Understanding Car Financing with Peters Auto Mall

understanding car financing

Understanding car financing can seem like a daunting task when you don’t have a great team by your side. Peters Auto Mall is dedicated to customer service and, with our help, we can get you into a car without delay!

Understanding Car Financing

If you’re planning to finance a car, you need to understand what comes with the territory. When you are looking into car financing, it’s important to keep these guidelines in mind:
Get finance quotes before you go to choose a vehicle: If your credit is great, you’ll usually get the best financing rates at our dealership. However, if your credit is less than perfect, it’s a good idea to get a few quotes before you hit the lot. Getting the best interest rates with an early quote could make all the difference.

Keep the terms as short as you can: Shorter terms mean higher monthly payments, but lower interest rates. This is exactly what you want. Over time, paying slightly more monthly will cost you less than compounded interest rates. While it’s important to keep your monthly payments affordable, keeping your term short will help you in the long-run.
Understand your credit score: Thinking about checking your credit score? There’s no better time than before you finance a vehicle! The better the credit, the better the interest rate on your loan. Getting a credit report only stands to benefit you when looking for a vehicle, regardless of your score.

Make a down-payment: When budgeting to finance a vehicle, a decent down payment will only stand to benefit you. While this may seem like a no-brainer, most car buyers don’t think about putting money down. Shop smart and it will benefit you.
Pay for the “extras” with cash: When you’re looking into financing a vehicle, it pays to use cash for part of the transaction. Before you do anything else, make sure to pay the taxes, documentation fees, and any other “extras” with cash to avoid paying interest in the future. Your wallet will thank you!

The Peters Auto Mall Promise

When it comes to understanding car financing, Peters is here for YOU. Our professional team has the knowledge and skills to get you the best deal on a vehicle. Peters offers the best in cars, trucks, and SUVs and we promise to help you find exactly what you’re looking for. You can find more information here.
Want to talk about financing a vehicle today? Contact us at (336) 434-1600