For many people, financing can be the most confusing part of buying a new car. Below are answers to some of the most common questions car buyers have about financing a new vehicle.
What are the key elements of an auto loan?
Many items factor into any auto loan, but the most important parts of an auto loan are
Costs of vehicle
What do you need for a loan?
Before you apply for an auto loan, you should have a good idea of your credit score in addition to being able to verify your current income. Knowing about the car you intend to buy will help move things along, as well.
What is APR?
APR stands for annual percentage rate. This is the yearly rate of interest you’ll pay on an auto loan. Most rates are fixed, which means you’ll pay the same interest each year.
Should I get a loan from the dealer or a bank?
Simply put, you should find the deal that best suits your needs as a car buyer. The best way to do this is to shop around and explore your options, these means consulting your bank and your dealership. Both have knowledgeable and experience teams on hand that will try to find you the best loan terms they can.
For assistance financing your next car, contact us at Bates Nissan.