Blog

The Wallace Auto Group in Stuart and Fort Pierce has embraced the future of driving with new electric vehicles. These vehicles are not only environmental friendly, they also have a lower cost of ownership and service needs. Forget about scheduling that oil change with an EV, you won't need one as they do not use motor oil! The Wallace Auto Group is the Treasure Coast's largest auto dealership group. Wallace operates a dealer group with 15 new car brands and an inventory of over 500 used cars for sale. If you are looking for a luxury car, look at a Cadillac, Genesis, Lincoln, or Volvo. Maybe you want an affordable SUV like a Jeep, Mazda, Hyundai, Kia or Volkswagen, Wallace has you covered. Looking for the power of a full size truck, come see a Chevrolet Silverado, Nissan Titan, or RAM trucks. The Wallace Auto group is your headquarters for new and used gas, EV, and hybrid vehicles. Continue reading to see some of the new exciting Electric Vehicles available now at the Wallace Auto Group. more Cadillac Lyriq - Cadillac's New Electric Vehicle The 2023 Cadillac Lyriq luxury SUV is ready to hit the road and you won't be disappointed!  The Cadillac Lyriq range of 312 miles will have no problem getting you to where you need to go.  When it comes to charging the Cadillac Lyriq, you have plenty of options.  The Level 2 home or public 19.2 kW AC charging station can charge the Cadillac Lyriq up to 52 miles of range per hour.  A DC Fast Charge public charging station can recharge the Cadillac Lyriq with up to 76 miles of range in about 10 minutes.  You also will receive a dual-level charging cord with your new Cadillac Lyriq. This will allow you to charge the Cadillac Lyriq from an appliance-style 4-pronged outlet or a standard 3-prong outlet.  This Charging cord can be taken with you on road trips to make charging away from home easier.  Cadillac is happy to partner with Qmerit to help our new Lyriq owners with Level 2 home charging installation. Piece of mind is also part of the ownership experience with Cadillac.  In addition to the standard Cadillac Bumper-to-Bumper coverage of 4 years or 50,000 miles, the battery pack is covered by a 8-Year/100,000-Mile limited warranty.  This warranty covers the materials and workmanship of the battery pack and its internal components. Kia, The New Electric Vehicle Leader Kia is leading the way to the future of driving with eight fuel efficient vehicles for 2023.  Get better gas mileage with the hybrid version of your favorite Kia Model.  In 2023, Kia is offering three hybrid vehicles with the Kia Niro Hybrid, Kia Sorento Hybrid and Kia Sportage Hybrid.  Looking for even more sustainability, a Kia Plug-In Hybrid combines an electric motor with no tailpipe emissions and a gas engine for when your battery runs out.  Kia offers the following Plug-In Hybrid models: the Kia Niro Plug-In Hybrid, the Kia Sorento Plug-In Hybrid, or the Kia Sportage Plug-In Hybrid.  Last, for the true zero gas user, the Kia Niro EV and the Kia EV6 will provide you with a pure all electric vehicle to travel the roads and help the environment. Wallace Kia in Stuart is your Treasure Coast Kia dealer to help answer all your questions about the benefits of all Kia electric vehicles. 2023 Hyundai Ioniq 5 Is A Winner If you are looking at new electric vehicles, the Hyundai Ioniq 5 should be on your list. Wallace Hyundai of Stuart or Wallace Hyundai of Fort Pierce is your Dealership for a new Hyundai Ioniq 5.  Owning the Hyundai Ioniq 5 has a ton of benefits like HOV lane access, no more gas pump stops, no more oil changes, and best of all zero tailpipe emissions.  Technology like a 12.3 inch touchscreen display with navigation, a 12.3 inch digital instrument cluster, Android Auto/Apple CarPlay integration, and LED interior illumination come standard on the Hyundai Ioniq 5.  Hyundai SmartSense safety features like Blind-Sport Collision Avoidance, Highway Driving Assist, Forward Collision Avoidance, Lane Keep Assist, and Driver Attention Warning are just a few of the standard safety features available on the Hyundai Ioniq 5.  On top of all those benefits, it turns out, the 2023 Hyundai Ioniq 5 is a great electric SUV.  In fact it was named MotorTrend's 2023 SUV of the Year! Why Buy A Hybrid Vehicle From The Wallace Auto Group Owning a plug-in hybrid car or an all-electric vehicle comes with loads of benefits.  Not having to stop at the gas station any longer saves you money and also time.  What about doing your part to improve the environment?  Keeping the Treasure Coast beaches and air clean should be a priority to all of us that live and work here! The Wallace Auto Group in Stuart and Fort Pierce is your dealer for a used hybrid car for sale.  Browse our inventory then contact the Wallace Auto Group or schedule a test drive appointment online.  The Wallace team is here to help you find the right used hybrid vehicle at the right price!

