If you never have purchased a vehicle before, the whole process of determining financing for that automobile can be rather daunting. Falling in love with a Chrysler Pacifica or RAM 1500 isn’t enough to actually bring it home with you. Rather, customers in and around Aberdeen, MD need to have a firm understanding of what goes into financing before they make their way to Heritage Chrysler Dodge Jeep® RAM with designs on buying a new car, SUV, or truck.
First and foremost, it’s important to know what actually makes up a loan. Since most people can’t just lay down a stack of cash and buy their intended autos outright, they have to borrow some money. The amount you borrow will be determined by the negotiated price of the vehicle minus the amount you may get in trade for your old car and whatever you have for a down payment.
In terms of the loan itself, you will need to make a decision about the duration of the loan while also heeding the interest rate attached to it. Interest rates are determined primarily by your credit score, so the better your credit, the less interest you will have to pay over the life of the loan. Regardless of interest, you will be given the opportunity to lower your monthly payments by making them over longer periods of time.
These decisions are, of course, entirely up to you, but having a good understanding of them (and having a sense of budget) before heading into our building gives customers the best opportunity to bring home the Dodge cars or Jeep SUVs that they desire. As always, we are happy to help with any inquiries regarding financing, so stop by or give us a call with any questions anytime!