How Big Should Your Auto Loan Down Payment Be?

cheap used car down payments

Purchasing a car is one of the largest investments we make. It can be a challenging field to navigate especially when considering financing options with bad credit. In order to start rebuilding bad credit, you have to enter into an affordable agreement and make timely monthly payments that you can afford. Most vehicle financing programs start with a down payment followed by a term length agreement, where you choose how long it take you to pay back your lender but some dealerships offer no money down programs for buyers. Choosing how to balance term length and size of down payment can be difficult and should be carefully considered.

How big a down payment do you need?

It’s possible that you won’t need a down payment at all and even those with poor credit can to benefit from these programs. When considering a down payment it should be noted that contributing money upfront can help reduce both your interest rate and your term length. While many factor contribute to your interest rate, a down payment will often afford you a lower interest rate and a lower monthly payment. If keeping your monthly payments low is high on your priority list, then contributing a larger down payment is a must or you selecting a less expensive vehicle.

If you’re credit score is low or less than ideal, you should save up a reasonable down payment so you can secure a better rate. A lower credit score will yield a high interest rate so your best bet is to pay a little more up front. That said, don’t be scared to look around for the best loan rate. If you know your budget and can put forward a 30% down payment but you can get the same or a better rate for only 20% down, hold on to that extra cash.

If a new vehicle is in your future but you don’t need it right away, start putting some money aside. Only you know what’s best for your personal finances and if purchasing a car outright isn’t for you then having a healthy savings to dip into where if you don’t use it all you’ll have a little extra cash for monthly payments if need be. Plus, being able to come to the table with some more money behind you may put you in a better bargaining position. If paying that extra 5 or 10% gets you a lower rate or shorter term, it may be worth it in the long run as the longer you take to pay people back, the more interest you’re going to pay.

While you’ll hear some mixed messages around how much you should be paying, the consensus seems to be that at least 10% down is ideal. We know that this isn’t always possible especially if your need for a new car is sudden. If you can’t manage this or any down payment, speak with a qualified auto loan specialist such as the ones at Frank Myers Auto Maxx in Winston-Salem  and discuss your options. Having bad credit or limited options doesn’t have to prevent you from securing a great quality vehicle at an affordable price.

Frank Myers Auto Maxx Wins Inaugural DealerRater® Consumer Satisfaction Award

 

Frank Myers Auto wins prestigious customer satisfaction award.

Frank Myers Auto Maxx has been awarded a 2015 DealerRater® Consumer Satisfaction Award, a recognition auto dealerships can earn by delivering outstanding customer service as rated by online consumer reviews. DealerRater, the car dealer review site for consumers, created the Consumer Satisfaction Awards to enable online car shoppers to instantly spot car dealerships that provide high-quality customer service.

Consumer Satisfaction Awards will be given annually to the top 10 percent of U.S. new-car dealers based on their PowerScore™, as well as all U.S. used-car and Canadian (new and used) car dealerships that meet DealerRater’s Dealer of the Year criteria—receiving at least 25 annual reviews and maintaining an average PowerScore rating of 4.0 out of 5.0.

Dealers can increase their PowerScore ratings by getting more reviews, and improving consumer feedback on the dealership’s customer service, quality of work, friendliness, pricing and overall experience.

“We’d like to congratulate Frank Myers Auto Maxx and all of our Consumer Satisfaction Award winners,” said DealerRater CEO Gary Tucker. “DealerRater is where car shoppers learn from their peers regarding which dealers offer top-notch customer service, and now they can quickly identify that Frank Myers Auto Maxx as one of the best in Winston-Salem.”

Frank Myers Auto Maxx has achieved consistently high marks on the DealerRater website, placing it among the top dealerships nationwide. Online shoppers visiting the Frank Myers Auto Maxx dealer review page on DealerRater.com will find a “2015 Consumer Satisfaction Award winner” designation.

“I’m extremely happy for my Team,” said Tracy Myers, owner of Frank Myers Auto Maxx. “They don’t provide great customer service to win an award. They do it because it’s who they are. They realize that they are here to serve our customers and our neighbors in the community. When they do it selflessly, they are rewarded handsomely.

