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What does it mean to finance a car? Simply put, financing a car means you take out a loan from a financial institution and pay for your car in monthly installments. At the end of the financing term, you own your vehicle. That’s different from leasing a car, which involves paying every month for the use of a car that you’ll return to the dealership at the end of the lease term. Having trouble deciding whether you should lease or finance your next vehicle in Waco? Read on for an overview of how car finance works form the finance team at Allen Samuels Dodge Chrysler Jeep Ram FIAT.
It’s not uncommon for new car buyers in Woodway to contact us with one key question: “What is financing a car?” If you’re just starting to learn how car finance works, the process can seem daunting — so we hope this guide can demystify the car-buying process for first-time buyers!
The first step is choosing a lender. Most drivers chose to apply for a loan through the dealership, a bank, or local Temple-area credit union. You can also apply to multiple institutions and then choose the best offer. Lenders will use the following factors to determine your eligibility for a loan, as well as how low of an interest rate to offer you:
What does it mean to finance a car with no credit? No credit or bad credit car loans are possible, but be aware that your interest rate will be significantly higher. Give yourself a few months to boost your credit before you apply, or find a cosigner with good credit.
What is financing a car going to cost you each month? There’s a lot to consider, so we recommend calculating what you can afford in auto payments each month before you apply. Here are a few points to keep in mind as you plan your budget:
Ready to move forward with your favorite new Chrysler or Dodge vehicle in our 2020 inventory? Our team is here to make sure you drive home to Gatesville in the model you love! Contact our finance center with any further questions about how car finance works, or fill out a financing application online to get started today.
The RAM 1500 towing capacity varies depending on the engine you select, but you can tow up to 12,750 pounds with the available 5.7L HEMI® V8 engine. Looking for efficiency or a speed boost of power on Woodway roads? You’ll find what you need between five available engine options and a wide selection of…
High horsepower and a low MPG rating aren’t the only impressive features of the new Dodge Challenger that Woodway drivers should be impressed by. The available 2020 Dodge Challenger colors give car shoppers plenty of customization options. From classic Dodge Challenger paint colors like pitch black to bold options like mango orange, there’s a…
The Jeep Renegade has earned its reputation as an exceptional vehicle sporting powerful capability on and off the Woodway roads. The Jeep Renegade also offers exceptional color options both inside and out, allowing you to customize the Renegade to your liking for every trip. Learn about the different Jeep Renegade color options with Allen Samuels Dodge Chrysler Jeep Ram FIAT, and…