Car Financing FAQ's
Looking to finance your next new or used car and don't know where to start? Explore these frequently asked questions about car financing, loans, and more.
How Does Car Financing Work?
When you finance a car, you'll use simple monthly payments over time to pay the value of the vehicle. Additionally, you will need to pay interest on your car payments as well. The length of time your car loan covers and the amount your interest will be depend on certain things, like the vehicle chosen, credit score, and other factors.
Is it better to lease or buy a car?
Depending on your vehicle, lease payments are often cheaper than car loan payments. While leasing offers the chance to drive the newest available vehicles, purchasing your car means you can sell or trade it in later, and can provide years of value if you continue driving it after paying your loan.
Can I Get a Car Loan with Bad Credit?
Getting a car loan or financing with bad credit isn't as hard as it used to be. Today, working with a dealership allows people of all credit scores to find a car loan that works for them. We offer great rates for people with both good credit and bad. Visit our finance center or call us today for information regarding your specific situation.
Do Car Loans Affect Credit Score?
Taking out a car loan can affect your credit score in a few ways, specifically by raising it as you make on-time payments, and possibly deducting a very small amount of points when you inquire about your credit before getting your car loan. With regular payments, you'll more than make up the initial, minor drop in credit score and possibly further improve your score for the duration of your car loan.
Can you Finance a Used Car?
Yes. You can often finance a used car or truck with an affordable rate. Much like a new vehicle, financing a used car means you'll work with a finance expert to find the right loan rate and payment plan that work for you and your used car.
Can I get a better deal on a car if I pay cash?
Paying cash for a car can help avoid interest payments if the car you're interested in doesn't have 0% APR, and you'll often spend less time in the dealership. However, sometimes financing offers & incentives can offer a better price than paying cash.