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Buying a Used Truck?
April 13th, 2018 by:
Clint Baltzly
 

Here's What You Need to Consider . . . .

If you’re thinking about purchasing a truck, then this simple and practical guide will give you the basic things to consider before making the final decision. Trucks are a great choice for anybody looking for a reliable transportation method, but even more, if you’re someone that loves the outdoors or needs the strength that a truck provides.

Buying a used truck is an excellent choice to save some money if you do the right research. For example, there are many variables that come into play when purchasing a truck, such as:

* Are you looking for a standard stock truck or do you have a specific need? Many contractors need a special “contractor” body which is considered a specialty and is not found at every used truck lot.

* Some of the features you might consider are the length of the bed, size of the cabin (2 door or 4 doors), and all the way to engine cylinder and fuel type (gas or diesel).

* Trucks can include many additions like lifted or lowered suspensions. These two features come from the degree of suspension added, and each has their advantages and disadvantages.

Low or High Suspension?

Trucks with low suspension have better maneuverability, are more stable, and easier to drive for many. Trucks with high suspensions are a great choice if you want to have a clearer view of your surroundings and a more powerful control over rough terrain. Many people consider high suspension trucks ideal for rural and outdoor areas and low suspension trucks the right fit for a city transportation solution.

You might be wondering what are the top recommendations for pickup trucks, so here is a quick overview of the top 5 trucks:

* Ford F-150 - The F-150 is a great option for someone looking for a truck with a proven track record of durability, resale value, and easy maintenance.

* Dodge Ram 1500 - The Dodge Ram 1500 is a great option for anybody that is looking for a good price point and a lot of strength

* Toyota Tacoma - As soon as we hear the brand Toyota we know we are talking about a vehicle that is made to last and will keep its value, no matter the place.

* Nissan Frontier - The Nissan Frontier is on the lighter side of the list and is preferred by people that are not looking for a lot of towing capability or that need to transport heavy machinery.

* Toyota Tundra - The Tundra, just like the Tacoma is built to last and it’s a bit bigger than the Tacoma with more space inside the cabin and on the bed as well.

 

Truck Utility?

The most recommended trucks are a good place to start thinking about what it is that you actually need. For example, if you work in construction and constantly need to be moving heavy equipment, then you would do yourself a favor by looking into heavy-duty trucks with towing capabilities such as the Ford F-250 or the Dodge Ram 2500 which are capable of towing over 12,000 lbs. The main benefits of heavy-duty pickup trucks are their ability to carry large payloads while towing, and the ability for more features to be added. And if you are simply an active person that loves going to the beach and do some kitesurfing, then a Nissan Frontier would do the job just fine. Another very important point that needs to be considered within the utility spectrum is your budget. As we just explained, pickup trucks come in all types of varieties with endless features and add-ons but that all comes at a price. Light duty pickup trucks of the current year usually are in the low to high twenty thousand dollar mark, while heavier trucks can easily go over the fifty thousand dollar mark.

Look into the Truck’s History

Well, by now you should have a solid idea of what to look for when buying a used truck. Please be mindful that pickups are used for many types of activities, so it is crucial to look at exactly what you’re buying and how much wear and tear it has had. A key part of the search is to ask questions and be observant of the seller. Unlike a regular car, a truck has a very high chance of being used for commercial purposes or off road vacations, so that would be a great place to start asking about the truck’s history. For example, if the truck is tow capable, then you should ask how much weight on average has been hauled at one time. On the flip side, just like a car, it is important for the truck to have a clean title so you can actually see the official truck history. Another are of importance is the truck’s accident and maintenance history.

Best of luck with your truck search, and have patience because the right truck can last many years as they are made for just that!

Hope this article was helpful! Come to Royal Family Motors for ALL Your Vehicle Needs :) 

Financing 101
April 5th, 2018 by:
Clint Baltzly
 

Auto Financing

Reasons you should Think about Refinancing your Car Loan

Even though many people are aware they can refinance their home loan, most people do not consider refinancing their auto loan. It is important to find auto loan refinancing as it can help you change your auto-financing situation. If one or more of the following represents your position, then refinancing may be worth thinking about.

Decreased interest rates

Over time, interest rates can fluctuate. If they have declined two points or more since you first obtained your auto financing, then you should consider refinancing to save a little each month.

Your credit score has increased

If you pay your auto finance payments (and your other bills) on time, your credit score can improve over time. When it does improve, you should think about trying to negotiate a better auto-financing rate with your lender. Because your credit score increased, you are not as high of a risk as you were before.

Your rate is simply too high

Does your rate seem too high? Is your rate making your auto finance loan too much for you to pay each month? By refinancing, you can lower your rate and start saving money on your monthly payments.

Your financial situation changes

Unexpected expenses or unemployment happen, and as a result, you need to take a closer look at your financial situation. Refinancing may help you get a better rate on your auto-financing loan, and you might find it easier to make your monthly car payments. Therefore, if your financial situation has changed, you should consider contacting your auto-financing lender. By doing this, you could be putting more money in your wallet.

