FAQ
Most Used Car Businesses are looking for one time sales with the most profit opportunity. Inventory is sourced based on looks and immediacy to make the sale. These vehicles are often bought and placed on the front line for sale without the benefit of a proper inspection or evaluation.
An Auto Broker already has a customer and is searching for the right car. The best Broker will use many sources of information and will only purchase the vehicle after careful evaluation and testing. Then the car is thoroughly inspected, serviced, and certified by a licensed mechanic.
As an Auto Broker, we rely on referrals from customer satisfaction. This eliminates excess inventory that Used Car Dealers must move and is pushed onto prospective clients. At McHugh Motors, we will utilize our resources to locate a pre-owned vehicle that meets your personal needs. We are here to provide you with the exact car you want without the high pressure pitch or unnecessary sales tactics.
As an Auto Broker, it is up to our customer base to secure Pre-Approval from a Financial Institution prior to placing an order or purchasing one of our available vehicles. We will gladly refer some local banks and credit unions that can assist prospective buyers.
During a Pre-Approval application, multiple factors are determined. Banks and Credit Unions will review Credit Score, Down Payment, Trade Equity, Length of Loan Term, Job Tenure, Income, Residence, Prior Loans, etc. These factors are unique to each individual and determine the various specifics of the Lender agreements.
Equity is the difference between what your vehicle is currently worth, and the amount of money you still owe on the loan. For example, if you owe $12,000 and your vehicle is worth $10,000, then you have $2,000 in negative equity. On the other side, if you owe $10,000 and your vehicle is worth $12,000, then you have $2,000 in positive equity. Positive equity in your trade can lower the amount of money that you finance, similar to a down payment.
In general, Negative equity is rolled into the loan on your new vehicle and will increase the monthly payment unless offset by additional down payment. Loan Details and Payments are all determined by the Lender during the Pre-Approval process.