 About DealerRater

DealerRater was founded in 2002 as the first car dealer review website worldwide. DealerRater is the world’s No. 1 online resource for anyone seeking trusted, third-party information on automobile dealerships. DealerRater features nearly 41,000 U.S. and Canadian car dealers, more than 1.7 million consumer reviews and a million-plus cars listed for sale. DealerRater attracts more than 12 million consumers every year to the site to search for car dealerships, read reviews, write their own descriptive reviews and find car deals – all for free.

DealerRater offers qualified car dealers a Certified Dealer Program as a reputation-building management tool to help them grow their online presence and achieve higher SEO rankings across the Web. Its national network of more than 5,400 dealers are members of the award-winning DealerRater Certified Dealer Program. DealerRater is proud to have earned the No. 137 position on the 2012 Inc. 500 list, an exclusive ranking of the fastest-growing private companies in the United States. DealerRater is well poised to continue its global expansion, accelerate product innovation and evaluate strategic acquisition opportunities with a recent equity investment from Great Hill Partners, a Boston-based private equity firm focused on growth companies. DealerRater was also recently awarded a Technology Leadership Award from Dealer Marketing Magazine and another “Top Rated” Reputation Management award in the sixth annual DrivingSales Dealer Satisfaction Awards. For more information, visit www.DealerRater.com or call 800-266-9455.

About Dealership

The original Frank Myers Store was started more than 85 years ago by Frank Myers, the Great-Grandfather of the current owner Tracy Myers and the Grandfather of the previous owner, Franklin Myers. Tracy has spent the past 20+ years trying to change the landscape of the car business and the bruised reputation of car salespeople all over the country. Tracy was one of the first 100 Certified Master Dealers in the Nation, a NIADA Eagle Award Winner and was the youngest recipient ever to be honored with the highest available distinction in the used car industry…the National Quality Dealer award.

Frank Myers Auto Maxx has been named one of the fastest growing privately owned small businesses in the country for the past 3 years by INC magazine, was recognized as the #1 Small Business in NC by Business Leader Magazine, one of the Top 15 Independent Automotive Retailers in the United States by Auto Dealer Monthly Magazine, one of the Top 10 Internet Auto Retailers in the Nation & one of the Top 3 dealerships to work for in the country by The Dealer Business Journal.

The dealership specializes in helping people find, qualify for and own the vehicle of their dreams with little or no money down…even with less than perfect credit. For more information on Frank Myers Auto Maxx, please visit their website at: FrankMyersAuto.com

Frank Myers Auto Talks Turkey About Your Old Car

Dear Neighbors,
Gobble Gobble. Tom Turkey here to let you in on a big secret.  Here we are in the fourth quarter. 2011 is almost over and my chances of survival are decreasing with each passing day. I’m getting really clucking nervous. I’m running around like a chicken with my head cut off (no pun intended and don’t get any funny ideas), looking for places to hide.

