How to Secure Vehicle Financing
Buying a new car is exciting but much like any large financial expense, it can be difficult to come up with every last cent all at once. Dealerships have targeted financing and leasing options available for individuals who prefer to make incremental payment installations, rather than dish out thousands of dollars out of pocket. There are several factors to keep in mind before you lease of finance your next vehicle and one of the biggest is your credit history. There’s a big difference between having a bad credit score and having no credit at all, and when it comes to buying a car, dealerships like to see a record of a good credit history, even if it’s not for very long. Your credit score is a sneak peek into how well you are able to manage your finances, and is also a good indicator for lenders to see just how much money you are able to borrow responsibly with the intention of paying it back. Keeping a perfect credit score can be tricky for even the most reliable and financially stable individuals, as daily expenses accumulate and deadlines loom. Whether you’ve been late on a few existing payments, maxed out a credit card or simply can’t keep up with your finances, having a questionable credit score can be challenging, but it’s also completely manageable. At Hanover Chrysler, we can get you a car loan with no credit in just a few easy steps.
Stick To Your Budget
When financing and leasing options are readily available, it can be tempting to purchase a vehicle that is a little more expensive than what you’d buy if you had to pay the lump sum. However, it’s critical to remember that borrowed money must always be paid back and it is your responsibility as a borrower to pay the lender back on time to avoid steep interest rates. The costs of owning and operating a vehicle can vary widely and the car, truck or SUV you purchase should reflect your needs, rather than your commercial wants. Your budget should also take into account things like gas, maintenance, insurance, depreciation and borrowing costs, or anything else that pertains to your driving style.
Every dealership, including Hanover Chrysler, has a Business Manager on site who will work with you to find a vehicle that reflects your needs and requests and will only show you products that are meant to protect your future investment and add value to the ownership experience. The Business Manager will review which products present the best value, based on each customer’s driving habits and lifestyle needs. In addition to offering products and services, the Business Manager customer reviews the credit application and credit report with the finance source, negotiates the finance rate and terms that best meet the customer’s needs. The role of the Business Manager also includes preparing necessary financial documentation regarding the lease or loan and other legal compliance-related issues that vary by province.
Consider Dealer Financing
If you’ve ever been to a dealership or seen advertisements and commercials, financial incentives are all too familiar. Promises of low interest rates, cash back offers and even rebate rewards programs have made buying a car very affordable for many. In many instances, interest rates and other financial incentives offered by automakers are more competitive than rates offered by banks and financial institutions. When considering manufacturer financing, buyers should understand the terms of the offer, such as down payment requirement, length of the loan, cost of borrowing, what models the offer applies to, and any other details regarding the conditions of the loan.
At Hanover Chrysler, we have a quick and easy online finance application that makes the process as straightforward as possible. For those looking to lease, our expert team of leasing specialists will work to find you the best possible rate.
In the market for a new vehicle? Contact our Financing Department and give us a call today at 1-(888) 910-8980 to get started today!