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How Financing a New Car Works

Do you know how how to financing a new car when the time comes. If you are wondering what it takes to get a car loan, you should know that the process is fairly straightforward. Our dealership will work with you and give you as much help as you need throughout the car loan application process.

How Does New Car Financing Work?

New car financing around Detroit isn't much different than used car financing. The only differences are:

  1. You will pay a lower interest rate
  2. You may need a down payment, but not always. And even then it might be as little as a down payment of $500 .
  3. The amount of your loan is going to be higher

If you don't want to buy a new car, you could always consider a lease instead. Leasing the car means that you drive it for the next 36 months while you make payments. When the lease period ends, you can return the car with no questions asked or continue to pay for the car until you own it.

New Car Financing May Be Easier Than Getting Financed For A Used Car

Getting financing for a new car may be easier than getting financed for a new car depending on your credit score and history. If you have a poor credit score, you may still be able to get a loan thanks to a strong credit history. You can overcome a recent medical bill, job loss or other credit snafu by asking your dealer to create a

loan for you.

Related Articles Do not let bad credit get in the way of your holiday travels

The holiday season is nearing faster than you think. So if you think you need a new car with financing to make those Thanksgiving and Christmas road trips, don't wait until the last minute.

How to Get Pre-approved Auto Loans

Before you buy a car, you can work with one of the lenders in our network to get pre-approved.

Financing for a new car in Michigan

Car dealerships offer additional financing options that you can consider using for financing a new car.

New Cars Depreciate Faster

While you should never shy away from a new car if it is the best deal for you, it is important to understand that new cars depreciate faster. A car could lose up to a quarter of its value as soon as it is driven off the lot. Therefore, you need to take that into account when applying for a new car loan.

Owning a car is important if you have places to be each day. While you never want to pay more for a car than you can afford, it is important to consider the market and your long-term needs. If you think that you will keep the car for five years or more, buying a new car is your best bet.

If you are looking for a car loan in metro Detroit to buy your next vehicle, we can get you approved before you even start shopping our southeastern Michigan car lots.

Category: Personal Finance

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