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Common Finance FAQ's
Summit Car & Truck Center

Summit Car and Truck Center - Financing FAQ - in Elbridge, NY

Q: Where can I get an auto loan?

A: Many people get a car loan from a financial institution such as their bank or credit union. However, some dealerships have financial departments that allow car buyers to apply for financing right through the dealership. Some customers prefer this as it keeps their loan and the actual cost of the vehicle all in the same place, plus sometimes dealers can offer special incentives or interest rates.

Q: What do I need in order to apply for a loan?

A: If you’re applying for a loan somewhere else besides a dealership, you need to go get pre-approved at your chosen financial institution first. In order to do this, you should have an awareness of your credit score and history, as well as documents that show lenders your:

  1. Proof of income
  2. Banking history or bank statements
  3. Proof of residence
  4. Information about the vehicle
  5. Proof of insurance.

Q: What does “pre-approved” mean?

A: Being “pre-approved” means getting approval for an auto loan before you go to the dealership and select a vehicle. Getting pre-approved is helpful because it gives you a set budget with some wiggle room to find a car you like and negotiate the cost. When you’re pre-approved, your bank or credit union will give you a blank check in which you are free to write the amount of the loan.

Q: What should I bring with me when buying a car?

A: If you’re ready to go through the process of purchasing a vehicle, you should bring a few things with you to the dealership, including your driver’s license and proof of insurance. If you’re trading in an older vehicle to put the value towards the new car, bring the Certificate of Title. Last of all, don’t forget to bring your method of payment and a checkbook - you’d be surprised how many people leave it at home!

Q: Why is my credit score important?

A: Almost everyone knows that credit scores are important, but many people aren’t sure why. Credit scores are largely determined by how often one pays bills and repays any outstanding debts. Your credit score is important is getting loans to finance cars, homes, and other major purchases. Those with a low credit score could find obtaining a loan much more difficult than if they had a high credit score.

Q: What are the benefits to having ​ a high credit score?

A: There are a number of benefits to securing and maintaining a high credit score. First, lenders will be more likely to approve your loan application. This is due to the fact that those with high credit scores have a history of repaying loans on time and in full. As a result, they present less of a risk to a lender.

Another benefit comes with a lower interest rate on loans. The annual percentage interest rate (APR) can drastically change how much the borrower must repay over the course of the loan. A loan with a 6.9% interest rate will present a much larger total compared to a loan with a 2.9% interest rate.

Many automotive manufacturers offer special incentives, such as cash-back and  exceptionally low interest rates to customers with a qualifying credit score. As a result, customers can save a good amount of money by simply maintaining a high credit score.

Q: How do I raise my credit score?

A: Past mistakes aren’t the end of the world when it comes to your credit score. Raising your credit score is rather simple, although it does take time. There are five major factors that make up a credit score, but the vast majority of a credit score involves the amount borrowed and history of payments.

To raise your credit score, make payments on time and in full whenever possible. If a payment is late, don’t put it off. Pay it as soon as possible to avoid a major black mark on your credit report. Pay off outstanding debts  in increments or in full; be careful not to spend more than you can afford.

Questions To Ask Once You Get To The Dealership

Buying a vehicle can be a bit overwhelming—especially when it comes to financing. If you’re planning a big purchase, don’t panic. This list of questions will help you find your way to the best loan option for you, whether you’re buying from Summit Used Cars and Trucks or elsewhere.

What is the term of the loan?

Knowing how long a loan’s contract goes will help you find the payments that are manageable for you. Sometimes low interest rates require a shorter, 2-3-year term which makes for bigger monthly payments, versus a 5-6 year term with lower regular payments.

Is it a variable or fixed interest rate?

A fixed interest rate will stay the same throughout the entire term of your loan, while a variable interest rate changes with the market. This could be good or bad, so when you’re making this choice you should be sure that you can handle a potential increase in the interest rate.

Does the loan have a balloon payment?

Sometimes monthly payments on a loan are made lower by adding a balloon payment to the deal. This is a large sum that you have to pay all together at the end of the term, so only opt for this if you’ll be ready to make that financial move.

Is there an early termination fees?

Loans can come with multiple extra fees depending on the conditions. Find out whether a loan agreement has an early termination fee, which requires you to pay should you pay off the loan earlier than planned.

Does the loan have protection or gap coverage?

Gap coverage protects you from losing any money should something happen to your new vehicle before you finish paying it off. It’s an added security measure, and worth looking into as an additional form of financial protection.


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Contact Information

1465 Route 5
Elbridge, NY 13060
Phone: (855) 783-7859

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