Are you thinking about buying your first set of wheels but don’t know the first thing about vehicle financing? Don’t fret. The financial experts at Gesswein Motors are here to help.
Know Your Credit Score
Your credit score plays an important role in your car financing experience. If you have a great credit score, getting approved for a loan with a low interest rate will be easy. However, if you have a score that’s on the lower side, you may be charged more. Thankfully, Gesswein Motors works with customers who have all kinds of credit scores to help them find the best financial plan for their budget.
Keep Your Term Short
Your financial term is the time that you have to pay back your loan in full. If you sign up for a shorter loan term, you will have to make a higher monthly payment but will save money in the long run on interest rates.
Make a Down Payment
Your down payment is the amount of money that you will initially contribute to buying your vehicle. If you can, try and put at least 20% of the total price of the car as the down payment. This will help to decrease your payments and help you save money down the road.
Limit Late Payments
We get it. Sometimes life throws unexpected events your way. While you may be late on your auto loan payment once in a while, do not make a habit out of it. You may end up paying hefty late fees and having your credit score negatively affected.
If you’re considering a car loan, stop by our Milbank area Chrysler dealership today to learn more from our financial specialists!