Why finance? For some drivers, the answer to this question is anything but complex: new car financing and used car financing allow you to purchase a vehicle that you wouldn’t otherwise be able to afford! If you’re getting ready to secure an auto loan, you probably have dozens of questions on your mind. The Haggerty Auto Group finance team has put together a short guide on the subject, so you can start a new adventure with confidence.
Purchasing a vehicle can be a daunting task, and sometimes, the language that surrounds the process can be intimidating. However, even if you have no idea what you’re doing, you can be assured that many other drivers are in the same boat. Here’s the good news: Financing is just another way of saying “taking out a loan.”
When you finance an auto purchase, you’ll work with a bank, credit union, or dealership finance department in order to secure your funds and make a repayment plan. You and your lender will work together, considering factors like your credit score, the amount of debt you already have, and the price of the vehicle. If they’re able to give you the money, you’ll decide on a loan term and hope for the best interest rate you can get!
When calculating your monthly payments and figuring out how much car you can afford, remember to factor in fuel costs, insurance payments, and maintenance visits.
So, if you haven’t already found the vehicle you’d like to purchase, you might be wondering whether new car financing or used car financing is the better choice. In some ways, the comparison is self explanatory.
Want a balance of new features and affordability? Learn about the difference between used and CPO models.
By now, you have a good idea of what if means to finance a car. However, now that you’ve seen the process laid out, you might be considering a different option. Many drivers, recognizing the higher costs associated with purchasing a new car, end up comparing leasing vs. buying to find the best option. Both paths offer benefits, and there’s no “one-size-fits-all” answer.
However, we can show you a few of the things most drivers consider when deciding whether to buy or lease:
If you’re convinced that financing a vehicle purchase is the right choice for you, look no further to find the help you need! Explore our new and used vehicle inventories to find the model that has everything you need. We can even help you compare popular options like the Chevy Trax and Buick Encore! No matter which you choose, you should contact a local Haggerty finance department near Glen Ellyn to learn more about your options and opportunities.
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