At Top Notch Auto Brokers, we feel that getting our customers financed is more important than which vehicle one chooses to buy. The reality is that one can’t buy a car without the loan or the money to finance one. That’s why, at Top Notch, we work one-on-one with customers to do whatever it takes to secure funding. Securing a loan to buy a vehicle isn’t as tough as people imagine. The truth of the matter is that the better, long-established, used-car dealerships like Top Notch can usually get you pre-approved for a car loan before you even get to our dealership. The bottom line is this: if we can’t get you financed, we can't sell you anything. So, we need to work as hard as possible to get you the financing you deserve.
Let’s take a closer Look at these myths
Myth 1: You Need Perfect Credit to Get a Used Car Loan
Having a good credit score can help you secure better loan terms, like a lower down payment or interest rates. But you don’t have to have anything near perfect credit to get a car loan. At Top Notch, we pride ourselves on taking a one-on-one approach and doing whatever is necessary to help every customer secure financing.
Our lenders understand that people are under financial stress right now, and also that they may make mistakes that could reflect negatively on their credit report. There are plenty of good people who have gotten into bad situations through no fault of their own. Don’t assume you can’t get financed for a used vehicle loan. Instead, think positively. Let an experienced loan professional from Top Notch guide you through the entire process from application to driving off the lot.
Myth 2: Dealership Financing is More Expensive
Nope. Dealerships like Top Notch Auto Brokers have relationships with multiple lenders, which allows us to offer competitive used car loan rates that you wouldn’t otherwise have access to. Established dealerships like ours have special promotions or incentives that can make financing options more attractive. Being in the business for 30 years has also helped us build relationships with lenders that most other dealers just don’t have. That said if you belong to a great credit union or something, there’s no harm in seeing if they can do even better for you. We want to do what is best for you, not what is best for us.
Myth 3: You Have to Make a Big Down Payment on a Used Car
The size of your down payment depends on several factors, including the cost of the vehicle and your credit score. But the size of your payment can also play a part, as can your trade-in vehicle. A bigger down payment can lower your monthly payments and it can also reduce the amount of interest you pay over time. But it’s not always necessary, and sometimes it’s better to leave that money in the bank for other things. At Top Notch Auto Brokers, we always take the time to work with you to craft a payment plan that makes sense and gets you into the vehicle that is best for your lifestyle and budget.
Myth 4: Financing a Used Car is Harder Than Financing a New Car
We’re not sure where this myth even came from, but financing a used car is generally similar to financing a new car. The main difference is that used car loans sometimes have slightly higher interest rates due to the vehicle’s depreciation. But we use first-class lenders that offer competitive rates for used-car financing, and the process is typically straightforward.
Myth 5: You Can’t Negotiate Financing Terms
Just like the price of the car, financing terms can also be negotiable. Talk to us. If you need a lower monthly payment, tell your salesperson! If you want a lower down payment, let us know. Don’t be shy about telling us what you need and what you can afford. We want happy customers. You can negotiate the interest rate, loan term, and other aspects of the loan with us. Sometimes we have flexibility and sometimes we don’t. Remember, the lender is the one borrowing the money to purchase the car. You know the way it works-- their money, their rules. Again, we can't stress enough, we want to do what is best for you and not what is best for our dealership.
Myth 6: The Lowest Monthly Payment is Always the Best Option
Of course, everyone wants a low car payment! In 2024, the average monthly used car payment in the United States was just under $600.00. But it’s better to balance things out a bit, where possible. If you can afford even an extra $25-50 a month, that could lower the downpayment you need upfront. It could also save you a little money in the long run because you will pay less interest by paying your vehicle off sooner. Consider the total cost of the loan, including interest, when evaluating financing options.
