Getting a New Car? Contact Our Finance Team
If you're in the market for a new car, there are plenty of things to consider. You need to ensure that the vehicle you choose is safe and reliable, but you also need to make sure it fits your budget.
Fortunately, our finance department is here to help! We'll walk you through all the steps of getting pre-approved for your loan so that you're ready to go when it comes time to buy your car.
We know that buying a new car can be confusing, so we've put together a list of the most common questions we get from customers. If you don’t see your question on the list, please don't hesitate to get in touch!
Leasing vs. Buying
When you're considering buying a car, there are a lot of different factors that need to be considered. Here's an overview of the two most common options: leasing and purchasing.
Leasing
In general, leasing offers more flexibility than buying because you only pay for the use of the vehicle for a set period (usually two or three years), and then you return it at the end of your lease term. With a lease, you don't have to worry about maintenance or repairs—the leasing company covers them as part of your monthly payment. And if you want to switch cars before your lease is up, you can usually do so without penalty.
When leasing, you're not buying the car (so you don't have to worry about depreciation), but you are responsible for all ongoing costs like gas. You'll also have a mileage limit, which means a cap on how far you can drive each year. If you exceed this limit, some companies will charge extra.
Leasing can also be an excellent way to access a nicer car or SUV without paying for it in full. You can save money on your monthly payments by leasing instead of buying and negotiating a lower price than what's listed on an automaker's website.
Buying
When you buy a vehicle, you own it and can do whatever you want with it—from selling it to trading it in on something newer. The upside is that if the car works out well for you, there's no limit on how long you can keep it or what repairs/upgrades you can make.
The downside is that you're responsible for all maintenance costs, repairs, and upgrades. You may also have to pay additional taxes on the purchase price.
If you're purchasing a car from a dealer or private owner, be sure to get the vehicle inspected before making your purchase.
If you're purchasing from a dealer, get a warranty. This will help ensure there are no major mechanical issues or damage to the vehicle and that it's worth what you're paying. You may also want to pay for a maintenance plan—this will cover any unexpected repairs or replacements during the first few years after purchase.
Financing
Many people are excited to purchase a new vehicle but need to learn how to pay for it. The following steps will help you finance your next car, truck, or SUV.
Step 1: Find out what financing options are available.
You can finance your car through a bank, credit union, or dealership. Talk to them about interest rates and payment amounts. If you have good credit, you may qualify for 0% APR if you use a bank or credit union. If you have bad credit, you may only get an interest rate that’s higher than what banks offer customers with good credit scores.
Step 2: Determine how much money you need for a down payment and monthly payments on your loan agreement before applying for financing from any financial institution or dealership in your area.
Step 3: Make sure your credit score is good before applying for financing. The better your credit score is, the better chance you have of being approved by potential lenders who might be able to offer you lower interest rates or better deals overall!
Down Payments
When purchasing a new car, many people opt for financing their vehicle by taking out a loan. This can be great for some people, but not for everyone. Other potential buyers may find it's better to use a down payment to finance their vehicle instead of taking out a loan.
When you use a down payment, you use the cash you've saved rather than borrowing money from your bank or credit union. The difference between using a down payment and taking out a loan is that with a loan, you still owe money even after making all monthly payments. With a down payment, however, once you've made all payments on time and paid off the entire cost of what was bought originally, then ownership transfers over from the seller to the buyer.
It's an excellent way to save money because it allows you to put down less than what you usually would have to pay in cash. You'll also be able to take advantage of new car technology without waiting until you've saved up enough money to buy it outright.
Visit Deacon's Chrysler
Finding someone to help you find the perfect car for your needs may seem hectic and intimidating. But at Deacon's Chrysler, we're here to make the process as simple and easy as possible. Don't hesitate to ask us any questions or concerns that you might have.
If you want a new car but need help determining where to start, you have come to the right place. The financing team at Deacon's Chrysler can work with you to find a great deal on your next car. Visit us today and explain what kind of deal you are looking for. We have many different models in stock and are confident we have something for everyone.