their good lender relationships to help them get a car loan, often when they’ve been rejected elsewhere.
Financial hardships can happen to anyone. There are many individuals who simply aren’t prepared for unexpected financial challenges such as job loss or medical bills. Having a close relationship with all types of lenders allows the dealer to find the right car loan for YOU.
At DYE Autos, we’ve worked with hundreds of credit-challenged customers here in the Denver – Wheat Ridge area and we understand how tough it can be. It’s a fact that lenders do lend to people who’ve been through hardship and we can help you.
Pro Tip: Always know your credit score. Your credit score is key to getting the lowest interest rate on your car loan.
Your credit score is a three-digit number that uses your credit information to assess how risky a borrower you are, and it can significantly influence how lenders decide the terms of your loan.
The higher your credit score, the lower your risk and the lower your interest rate. The lower your credit score, the riskier you are and the higher your interest rates. Be proactive in checking your credit score before you shop so you know where your credit stands before you apply for a loan.
Bonus tip: get pre-approved for a car loan.
Many dealers, like us at Dye Autos, offer an easy way for customers 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.
“If it’s a truck you wanna buy, you’d better call DYE!”
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Yes, when buying a car or truck, your trade in vehicle can serve as your down payment. However, there are factors to consider in that decision.
1. Dealers accept trade ins and cash down payments.
The amount of total down payment you’ll need is governed by two things:
- The amount that the bank requires in order to provide you with a loan. Your credit score is the driving factor.
- The amount of monthly payment that fits your budget.
2. Is your trade in loan paid off?
- If your trade in loan is paid off, the dealer will appraise your trade in and give you the price they’re willing to pay for your vehicle (actual cash value or ACV). You can use that amount as a down payment, or, in some circumstances, you can take part of it in cash back to pay for other important things in your life.
- If your trade in loan is not paid off, the dealer will get in touch with your bank for the pay off amount and compare it with the price they are giving your for your trade in (ACV).
- A positive difference (you owe less on your loan than your trade in’s ACV) means you can use the amount for your down payment.
- A negative difference (sometimes called “negative equity” – you owe more on your loan than your trade in’s ACV) gets a bit more complicated and #3 below explains more.
3. Does your trade in have negative equity?
Equity is the difference between your trade in’s actual cash value (ACV) and the amount you owe on the loan. For example, if your vehicle’s ACV is $5,000 and you owe $3,000, you have $2,000 in equity that can be used as a down payment toward the new car purchase.
If your trade in’s ACV is $3,000 and your loan pay off is $5,000, you have negative equity.
When faced with negative equity in a trade-in, you’ll need to weigh all of your options. There are three main courses of action you can take:
- Pay off the difference – This is ideal if your negative equity amount isn’t too high and you have the cash. Not everyone is in a position to do this.
- Roll it over – “Roll over” the negative equity into the new loan. Not all lenders are willing to do this, so make sure you ask if this is an option. The downside to rolling over negative equity is that you’ll be increasing the amount of your new loan, which will increase the monthly payment. However, in many cases, when it’s amortized over the full term of the loan, it is affordable.
- Wait it out – The last option is to wait until there’s no negative equity. Waiting until your trade-in is paid off or the loan reaches a point where there is equity could make your next car purchase easier – but it’s not a guarantee. Trade in values fluctuate and now may be the best time to buy.
The only way to know for sure on trading in your car or truck as a down payment…
…is to visit a trusted Denver dealer who’s got many years of experience providing seasoned advice and helping people get the best car loan.
Dye Autos in the Denver – Wheatridge area is ready to help you find the used car or truck of your dreams. Call us at (303) 286-1665 or complete our handy online form >>here<<. We’ll be in touch!
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Colorado’s love affair with the pickup truck has only become more passionate.
Although total U.S. auto sales eased slightly last year, automakers sold 2.8 million full and mid-size pickup trucks in 2017, a 4.8% increase over the prior year. Pickup trucks now account for 16.4% of U.S. auto sales. That’s up from 15.3 % in 2016.
Used truck registrations in Colorado were up even more, at 17%.
Today’s pickups are safer and more comfortable, and sales to women and families are on the rise. Could one be right for you?
If you’re wondering about the reasons to buy a pickup truck, or you’re curious about the benefits of owning a pickup truck, you’ve come to the right place!
We sell a lot of trucks here at Dye Autos in the Wheat Ridge/Denver area and we’ve found that our customers really love their trucks, and are often surprised by how resourceful they are. Here are 7 benefits you’ll enjoy when you own a pickup truck.
1. Versatile
Pickup trucks support all kinds of activity.
All it takes is a couch or armoire that needs to be moved from “here” to “there,” and next thing you know, you’re thinking you really should own a pickup truck.
But there are so many other activities the a pickup truck is perfect for:
- Perfect weekend adventure vehicle.
- The power to tow whatever you need.
- Haul everything from groceries to lumber to tools.
- A camper’s dream.
- Pickup trucks help you work hard and when it’s time to relax, they help you do that too!
Think of all the incredibly cool things you could be doing with a pickup truck that are impossible with the car you’re now driving.
2. Safety.
While all vehicles these days are loaded with safety technologies such as airbags and side impact beams, driving a pickup truck is still a safer bet. Why? Sitting up high offers great visibility of the road and other drivers.
