Everything You Need to Know About Financing
Have you been thinking of buying a new vehicle lately? If so, you have also probably thought about obtaining financing.
If you are, the team at Preferred Chrysler Dodge Jeep Ram of Grand Haven is here to help you with all your financing needs. In the meantime, though, we’ve compiled the top questions Great Lakes drivers have about financing and their answers.
Here’s everything you need to know about financing your next vehicle purchase.
What is Financing? And How is it Different from Leasing a Vehicle?
Financing is the process of taking a loan out on a vehicle and paying it back in monthly installments. This opportunity is available for both brand-new cars fresh on the lot from the manufacturer, as well as any pre-owned ones. At the end of these monthly payments, you own your car.
Leasing, on the other hand, is when you make monthly payments, but you trade the car in for a new model once the leasing period is over. In other words, you won’t own the car if you lease it.
Both options have their pros and cons. Deciding between the two depends on what kind of experience you’re looking for. If you want to own your car and have more freedom in regards to how much mileage you can put on it, then financing is the way to go.
Can I Still Finance a Vehicle if I Have Bad Credit?
Life happens. Sometimes that good credit score you have falls because of some unexpected expenses. When this happens, don’t stress; you still have options for financing a vehicle in Western Michigan!
When you go to apply for financing on our website, you’ll see that there are three different tiers that ask you to gauge your credit score. If you indicate that your credit score needs some work, go on and fill out the free application, and a member of our team will put together a financing package that works for you.
As for how we can do this, it’s because we have several programs available to not only help get you behind the wheel of a new car but also help rebuild your credit in the meantime.
Common Financing Loan Terms
Photo by Kenny Eliason on Unsplash One question you may have is how long your financing loan term will be if you get a vehicle. Generally speaking, most Northern Shores dealerships offer the following loan terms:
- 24 months
- 36 months
- 48 months
- 60 months
- 72 months
- 84 months
- 96 months
The average loan term is usually between 48 and 60 months, but you can work with the finance center to find a loan term that is doable for you and your budget.
It’s important to remember that in addition to the loan terms, how much your monthly payment is will depend on a few factors including the current interest rate and how much money you put down as a down payment. For example, if you want your monthly payments to be lower, then you should put down a large payment.
How to Apply for Financing
It’s very easy for Coopersville, Holland, and Ludington drivers to apply for financing on our website! Just click on “Finance” in our menu, and then on “Finance Application.” From there, just answer a few questions about your finances and how we can get in contact with you and click submit. You’ll find out instantly if you’re pre-approved for financing!
Remember, if you get results you’re not fond of, don’t worry. Just contact our finance department and let us know what’s going on, and we’ll see what we can do to get you the car you want.
Visit Preferred Chrysler Dodge Jeep Ram of Grand Haven and Get Pre-Approved for Financing Today!
Do you have your eye on a brand-new Dodge Hornet or Jeep Wagoneer? How about a pre-owned vehicle that has great mileage? Whatever you have your heart set on, the team here at Preferred Chrysler Dodge Jeep Ram of Grand Haven can help you obtain financing.
Because we buy cars, we have a wide range of both new and used vehicles on our lot for you to choose from. Though these vehicles are designed to fit any budget, we understand that financing is a great option for making getting a new car or one that’s new to you more affordable. We have worked with several different budgets and credit scores. Don’t wait a moment longer to get your dream car! Let us help you submit a finance application.
We’re conveniently located an easy 30-minute drive from Hudsonville at 810 Robbins Road, Grand Haven, MI 49417. We’ll see you soon!