Most folks don’t have the money laying around to pay for a new car upfront. If you’re thinking about applying for a vehicle loan for the first time, you may feel a tad overwhelmed. Liberty Dayton Chrysler Dodge Jeep® RAM will ease your stress by explaining how the process works.
Check Your Credit
Your credit score plays a major part in the rate you’ll pay for your auto loan. If this is your first time applying for a loan, you may not realize how important your credit score is when it comes to getting financing. A good credit score can drastically lower your car loan rate, saving you tons of money.
Before you even begin the loan application process, check your credit score for free online.
Select Your Payment
Spend some time figuring out how much you can spend on your car payment each month without straining your budget. Car loans come in three to six year terms. The longer the length of the term is, the lower your monthly payment will be. However, a longer term can leave you owing more on a vehicle than what it’s actually worth.
Shop for a car loan online or stop into your local credit union or bank to apply. You’ll get “pre-approved” if you qualify for a loan and it will be good for a certain time and up to a certain amount of money.
Once you get approved, stop by our dealership to check out our selection of new Chrysler cars. We look forward to servicing you!