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Saving Money and Financial FAQs - Gateway Easy Auto Credit Help
Money Saving Tips
Common Financial FAQs
Q: What if my bank denies my loan application?
A: Just because you were denied by one financial institution, that doesn’t mean you will get denied everywhere. We can work with other lenders to try to secure you the loan you need.

Q: Can I finance my car purchase at the dealership?
A: Yes, here at Gateway Easy Auto Credit, we are here to help get you into the car you need. We have a full-service finance department that will work hard to find you the best rates for a car loan. We work with a wide range of financial institutions to find multiple financing options.

Q: What do I need to apply for a loan?
A: To apply for a loan and complete the purchase process here at the dealership, you should bring your driver’s license, insurance car, any documents you need for a trade-in, two of your most recent pay stubs, and proof of residency.

Q: What does APR mean?
A: This stands for “annual percentage rate” and refers to the amount of interest you will be charged each year for borrowing money.

Q: How much of a loan can I afford?
A: This number will vary for each person. However, experts recommend spending at most 20% of your monthly income. To get the best estimate, evaluate your spending and create a budget to see how much money you can divert to a car payment.

Q: What does it mean to be “upside down” on a loan?
A: You are upside down when you owe more on your loan than your car is worth.

Q: Are there are any loan mistakes I can avoid?
A: Make sure you don’t just focus on the monthly payment. Consider the interest rate and overall term (the length of the loan in months). While a low monthly payment can be enticing, you could end up paying a lot more in the long run. Look for a good balance between interest, length of the loan, and monthly payments.
We all have something that we would love to buy but just can’t afford. The best way to buy it is to save up our money until we can afford it. However, we all know that saving money is a lot harder than it sounds, especially if you don’t have a lot of extra cash. Here are some money saving tips to help you get closer to your goal.
  • Track your spending. Look through the transactions in your bank account for the past month or more and track all of your spending. Put every purchase into a category, like food, gas, bills, etc. You may be surprised how much you spend on certain items, like eating out or getting your daily coffee.
  • Make a budget. Once you know where all your money is going, it’s time to evaluate what is most important to you. Cut back on areas where you think you are spending too much and move that money towards your savings.
  • Set a goal. What are you saving for? Do you want a down payment on a car? A beachside vacation next summer? Set a clearly defined goal so you have something to work for.
  • Create a plan. Saving won’t happen automatically. Plan to put a portion of every paycheck automatically into a savings account. See if your payroll department at work or your bank can do this for you.
  • Use cash. If you still find yourself buying things on a whim, consider switching from plastic to cash. Only bring enough cash for what you need to buy that day and leave your cards at home. That way you can’t give in to temptation to buy something you don’t need.
  • Use apps/cash back programs. There are numerous apps available for your smartphone or online programs that can help you save money on purchases you already make.
Follow these tips and you’ll be well on your way to reaching your savings goal.
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