Finance Q&A with Shayla

Shayla Jennings is our Business Manager at Scott Peterson Motors of Sturgis. She’s a wealth of knowledge for financing and extended coverage options. Shayla generously took the time to run through a few commonly asked questions. Check out the full Q&A below.

My time is important. I don’t want to spend a lot of time at the dealership in financing. What can I do to speed up the process?
We agree that your time is important!  You can complete a credit application online on our website or over the phone with me. When you come in, we’ll have everything printed and ready to sign.

What do I need for a down payment? Do I have to put money down?
You’re always welcome to put money down to reduce the amount being financed. Depending on a few factors, the lender will determine whether or not they require money down or a down payment.

What are my payments going to be? What will my interest rate be?
Until we run your credit, we won’t know an exact payment amount or interest rate. We require that our customers complete a credit application and provide permission to run their credit to figure out exact interest rate, term and payment amount.  However, we can provide an estimate.

Which banks do you use? I don’t want my credit information sent everywhere-can I choose which lenders receive my application?
We use a variety of local and national lenders to provide the most competitive rates. You can choose a lender of your preference so they are the only ones that run your credit.

Why should I finance through you?
We work hard to earn your business. Your time doesn’t need to be spent running back and forth to the bank. Because of the variety of lenders we partner with, we often have more competitive rates to offer.

The vehicle I want to purchase is pre-owned; can I still purchase extended coverage?
Yes! There are many options for extended service contracts. We tailor our offerings to suit your situation. We have everything from window chips/cracks to comprehensive coverage.

There’s a vehicle I really like, but it’s older and has high mileage. I’ve heard that these types of vehicles can’t be financed. Is that true?
There are still options to finance these types of vehicles. As an example; a lender may require a down payment to reduce the amount financed to reflect their valuation of the vehicle. To know for sure if a vehicle will be able to be financed through one of our lenders, we will have to submit a credit application.

I don’t know if my credit is good or bad; can I still get an estimate?
We can provide an estimate based on the average consumer. If you’re concerned about causing damage to your credit score; you can complete our pre-approval application online.

I know I have bad credit score; will I be able to get financing?
A common misconception is that credit score and credit history are one in the same. Lenders take into account your credit score and credit history. Your credit history will show ‘negative hits’ to your credit, but it will also show accounts that are kept in good standing or reconciled. We’ll always work our hardest to provide you with financing options. Regardless of your situation, we treat each customer with respect.

Still have questions? No problem! We’re here to help.

QUICK LINKS:
Online Application for Belle Fourche
Online Application for Sturgis
Pre-Approval Application
Shayla’s Contact Information