Interest Rates and Credit Scores

When you shop for loans from various auto-financing companies, they mostly use your credit score to determine your interest rate. In addition to other personal documentation, auto-financing lenders will request your credit score. Your credit score helps auto financing companies to paint your financial picture. Your credit score mainly tells how risky it is to give you a loan. A high credit score means that a person is less dangerous to give a loan.

On average, these auto financing interest rates and credit score pairings are common:

•    850 – 740 credit score: 3.2% interest rate for auto financing loan

•    739 – 680 credit score: 4.5% interest rate for auto financing loan

•    680 and below credit score: 6.5-12.9% interest rate for auto financing loan

Your credit score needs to be in the 740 range if you want to be approved for an auto financing loan with a low-interest rate. You can still get auto financing if your credit score is in the high 600s. However, your interest rate will just be higher. Auto-finance companies consider you a "subprime" borrower if you have a credit score of 620 or below. You can still qualify for a subprime auto loan with a credit score of 620 or below—the loan will just have a higher interest rate. Subprime auto financing can help you mend your credit while helping you buy the car you need. You should check your credit score online before you visit a lender for auto financing. Checking ahead of time can ensure you are being offered the interest rate that is right for you.

How long is a typical auto loan?

Loans for new cars

For a new vehicle, the average auto-financing loan is around five years. Approximately, 20 percent of all auto finance loans are represented by six to seven-year terms. The average auto loan length has increased over time. However, interest rates have decreased over time.

Loans for used cars

For a used vehicle, the average auto-financing loan is around four to five years. Typically, auto-financing loans for used vehicles will require higher interest rates than the interest rates for new vehicles. Also, auto financers are not likely to offer seven-year loans on older vehicles. This is because a vehicle’s value decreases significantly by the time it is ten years old. Trade-in values are not good on older cars.

What loan works for you?

You must choose the loan that works for you and your financial situation. If you can afford it, you should go with the shortest auto loan. You will pay off your car loan sooner if you do this. But if you think that it will be hard for you to go with the shortest auto loan, you should not feel forced to make it work. Making your loan payment each month should be your priority. Making your payment every month helps your credit and could help you with future car loans.

Auto Loan Options: Dealerships, Bank Financing, and Credit Unions

When we buy a car, the auto financing part of the purchase can be overwhelming. You may see an ad with an auto-financing rate, but its small-print disclaimer explains that it is only applicable to qualifying customers. As these ads show, auto financing is not a one-size fit all process. Because we all have different credit histories and financial situations, it is important to consider your financing network of auto dealers, banking institutions, and credit unions.

Dealership Financing

Dealerships may offer incentives for financing auto loans through them. You should research these financing incentives, before deciding on a car or an auto financing company. Dealership financing may be appealing because it offers you an easy one-process shopping experience. It may be less stressful to secure financing at the dealership instead of worrying about going to another place to obtain financing. Evaluate what is important to you. While we all want to save money, you should be honest with yourself—what do you want your buying experience to entail? What will make you feel the least stressed?

Bank Financing

Your credit score is determined by using three different databases: Equifax, Transunion, and Experian. Your credit rating is typically determined by using an average of these three scores. Your credit rating score is called a FICO score, and it ranges from 300 to 850. 720 is considered an excellent score, 690 is considered a good score, 630 is considered an average score, and anything lower is considered a bad score. Most bank auto-financing advertisements are quoted for people with “good” credit scores. Further, there are essentially only two pieces to auto financing: (1) amount being financed and (2) interest rate. Other factors to consider when determining the monthly payment include your down payment and the length of the loan. These other factors are many times easily negotiated. Most of the banks in the U.S. offer auto financing, and they each have their auto financing rates and terms. Many times dealerships will have relationships with banks, but don’t let that stop you from looking into financing with banks outside of your dealer’s network.

Credit Union Options

Across the U.S. you can find around 6,500 credit unions that can provide auto loans. Because credit unions are membership-based, they typically have better interest rates. However, compared to banks, they do not offer as extensive of rewards and flexibility. Credit unions’ options may be limited. For example, they may only provide a single auto loan package with predefined terms. Also, many times, credit unions will serve a specific industry (e.g., educators and military). You could double your discounts if the dealership offers industry-specific discounts too.

It's TAX Time!
February 2nd, 2018 by:
Terry Grunwald
 

Hey Guys,

If you have your last pay stub of the year or W-2, we can file your taxes through Our Partners at Tax Max!
You can receive up to $1,500 towards your down payment within 24 hours!
You receive the rest of your return via check.
Call to Schedule an Appointment or Ask Questions! 330-834-2886 ext. 304

Welcome To Our New Website!
January 26th, 2018 by:
Royal Family Motors
Welcome To Our New Website!

Welcome to Royal Family Motors

Royal Family Motors is a used auto dealership serving the North Canton, Ohio area! Browse our large inventory of used cars, trucks and SUV's today. We welcome all types of trades, offer a variety of easy financing, and would love to earn your business with our friendly staff and quality cars.

"You don't have to pay a king's ransom to be treated like royalty"

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