One place I’ve found to hide is Frank Myers Auto Maxx. After hanging around all week, I’ve been getting an earful, listening in on their “secret meetings” and I’m sharing this information with you. In return, I beg you to spare me! I don’t want to be your Thanksgiving dinner.
Here’s the scoop from the lot . . .
Seems I’m not the only one getting nervous around here! Tracy Myers from Frank Myers Auto Maxx counts on strong sales in the fourth quarter to reach his goals. Tracy calls it the Fourth Quarter Catch Up. This year, he’s got big goals and a BIG PROBLEM!
Frank Myers Auto Maxx is running out of used cars and there’s no time to buy more. They need to find 213 additional used cars before the end of November in order to “catch up” and meet their goals for the year.
Tracy Myers is running out of ideas and needs your help desperately. Will you sell your old car? Here’s what he’s doing: bring in any and every car you have.
If it’s really old, they still want it. If you’re still making payments, they’ll take it.
If you’re upside down and owe more than it’s worth, let that be their problem. They need cars and they need them now. Even if you owe $2,000 or $4,000 or $6,000 more than it’s worth, they’ll still want it. Myers will pay up to $4,000 more than appraised value for any car, running or not, paid off or not.
It’s the Fourth Quarter Catch Up “Buy Back” Sale!”
Frank Myers Auto Maxx has employed hundreds of people. Most of the team members have been with the dealership 5 years or more, and most of them have families. Myers has an obligation to take care of them. But he can’t do that without cars to sell. That’s why he’s in such a jam.
This whole problem started back in 2008. When the economy got in trouble, car companies slowed down production. Now, exactly three years later, there’s been a HUGE decline in the number of three-year-old vehicles that they can normally buy at the auction. Plus, 2011 has been a record year for Frank Myers Auto Maxx, so they’ve been selling cars faster than they can get them.
Now they have a real mess on their hands and this is the only solution they can think of. Will you help Frank Myers Auto Maxx? They promise to make it worth your while.
Of course, there’s no obligation to buy a car from Frank Myers Auto Maxx. But if it turns out to be the right time, you’ll be able to use all the extra money you get for your old car to get the lowest possible payment on a nicer, newer car.
Past Credit Problems Should Not Keep You From Coming In

Their “EVERYBODY RIDES” program was designed to help even the toughest customers get approved. Short sales, foreclosures, unpaid medical bills, late payments . . . not a problem! They want to help you find a loan that fits your budget.

As an extra bonus, if you sell your old car to Frank Myers Auto Maxx this month, Tracy will buy your family Thanksgiving dinner . . . as their way of saying thanks!
Here at Frank Myers Auto, Tracy Myers believes that everybody deserves to drive a nicer, newer car. They’re on a mission to help everyone they can . . . but they need your help. Will you please help Frank Myers Auto Maxx out?
Please call 336-767-4069 to set an appointment or visit in person at http://www.FrankMyersAuto.com

Winston Salem Used Car Dealer Names August Sales Pro Of The Month

Frank Myers Auto Maxx is the premier Winston Salem used car dealer and is pleased to announce Mr. Stephen Erby as “Top Sales Associate” for the month of August of 2011. Stephen is a veteran of the Frank Myers Auto Family, having obtained Certified status at the Winston Salem used car dealership last year.

Erby achieved the title of August 2011 Non-Commissioned Sales Pro of the month for his dedication to assisting his clients and award-winning accomplishments in the automotive solutions department. What he likes best about working at Frank Myers Auto Maxx is the opportunity it gives him to help people own cars who may have not otherwise had the chance. Erby mentioned that it’s also important for him to spend time at a place with leaders who are “fellow Christians.”

The owner of Frank Myers Auto, Tracy Myers, stated “There is no one in our dealership that deserved this honor in August any more than Stephen.  He has become our top sales professional for the month of August because he was laser focused and kept his eyes on the prize. We are all proud of him. His commitment, professionalism, and loyalty to his profession make it a joy for all of his teammates to be around him on a daily basis.”

Mastermind of Possibilities, John Bodenhamer stated “Stephen has really come into his own as a sales pro and has become an important asset to our team. He is a joy to coach and I know that the future will hold great things for him. It is no surprise to me that he made sales pro of the month. If he continues to be as great as he was in August, I would expect him to give his teammates a run for their money while trying to obtain the sales pro of the year title.”

