Tips for Financing Your Car

December 19th, 2019 by

Your car is one of the biggest purchases that you will make in your life, so figuring out financing before you pull the trigger can help you feel more peace of mind. Whether you’re looking to purchase a new new vehicle or used vehicle, our used car dealer in Geneva can help you get the most out of your financing process! Here are some tips to help you through the process.

Check Your Credit Score

Your credit score is one of the main factors that is used to determine your car loan. Keep in mind that you will likely still be able to get a loan even if you don’t have stellar credit. This is because banks can easily repossess your car if you aren’t making your payments. If you have shaky credit, you’ll still be able to get a loan, but know that you won’t be able to negotiate a lower rate. The lowest interest rates are typically offered to those with high credit scores.

Keep the Term as Short as You Can

If you can afford the higher monthly payments and a shorter loan period, we recommend doing so. You will ultimately pay less money if you do this. The longer you take to pay off your loan, the more interest you will pay.

Put Down as Much as You Can

Putting down as much as you can comfortably afford will help reduce monthly payments in the future.

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