The easiest way to learn how car finance works is to apply for a loan. Once you’ve selected a new or used vehicle, start your finance application online, or go straight to the dealership. Factors that your lender will look at include:
Length of Loan
Age of the Vehicle
Low credit score? No strong credit history? Ask a family member or close friend to cosign.
Choose Your Lender
You will likely have a few different loan options to decide between if you’re approved. With in-house financing, for example, you can compare a dealer’s offer to a bank or credit union’s to see which works best for your budget. Decide how much money you can put down, and how much your monthly payments will be so you can be sure you’ll be able to meet the terms of your agreement.
Finalize the Loan Terms
You may need to negotiate the price of your car purchase before finalizing your loan. If that’s the case, you and the salesperson will go back and forth until settling on an interest rate that makes sense. When you get to that point, the loan terms will be finalized, and the deal will close. Then you’ll sign all the necessary paperwork, take delivery of the vehicle, and park it in your driveway or garage!
Want to Know More About Car Financing in Madison?
To learn more about the automotive finance process, contact us or just visit our dealership to speak to a member of our finance department in Madison.
More from Bob Frensley Chrysler Jeep Dodge Ram FIAT
Just how much can a Ram 2500 tow? You might be surprised! The latest Ram 2500 has a maximum towing capacity of 19,780 pounds when properly equipped, along with a maximum payload of 3,987 pounds! It’s no wonder that so many drivers in the Hermitage area turn to our new Ram lease specials when looking…
What’s the range of weights on trucks for sale in Oklahoma? More specifically, how much does the RAM 1500 weigh? When it comes to the 2019 RAM 1500 weight, anywhere from 4,798 lbs to 5,374 lbs unloaded, with a Gross Vehicle Weight Rating between 6,800 lbs and 7,100 lbs. With a design enabling a high…
Delivering up to 20 mpg city/25 mpg highway using its 3.6L V6 Pentastar engine, the all-new 2019 RAM 1500 has a lot of savings at the pump to offer beyond its eTorque capability and rear-wheel drivetrain. That puts it among best-in-class 4×4 fuel economy, with strong efficiency across its model line. Explore the 2019 RAM…