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Before shopping for a used car or a classic car at Alexander Automotive, it’s a good idea to know what vehicles will fit into your budget. In addition to utilizing our helpful car auto loan calculator on our website, getting pre-qualified for used car financing can help speed up the process at our finance center. Here are some advantages to getting pre-qualified.

What Does Getting Pre-Qualified Mean?

When researching auto loans, you may discover two similar terms: pre-approval and pre-qualification. Getting pre-approved for a used car loan is more serious than getting pre-qualified and should be done when you’re ready to buy the car. Pre-approval means that a lender has reviewed your credit report and other information to determine a loan amount.

On the other hand, getting pre-qualified is a low-risk way to discover what kinds of loans you can obtain, especially if you’re not sure of your credit score. It requires a soft credit pull, which means you’ll receive a ballpark estimate of the types of rates that you can expect when you apply for financing. However, the rates are not guaranteed.

Advantages of Getting Pre-Qualified

First, getting pre-qualified lets you know if your credit score is good enough to obtain a used car loan. It would be disappointing to visit our dealership and find a used car you love only to be turned down because of your credit scores. Also, it gives you an idea of your used car budget before you even visit our dealership, allowing you to pick out a few models in our inventory that fit your budget.

Get pre-qualified for a used car loan with our friendly finance experts here at Alexander Automotive. We’re happy to walk you through the financing process.

When selling a used car, many drivers think it’s best to sell your car every two to three years. While the advantages of driving a new vehicle at this interval may seem enticing, that is not always the best route for everybody. That’s why we’ve assembled a brief guide to the personal factors and timing that determine when to trade in a used car in Franklin TN.

When to Trade In a Used Car

Several methods determine whether it’s worthwhile to trade in a used car. First, estimate your car’s trade-in value by utilizing our trade-in tool. If this amount is high enough to lower your monthly payment on a new car, then now is likely an excellent time to consider trading in your vehicle.

Another thing to consider is the cost of maintenance. Is your used car spending more time at the mechanic’s garage than it is in your own? If you’re finding you’re spending a fortune on car service or your vehicle is facing a high repair bill, it can be worth it to cut your losses and trade in your car for something that won’t require as much maintenance.

When Not To Trade in a Used Car

Some drivers faced with higher monthly payments than they initially anticipated when they purchased the car may be tempted to trade it in. However, going this route can lead to more financial issues than you may realize and is not recommended.

At Alexander Automotive, we will buy your used car even if you don’t buy ours. Use our trade-in tool to get an idea of your used car’s value, then bring it to us for an in-person inspection.

When it’s time to purchase a pre-owned or classic car from Alexander Automotive, you’re likely wondering what to do with your existing vehicle. While some buyers may attempt to sell the car themselves, which involves a lot of effort and hassle, most prefer to trade their cars at our dealership. If you’re looking to trade in your car to a dealership, these are the benefits of doing so at Alexander Automotive.

Get a Tax Break

There is a tax advantage when you trade in your car instead of selling it yourself. Here in Tennessee, tax laws allow your trade-in value to be deducted from the total purchase price. The state of Tennessee does not tax the value of your trade-in vehicle.

Let the Dealership Handle the Advertising

One of the biggest hassles of selling a car on your own is the time and money invested in advertising. You’ll find that many who respond to your ad will not turn up or will give you a lowball offer. Instead, we’ll handle selling the vehicle when you trade in your car at our dealership.

Simple and Convenient

Compared to selling a car on your own, trading in is a much simpler option. All you need to do is bring your vehicle into our Alexander TN car dealership, and we’ll give it a spin, then make you an offer that can be applied toward purchasing one of our vehicles. Alternatively, you can walk away with a check if you prefer not to buy from us.

We’ve only started to explain the many advantages of trading in a car at the dealership. Stop by Alexander Automotive, or fill out the trade-in form to find out the value of your vehicle.

Whether you’re in the market for a classic car or a pre-owned car from Alexander Automotive, deciding how to pay for the vehicle is a significant component of the car-buying process. While some drivers can afford to pay for a car in cash, most opt for car financing. To qualify for an auto loan, there are various factors to consider. Here are some tips for auto loan approval from the finance professionals at Alexander Automotive.

Credit Score

Your credit score is the primary factor determining whether or not you get approved for a car loan. Generally, a good FICO credit score ranges from 670 to 739, and a higher score is even better. If your score is currently below that, it might be advantageous to take some time to boost your credit score before applying for the loan. Generally, drivers with lower credit scores will receive loans with higher interest rates.

Have a Source of Income

A steady income is another crucial aspect to auto lenders because, in their view, it improves the likelihood that you will make your monthly payments. Depending on the lender and your job situation, you may need to provide one or more forms of documentation.

Consider Getting Pre-approved

Here at Alexander Automotive, you can get pre-approved for an auto loan. The process involves allowing a lender to run a soft credit check and review your credit report to determine your chances of getting approved. If you need additional assistance, you can utilize our handy payment calculator to see if an auto loan fits into your budget.

Talk to a finance professional at Alexander Automotive or apply online to get the ball rolling on your classic car loan.