Most pickup trucks are heavier than a coupe or sedan and many SUVs. Physics will tell you that when two objects collide, mass does matter. Pickup trucks are the larger of the two vehicles, thereby increasing the chance that you’ll walk away unharmed.
There are studies to back this up. “In its studies, the Insurance Institute for Highway Safety (IIHS) has found that a heavier vehicle will typically push a lighter one backward during the impact,” explains Edmunds.com. “As a result, there is less force on the occupants of the heavier vehicle and more on those in the lighter vehicle, according to IIHS. The organization’s fatality data bears this out.”
3. Hauling and towing.
Most people think of hauling and towing things first when they consider getting a truck. It’s one of the biggest benefits of owning a pickup truck – the ability to throw a lot of stuff in the back or haul a heavy trailer. You can transport all your stuff and not have to bug someone else for help or rent a truck. It’s one of the defining arguments in the truck vs SUV debate.
To choose the best pickup for towing, truck shoppers should consider the factors that contribute to towing capability. Start by asking yourself two simple questions will help you narrow your choices:
- What do you plan to tow?
- How will you use your pickup when you’re not towing?
If you’ll often use your pickup without the trailer, you’ll want to choose a vehicle that suits those needs, too. You’ll want to choose a lighter or more-efficient pickup that’s able to handle your trailer but is also a ride that you can live with every day.
4. Respect.
It might seem funny, but people treat you differently when you roll up in a truck. If you don’t believe that, try renting one for a week and see for yourself.
People will treat you like a confident, self-assured individual who isn’t afraid to get your hands dirty. You’ll get called “boss” by random strangers, something they’d never say if you had just climbed out of a sedan.
Be warned that there’s a downside to all that respect, because people might respect you enough to ask for help moving.
5. Perfect weekend adventure vehicle.
Even though they’re a bit softer on the inside, pickup trucks are still designed to conquer difficult terrain. No matter what the road conditions, a modern pickup truck can push through and get you to your destination.
Whether you need to traverse an off-road trail to get to your favorite remote campsite or pound snowdrifts into submission to get to the ski resort, a good, properly equipped pickup can get you there.
6. Luxury.
Today’s pickup trucks come with all the creature comforts you see on luxury car models.
The benefit of driving a pickup truck is that if you have a family or want to take a group of people with you, you don’t have to contend with cramped rear seats. Models with cabs make it easy for adults to get in and out. The middle rear seat isn’t some pathetic cushion only large enough for a teddy bear – it can accommodate a full-grown adult.
Legroom, headroom and shoulder room are also ample, which is a luxury you just don’t get in many vehicles.
7. More bang for your buck.
Pickup trucks are affordable. Used pickup truck models are especially affordable and often retain their value. At Dye Autos, we’ve got a large inventory of affordable pickup trucks for every budget.
Are you ready to take advantage of all these pickup truck benefits? Call us at (303) 286-1665.
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Many consumers believe you can’t finance a used pickup truck or car. The fact is, used car dealers have some of the best financing available. They work with credit unions and banks to get the most attractive terms and pass them onto you. Like all loans, making a down payment is advantageous. But how much should you actually put down on a pickup truck?
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.
First, let’s define down payment.
The phrase is actually derived from the old practice of putting money down on the table to show a seller good faith when negotiating a deal. Today, the down payment is simply a way of reducing the amount of risk a lender has to take when helping you make a substantial purchase.
Down payment isn’t always cash.
Your trade-in vehicle can serve as a down payment. If you still owe on that 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.
If you have a trade-in, and if you can swing it, any additional down payment – even a few hundred dollars – has a very positive effect in the long term.
For more pickup financing tips, check out our post: “Answers to Your 6 Biggest Used Car Financing Questions”
To determine the amount your down payment should be on a pickup truck, consider these two important factors.
1. Credit Score.
Before attempting to finance any purchase, you should always know your credit score.
Check your credit report as soon as you start thinking about buying a used car or truck, even if it’s months in advance. If you’ve got less-than-ideal credit, taking this action will help you even more…and save you tons of time and money.
By cleaning up your credit before applying for a loan, you improve your chances of being approved with decent terms. Cleaning up your credit will include paying off past due accounts, disputing credit report errors, and adding positive information to your credit report.
ProTip: You can obtain a FREE credit report.
When you check your credit score, be sure to focus on where you fall in comparison to other consumers, and what areas of your credit are strong — and what might need some work.
FTC (Federal Trade Commission) Website: You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228. You will need to provide your name, address, social security number, and date of birth to verify your identity.
2. Your Monthly budget.
The bigger your down payment the lower your monthly payment will be.
For a used pickup truck loan, you generally want to put down 10% or more of the vehicle’s sale price if you want to reduce your monthly payment. For example, if you want to finance the purchase of a $15,000 pickup, you should plan to put at least $1,500 down. Lenders may require more down payment depending on your creditworthiness.
Generally, for every $1,000 of down payment you apply, you can expect your monthly payment to drop by about $25 to $30, depending on the interest rate.
Depending on your credit score, current interest rates and the type of pickup truck you want to buy, you may not need a large down payment. Some people like to finance as much as possible and keep their cash for other things.
Where do I go to learn more?
Each vehicle sale is different but at Dye Autos, we’ve sold thousands of pickup trucks and we’ve helped a lot of people who thought they’d never be able to afford a vehicle.
Give us a chance to help you. Call us at (303) 286-1665 or use our handy online financing pre-approval form >>here<<.
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