Call Us: 815-459-4566
Visit Us: 50 N. Main


If purchasing a new vehicle is a new process for you, you may be tempted to think it’s as easy as visiting your local used car lot, test-driving a few that speak to you, picking out your favorite, and driving off into the sunset with the car of your dreams. Well, SOME of that is true! When you are ready to buy a car, that narrative is in fact accurate; it’s easy to visit a dealership (like Ormsby Motors) and walk off the lot completely satisfied with your purchase. But there are a few steps that come in-between visiting the car lot and driving off in it, namely, paying for that vehicle! Before buying your used vehicle, here are a few things you need to know about financing.

Know Your Credit Score
Before you start seriously shopping for your next car, it is necessary to do your homework and fully understand what your credit score is. Auto Review Hub says that while it’s entirely possible to still be in the car of your dreams with less than ideal credit, this will likely mean that you’ll have to pay a higher interest rate. If your credit score is less than 700, you may find yourself paying a higher interest rate than what the dealer is advertising. If this sounds like you, don’t get discouraged; there is still a way for you to purchase a car without breaking the bank. Money Under 30 advises seeking out online lenders if you aren’t pleased with your credit score. Simply complete a credit application, and from there, you are given not only a competitive interest rate, but a maximum amount you can spend on the car. This will allow you to visit your dealership, armed with this information, hoping that your salesman can give you an even better rate.

Keep the Term Short and Put Down a Generous Down Payment
According to Auto Review Hub, even though your monthly payments will be higher, keeping the term of your car loan as short as possible will save you money in the long run, since, in reality, you’ll be paying off the loan faster and your interest rate over time will be significantly less. In addition, it’s also recommended to put as much money down as possible, at least 20% of the total price of the car. While it may sting in the short term, it truly does save you substantial dollars in the future.

Know What Comes Next
So, you’re now at a point where you’ve chosen your perfect, you understand your credit score, and you’re all set with your initial down payment and in establishing the terms and length of your car loan. NOW you can ride off into the sunset, right? YES! However, it’s important to know that this isn’t like the movies, where driving off into the sunset means the end and the credits come on. There is one key thing you must do after you have your brand new vehicle; purchase adequate car insurance. According to U.S. News, car insurance must be purchased that satisfies the financial institution that is granting you the car loan. Failure to do so will often mean big and costly consequences for you.

Ormsby Motors prides itself on providing exemplary customer services. We take every measure to ensure you are satisfied with all your used car sales, repair, and towing needs and will do whatever it takes to earn your business and remain lifelong clients.  Ormsby Motors has been proudly serving the Crystal Lake area for a number of years. We pride ourselves on being large enough to provide professionalism and reliability, yet small enough to provide personalized service. To learn how Ormsby Motors can help you find your next vehicle, please visit our website or give us a call at (815) 459-4566. Like us on Facebook to stay up-to-date on current events, tips, and specials.