Finance & insurance information

How Does Trading In a Financed Car Work?

Follow these steps to understand how trading in a financed car works:

1. Find out how much you still owe on your current auto loan. This amount is typically included in your monthly statement or within your online account.
2. Value your trade using our online tool to determine how much your car is worth. Remember, this is simply an estimate. An actual valuation requires a physical inspection at the dealership.
3. Compare your loan balance to the value of your car.

Options for Trading In a Financed Car

The final step of trading in a financed car requires you to assess your car’s value against your loan balance. You will encounter one of two situations:

• Your loan balance is less than your car’s value. This means that you can pay off your loan and have money left from the trade-in to go toward your next vehicle purchase in the area.
• Your loan balance is more than your car’s value, which is considered negative equity. This means you will still have a loan balance to pay after the value of your vehicle is applied. You can either pay off the remaining balance with your personal funds, or consult our finance team to see if rolling over your loan balance into your next auto loan with us makes sense for you.

Rely on Gravity Auto Group for Your Next Vehicle

Trading in a financed car is easy at Gravity Auto Group! While we don’t offer an option to trade in a financed car for a lease, you certainly can purchase a luxury used model with us near . Get in touch with our team to get the process started!

Is it Good to Pay Off a Car Loan Early?

There are a number of advantages to paying off a car loan early. These include lower interest paid overall, reduced debt-to-income ratio, and a decreased likelihood of becoming upside-down on your loan. So, is it good to pay off a car loan early? Ultimately, it depends on your financial situation. Consider the following insights from Gravity Auto Group.

When Paying Off a Car Loan Early Makes Sense

• You do not have other major debts to pay down or additional significant monthly expenses.
• There is enough wiggle room in your budget to contribute more to your auto loan without drawing from your emergency fund or other savings.
• You want to pay off the auto loan to free up money for your next financial goal.
• You want to achieve financial freedom and eliminate your debt.

When Paying Off a Car Loan Early Isn’t the Best Option

• You don’t have the additional funds to increase your monthly car payment.
• You have a low interest rate, so paying more toward your auto loan won’t save you terribly much in the long run.
• Your on-time monthly payments are building your credit history or raising your credit score.
• Your loan agreement includes pre-payment penalties.

How to Pay Off a Car Loan Early

If you have determined that paying off a car loan early is the best option for you, then consider the following methods of how to pay off a car loan early to determine which makes the most sense for you.

• Make Bi-Weekly Payments: By making payments every other week instead of once a month, you will end up making 13 full payments each year rather than 12.
• Increase Your Monthly Payment: Pay $50 or $100 more on each monthly payment.
• Pay an Additional Lump-Sum Each Year: Make one large extra payment per year to achieve the same interest savings.

Additional tips for -area drivers include resisting the temptation to skip a payment or refinancing with a new car loan for a lower interest rate. 

Get More Auto Financing Advice From Gravity Auto Group!

You should now have a sense of how to pay off a car loan early and the best scenarios in which to do so. Do you have additional questions for Gravity Auto Group? Get in touch with our team for answers to your questions and trusted auto financing advice!

Prepare to Sell Your Vehicle

Below are a few easy steps that you can take before selling your car to one of our -area dealership locations.

• Wash your car, have it detailed, and replace small parts like floor mats or windshield wipers. These are small, inexpensive tasks that will have your car looking ready to sell!
• Compile a list of your vehicle’s benefits. This may include a detailed maintenance history, noteworthy features, and extra accessories. Doing so can make your car more appealing to dealerships.
• Gather the necessary documentation, such as your car’s title. This will save you time during the car selling process.
• Get an estimated value for your vehicle using our Value Your Trade tool. You can use this number to negotiate when we provide you with an offer.

How Does Selling Your Car to a Dealership Work?

Once your car is ready to sell, selling your car to a dealership works as follows:

• First, make an appointment at your preferred Gravity Auto Group location. That way, we know when to expect you and will have the proper documents ready to get started when you arrive.
• Our sales team will meet you upon your arrival and help you begin the process of selling your car, which starts by collecting your information and running a vehicle history report.
• A member of our team will inspect your vehicle, paying close attention to its quality and mechanical condition.
• We will then make you an offer, which you can accept, negotiate, or walk away from.

Benefits of Selling Your Car to a Dealership

Selling your vehicle to a dealership comes with many benefits, such as:

• We take care of everything for you. When you sell privately in the area, you will have to list your car, field potential buyers, deal with inspections, and advocate its value all on your own.
• When you sell your car to a dealership, you can also shop for your next vehicle in the same place. What’s more, you can apply the value of your vehicle toward the next purchase to offset its cost.
• You can also save on taxes when you sell us your current vehicle and buy your next one from us. That’s because you will only pay sales tax on the difference between your vehicle’s value and the cost of your vehicle purchase, rather than on the total vehicle price.

Sell Your Car to Gravity Auto Group!

Get in touch with Gravity Auto Group when you are ready to go through the process of how to sell a car at a dealership for yourself. Our finance specialists are prepared to navigate the journey with you!

Is Now a Good Time to Buy a New Car?

New cars are more expensive than they have been in quite a while. It is unlikely that you will encounter a major discount or incentive, and overall purchase prices are high. If you prefer brand-new models, then this certainly won’t deter you from browsing the new vehicle inventories around . However, perusing the used models available at the many Gravity Auto Group locations will undoubtedly yield a better deal on a high-quality luxury vehicle.

Is Now a Good Time to Buy a Used Car?

The average price of used cars is also higher now than in the past, but this means you will fetch a higher trade-in value for your current vehicle. This, in turn, means you will have a larger budget to work with when you shop for used luxury vehicles with Gravity Auto Group. Used inventories tend to have a greater variety of options from which to choose, so you’re sure to pinpoint exactly what you want with us. What’s more, we maintain an inventory of pre-owned cars priced under $20,000 to help you save.

Visit a Gravity Auto Group Location Today!

The finance team at Gravity Auto Group is here to walk you through the car buying process, from deciding whether it is an optimal time to make a car purchase to setting an overall budget and calculating monthly payments. Don’t hesitate to reach out to us if you have any questions!

How to Get a Car With Bad Credit

There’s no need to worry about how to get a car with bad credit when you shop with Gravity Auto Group near . We want to make it as easy and straightforward as possible for you to secure a bad credit car loan. Consider these tips as you navigate how to get a car loan with bad credit.

• Figure Out What You Can Afford: In addition to monthly payments, factor in expenses like annual registration fees, car insurance, maintenance costs, and gas costs as you determine what your budget is.
• Aim for a Large Down Payment: A larger down payment may help lenders to see you more favorably as a borrower. What’s more, a larger down payment means you will have a smaller car loan, which in turn means less interest paid overall.
• Improve Credit Before Applying for a Loan: Check your credit reports for errors and work to pay down existing debts. Remember, bad credit car loans also have the power to help you increase your credit score.
• Be Realistic as You Shop: It’s easy to get tempted by the latest features and nice-to-have luxuries. Remain steadfast in your goal of financing a car with an affordable payment, and one that you can afford to take care of in the coming years.

Ready to move forward with the car buying process? An excellent place to start is to apply for financing online to get pre-approved. From there, you will work directly with our finance experts to determine the best plan for you.

Finance a Car with Bad Credit Near Today!

Connect with the team at Gravity Auto Group if you have any questions about how to get a car with bad credit. We value all of our customers from the area, and we strive to set them up for success.