You may be able to get a car loan with bad credit, but you’ll want to carefully weigh the costs. If you need a car loan but have less-than-perfect credit, your financing terms may be expensive. Lenders use credit scores to estimate the likelihood you’ll pay back your loan — the lower your scores, the more risk they believe they’re taking on. In exchange for that risk, lenders will usually charge a higher interest rate. For example, someone with subprime credit (which Experian defines as scores of 501 to 600) received an average rate of 11.33% for a new vehicle and 17.78% for a used one in the second quarter of 2021, according to an Experian report. By comparison, the average interest rate on a 60-month new-car loan was 5.14% during that same period, according to the Federal Reserve. We’ll look at some steps you can take to shop for an auto loan that may help lower the cost of financing a vehicle, as well as review our picks for auto lenders that offer car loans for bad credit. How can I get financed for a car with bad credit? These steps could help you improve your chances of getting approved for a car loan that fits your budget. Check your credit Before you begin shopping for a car loan, check your credit. Review your credit reports for any incorrect information and dispute those errors. Inaccuracies could lower your credit scores and hurt your ability to qualify for a loan. Checking your credit can also help set your expectations before you start looking for a loan. You can check your Equifax and TransUnion credit reports for free on Credit Karma or request one free credit report from each credit bureau per year at annualcreditreport.com. If you don’t need a new car right away, taking some time to build your credit could pay off — you may be able to qualify for a lower interest rate that could save you thousands on your auto loan. But if you can’t wait, you may want to consider asking a family member or close friend to be a co-signer. A co-signer with good credit could give you a better chance of getting approved for a loan or may help you get a better loan rate and terms. Save for a down payment Saving for a down payment can come with several benefits. First, a down payment may help you qualify for an auto loan more easily, especially if you have a low credit score. Without a down payment, the lender takes on more risk since it may lose more money if you don’t repay the loan and it needs to repossess the car. In fact, some lenders may require you to put some money down. Plus, you’ll pay less interest with a down payment. The more money you put down, the less you’ll need to borrow for the car. That means you’ll pay interest on a smaller balance, lowering your total interest paid. You may also get a lower interest rate if you make a down payment. Lenders consider your loan-to-value ratio — your loan amount versus the value of the vehicle — when setting your interest rate. Determine how much you can afford Think beyond your monthly loan payment as you figure out how much you can afford to borrow. Consider the costs of car ownership — such as fuel, regular maintenance, auto insurance, and any parking expenses or property taxes — and factor them into your budget. It may be tempting to stretch your loan term to six or seven years in exchange for a lower monthly payment. But keep in mind that a longer loan term means you could end up paying more in interest over the length of the loan — and you increase your risk of becoming upside down on your loan, which can create some challenges when it’s time to sell or trade in your car because you’ll owe more than it’s worth. Our auto loan calculator can help you estimate how much you’d pay in interest on a car loan. Shop with different lenders Shopping around and comparing rates and loan terms across lenders may help you find the best loan for your needs and your budget. If you have bad credit, here are some lenders you might consider. Your current bank or credit union — If you already have a relationship with a bank or credit union, that can be a good place to start. Online lenders — Some online lenders and lending platforms specialize in car loans for people with bad credit. They may also allow you to apply for prequalification directly on their websites. If you’re prequalified, you’ll be able to see the estimated loan rate and terms you may qualify for. Just keep in mind that prequalification isn’t a guarantee you’ll be approved for the loan or the estimated loan terms. Car dealerships — Dealerships typically have relationships with a number of banks and finance companies, which means they may be able to find a lender in their network that will approve you for a loan. Some dealerships also have special financing departments that are dedicated to helping people with poor credit. Buy-here, pay-here dealerships — If you can’t get approved for an auto loan anywhere else and you need a car, a buy-here, pay-here dealership could be an option — but consider it a last resort. These “no credit check” dealerships offer their own loans to people with bad credit — and their interest rates tend to be higher than those offered by banks and other lenders. To minimize the impact that shopping for an auto loan can have on your credit, it’s a good idea to shop for rates within the same time period. FICO scoring models count multiple credit inquiries of the same type within a 45-day period as a single inquiry. VantageScore counts multiple inquiries within a 14-day period as a single inquiry. Keep in mind each time your credit is ran by a lender an average of 5 points are deducted from your credit score. These points will be removed within 18 months. Can I get a car loan with a 500 credit score? It’s possible to get a car loan with a credit score of 500, but it’ll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2021, according to the Experian State of the Automotive Finance Market report. That’s a big difference from the loan rates for people with credit scores of 661 to 780 (considered prime) — they received average rates of 4.21% for new-car loans and 6.05% for used-car loans. Getting a car loan with a credit score of 500 could be tough, too. The Experian report shows that only 0.37% of new-car loans and 4.35% of used-car loans issued in the fourth quarter of 2019 went to people with credit scores of 500 or lower. Best car loans for bad credit Here are some of our picks for lenders that offer car loans for bad credit around you right now. Good for people who have filed bankruptcy: EZPAY CARS In general, bankruptcies in your credit history can affect your ability to get approved for an auto loan. But EZPAY CARS considers applicants who have filed for bankruptcy in the past — as long as the bankruptcy has been discharged. Next steps Car loans for bad credit are out there, but they can be expensive. Taking steps to improve your credit before car shopping can lessen some of the financial burden. If you’re unable to delay your car purchase, consider buying a lower-priced, but reliable, used vehicle that meets your needs but requires you to borrow less. As you pay down your loan and work on improving your credit, you may be able to refinance for a better rate down the road.