Auto Financing FAQ
While auto financing is a relatively straight-forward process, it can be a little confusing, especially if you’ve never done it before. Today, we're aiming to answer some questions about it.
Q: What does it mean to finance a vehicle?
A: When you finance the purchase of a car, you will borrow money to pay for it and then pay that back over time. The loan you get comes with an interest rate.
Q: Does credit affect financing?
A: Credit is a factor that lenders look at when someone applies for a loan. Generally, the higher the score, the lower the interest rate will be. However, even people who don’t have great credit or perhaps no credit history should still be able to get a loan.
Q: Can only new cars be financed?
A: A common misconception with financing is that it is only available for new models. If you’re thinking about buying a pre-owned car, you’ll be happy to know that you can definitely finance it.
Q: Why should I finance a vehicle?
A: There are many advantages to financing a vehicle. This lets you drive home in a great car without needing to put up a lot of money. Once your down payment is squared away – and a trade-in may be able to cover a lot of that – all you’ll need to do is make your monthly payments.
Q: How can I start the financing process?
A: Starting the financing process couldn’t be easier at Gary Lang Auto. All you have to do is fill out our online application. This will get you pre-approved for a loan. Then, someone from our financing department will be in touch to go over the next steps.
If you need any other financing questions answered, contact us or just come down to see us in McHenry.