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Financing Basics with Hanlees Davis Chevrolet 

Picking out the right car, truck, or SUV and finding the right dealership is only the beginning of the car buying process – now you’ll need to find a lender. You're given options on terms and down payments.  Unsure of the right choice? Keep reading to learn all about the basics of car financing. 
Car Financing

    Lenders.

    First thing’s first. If you don’t have cash to pay for your new car, you’ll have to find someone to loan you the money.
    1. Compare auto rates at banks, credit unions, a private lender, and the dealership. 
    2. Ask about rates, terms, and other financing options to fully educate yourself before making a decision. 
    3. Once you’ve found a lender that fits your needs, go ahead and get pre-approved - it shows the dealership that you’re serious.

      Rates and terms.

      It’s important to understand that a lender’s advertised rate may not be the same as the rate you qualify for. The lender’s advertised rate will be their best-possible rate; however, your rate will be determined based on a number of factors including:
      1. Your credit score
      2. The price of the car
      3. The age of the car
      4. The loan term
      Most lenders offer loans in 36, 48, 60, or 72-month periods. Usually, the longer the term, the higher the interest rate will be, and the smaller the term, the lower the interest rate will be. While a long-term loan may be appealing because of the lower monthly car payment, keep in mind you’ll be paying more in interest over the life of the loan.

        Down Payment.

        Most dealerships will require a minimum down payment; however, buyers are encouraged to put as much down as they’d like. Often, buyers will trade in their old vehicle, and the trade-in value will go toward the down payment of the new car. The higher the down payment, the less the buyer will need to borrow from the lender.

        At Hanlees Davis Chevrolet, our finance department is happy to answer your questions as you begin the car shopping process.
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