Financing the American Dream at Glockner Finance

 

A tough off-roader for weekend fun, a comfortable SUV to carry the family, or a sleek sports car for you - these choices may be part of your American dream. Maybe you are looking for custom financing solutions for your independent trucking or heavy equipment. You won't have to pay cash for any of these. Glockner Finance stays in business by helping people like you acquire their dream through loans that are easy on your budget. Find out how by taking a trip to Glockner Finance and following these strategies.

Basics of Auto Loans

An auto loan enables you to buy a used or pre-owned car by turning the total price into smaller amounts that you pay each month. Pay attention to the following factors when you receive financing:

·         Loan amount: This is the amount that you're financing.

·         Annual Percentage Rate (APR): The interest rate that you pay plus any additional costs, such as fees. A lower APR gives you a lower monthly installment.

·         Term: The length of time you have to pay off the loan, which is usually expressed in months. Typical terms range from 24 to 72 months. Longer terms mean lower payments.

·         Monthly installment: The amount that you pay each month, which includes the principal to pay off the loan amount and the interest charge.

Credit Score

Your credit score is a number from 300 through 850 that determines your interest rate and the terms of your financing.

·         300-579: Poor. You may not be able to get financing with these low scores.

·         580-669: Fair

·         670-739: Good

·         740-799: Very Good

·         800-859: Excellent. This score gets you the best terms.

How Credit Scores are Determined

It comes from an analysis of your financial history by three major credit bureaus: Equifax, Experian, and TransUnion. The following factors affect your score:

·         Payment History: Forming 35 percent of your score, how you pay is the biggest factor in your score. On-time payments are good, late or missed payments are not.

·         Amounts Owed: At 30 percent of your score, what you owe is the second biggest factor. The less money you owe, the higher your number.

·         Credit History: How long you've had cards and loans affects 15 percent of your score. Older credit is better because it shows that you have a history of managing money well.

·         Credit Mix: Worth only 10 percent of your score are the different types of credit that you have, such as credit cards, mortgages, automobile loans, and student loans.

·         New Credit: Also worth only 10 percent, this represents the most recent loans and credit cards you've received.

Checking Your Credit Score

You can discover what your credit score is by asking your credit card issuer or loan company. Alternatively, you can also go on CreditKarma.com to receive the score.

Seeing Your Credit Report

The financial history that determines your score is available on your credit report. It will contain information on how much you owe, to whom, and whether you've made payments on time. By law, you're entitled to one free report each year from each of the credit bureaus. You can request it directly from them or go through AnnualCreditReport.com.

When you receive your report, go through it to see if there are any mistakes. If you find any, let the reporting merchant know, so that they can correct it, which is required by law.

Lowering Your Monthly Payments

The entire point of looking at your score and report is so you have enough information to lower your monthly payments. Here are some suggestions:

1.       Pay off your bills on time. Late or missed payments will count against your score.

2.       Reduce your debt. Pay off your credit cards or loans as much as you can. If you have too much debt, lenders are unlikely to add to it by giving you an auto loan. However, do not terminate credit cards that you have paid off because fewer cards lower your score.

3.       Offer a trade-in or down payment. Either will lower the amount that you have to finance, which also reduces your monthly payment.

Pre-Qualifying

Pre-qualification allows us to check your credit history and offer you a loan amount and terms before you come down. You'll then know in advance the car you can afford. You can pre-qualify by filling out our convenient online form.

How Can Glockner Finance Help You?

At Glockner Finance, we specialize in helping Southern Ohio residents make their dream a reality with our financing solutions. Whether you are looking for an auto loan or a loan to help your business grow, we are here for you. We have helped people in agriculture, construction, transportation, manufacturing, logging, and much more! With Glockner Finance, all you need is 20 minutes to have a loan for your American dream! Visit us today in Portsmouth, Ohio.