Buying a car is a major commitment, which is why you need to go in with as much information and confidence as possible. Let our Chrysler Capital financing department answer any questions you may have about financing a vehicle:
What Does it Mean to Finance a Car?
When someone finances a car, it just means they will take out a loan to pay for it and then pay back this loan over time. In addition to the principal amount borrowed, this will also include interest.
How Does Financing Work?
The first step in the financing process involves getting pre-approved for a loan. Once you qualify, then you can figure out how much to include for a down payment and how long you want the loan to be.
How Much of a Down Payment Should I Offer?
It’s generally recommended that you put up about 20 percent of the sale price for the down payment. Remember that the more you put up immediately, the less you will need to borrow and pay back. If you have an old car you’re looking to replace, you can trade it in and use its value towards your down payment.
How Long Will I Have to Pay off the Loan?
You’ll get to decide how long your loan will be — usually anywhere from 36 to 72 months. If you’d like to pay it off fast, consider a short-term loan, however, this will result in higher monthly payments. A longer term cuts those payments, but this will involve paying more in interest.
How Can I Start the Financing Process?
You can start the financing process right now by filling out our online form. If you’d rather first talk to a financing professional, feel free to get in touch with Jake Sweeney Chrysler Dodge Jeep® RAM in Cincinnati. We hope to see you soon!
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