About Frank Myers Auto Maxx

The original Frank Myers Store was started more than 83 years ago by Frank Myers, the Great-Grandfather of the current owner Tracy Myers and the Grandfather of the previous owner, Franklin Myers. Tracy has spent the past 15+ years trying to change the landscape of the car business and the bruised reputation of car salespeople all over the country. Tracy was one of the first 100 Certified Master Dealers in the Nation, a NIADA Eagle Award Winner and was the youngest recipient ever to be honored with the highest available distinction in the used car industry…the National Quality Dealer award. Frank Myers Auto Maxx was recently recognized as the #1 Small Business in NC by Business Leader Magazine, one of the Top 28 Independent Automotive Retailers in the United States by Auto Dealer Monthly Magazine, one of the Top 10 Internet Auto Retailers in the Nation & one of the Top 3 dealerships to work for in the country by The Dealer Business Journal. Tracy is also the Co-Creator of the “Everybody Rides” program and author of the best selling book “Car Buying Secrets Exposed: The Dirty Little Secrets of a Used Car Dealer”, available at Amazon.com and better bookstores. He is a Christian Business Owner whose goal is to run his business “By the Book”. The dealership specializes in helping people find, qualify for and own the vehicle of their dreams with little or no money down…even with less than perfect credit.  For more information on Frank Myers Auto Maxx, please visit their website at: http://www.frankmyersauto.com

CONTACT

Frank Myers Auto Maxx
4200 N. Patterson Avenue
Winston Salem, NC 27105
SALES PHONE: 336-767-3432
SALES WEBSITE: http://www.FrankMyersAuto.com
SERVICE PHONE: 336-831-0656
SERVICE WEBSITE: http://www.frankmyersauto.com/winston-salem-auto-repair.html

 

Frank Myers Auto Maxx Named One Of The Top 50 Used Car Dealerships Of 2010 By Auto Dealer Monthly

Winston-Salem, NC Used Car Dealer One Of Only 2 North Carolina Dealers To Be Named To List

Winston Salem Independent Dealer Frank Myers Auto Maxx has been named as one of the top 50 independent auto retailers across the nation by Auto Dealer Monthly.  Of the 50 awarded, only 2 dealerships were chosen from North Carolina.

This year is the fifth consecutive year that Auto Dealer Monthly has recognized dealerships across the country for their sales and service performance. The top 50 were announced in the July issue of the automotive publication.

Although many of the dealership owners operate more than one location, Tracy Myers, Owner of Frank Myers Auto Maxx, is a single-location dealer.  The used car dealership, auto service facility, auto reconditioning center and auto rental business are located on nearly 5 acres off of Highway 52 in Winston Salem, NC.

Tracy Myers “Grew Up” In Winston Salem Used Car Dealership

Tracy Myers literally grew up in the automotive industry, having worked at Frank Myers Auto for almost 18 years and bought it from his father 6 years ago. He has implemented ground-breaking processes and guest-friendly procedures that reflect his desire to change the perception of the used car industry in which he loves.

Myers has become known as an innovator for his use and integration of internet technology in the world of car shopping. From their famous “Everybody Rides” program to their new 30-Day Satisfaction Promise to social media and internet relationship building, Frank Myers Auto Maxx has dedicated their careers to finding new ways to help people find, qualify for and own  the vehicle of their dreams with little or no money down…even with less than perfect credit.

For a full list of Auto Dealer Monthly’s 2010 Top 50 Independent Retailers, including Frank Myers Auto Maxx, you can visit http://www.autodealermonthly.com/.  

ABOUT FRANK MYERS AUTO MAXX

Frank Myers Auto Maxx was recently recognized as the #1 Small Business in NC by Business Leader Magazine, one of the Top 27 Independent Automotive Retailers in the United States by Auto Dealer Monthly Magazine, one of the Top 10 Internet Auto Retailers in the Nation & one of the Top 3 dealerships to work for in the country by The Dealer Business Journal. Tracy is also the author of the #1 best selling book “Uncle Frank Sez”, available at Amazon.com and better bookstores. The dealership specializes in helping people find, qualify for and own the vehicle of their dreams with little or no money down…even with less than perfect credit. For more information on Frank Myers Auto Maxx, please visit their website at: http://www.frankmyersauto.com

CONTACT

Frank Myers Auto Maxx
4200 N. Patterson Avenue
Winston Salem, NC 27105
SALES PHONE: 336-767-3432
SALES WEBSITE: http://www.FrankMyersAuto.com
SERVICE PHONE: 336-831-0656
SERVICE WEBSITE: http://www.frankmyersauto.com/winston-salem-auto-repair.html