How to Finance Your Truck

We here at 56 Auto Sales understand that few people can afford a truck without a loan. Despite this, information on financing a vehicle varies widely depending on who you ask! In this article, we’ve outlined the steps for financing a truck and included several links to helpful tools on our website. For more information, or to speak to one of our sales consultants, you can reach us at (740) 908-4289, or visit our location in London, OH! 

Better Your Credit Score 

It should come as no surprise that getting the best auto loan available can take a little time and preparation. There are several factors that go into loan consideration, one of the most important being your credit score. While we at 56 Autos offer financing for those with low credit here, it's always better to have the best score possible before applying for a loan. 

Save for a Down Payment

It’s also wise to begin budgeting and saving, not only for your future loan payments but for your initial down payment. The larger your down payment, the better your loan will be! Taking the time to save up for a down payment and increase your credit score are the most effective tools for getting the best loan possible. 

Set a Budget

Budgeting is the last but most important step in preparing to take out a loan. Understanding how much of your monthly income is needed for bills and savings will help you know exactly how much you can afford for monthly payments. It can also help you calculate how long it will take to save up for your initial down payment. You can use our finance calculator here to help craft your budget around your future car payments!

Choose Your Truck

Now that you’ve calculated what you can afford, you can pick your vehicle. While this may seem a bit backward in theory, it’s the best way to make sure you don’t spend beyond your means. Once you’ve got your preferred truck picked out, you can start applying for a loan. We at 56 Auto Sales provide loans at great rates! You can find our financing page, as well as other helpful information, here.

Set Your Preferences

As you begin applying for loans and comparing rates it's important to write down a list of preferences. What’s your preferred range for APR? Would you like a short-term or long-term loan? One has higher payments, but the other might cost less money in the long term. There are also secured and unsecured loans where the vehicle in question is put up as collateral. While this reduces your interest rates it also puts the vehicle at risk of repossession after a number of missed payments. 

While financing a truck can be a long process, it is one of the best vehicles to own. Trucks have more value at their initial sale than the average vehicle and therefore depreciate at a much slower rate over time. The truck category itself contains so many different makes, models, and features that you will likely find your perfect truck somewhere in your price range! We at 56 Auto Sales have a huge selection of trucks, from pick-ups to flat beds. We are proud to serve the Springfield-Daytona, OH, area but also accept online inquiries here for customers that may be further away. Feel free to submit a request for financing or product information.