How Our Auto Lenders Can Help You
Once you know that you need a new car, it’s time to think about how you plan to pay for it. Of course, vehicles tend to be quite expensive, so you’ll be glad to know there are auto lenders like us available to help out with your purchase. Here, PA Auto Credit goes over the financing process and how we can help you get the car of your dreams.
What Is Financing, Exactly?
Vehicle financing sounds like a daunting and confusing task to a lot of people, but it’s actually pretty simple. When you want to buy a new vehicle but don’t have the whole asking price, you will borrow what you need. You’ll simply put up a down payment and the rest will come from a lender. That’s where we come in – we’ll work with you to secure a loan that best fits your budget.
Three Key Areas of a Loan
To determine what works best for your car loan, there are three important things we will help you with:
- Down Payment: You have to be strategic with your down payment. The more money you can put towards your vehicle right now, the less you will need to borrow. You should supply as much as you can comfortably, with the goal of reaching 20 percent of the sale price. If you aren’t able to reach that number, though, we can still work with you to get a loan.
- Loan Term: The loan term is another aspect you should consider about carefully. If you go with a short term of only a couple of years, your monthly payments could end up being quite high. If, however, your loan term is seven or eight years, you will end up paying a lot in interest, even though the monthly payments will shrink. That’s why going with a duration somewhere in the middle is usually the best move.
- Monthly Payment: Finally, you have to figure out how much you can afford to spend every month on your vehicle. Another good rule to follow is to not exceed more than 10 percent of your income on car-related expenses.
Speak with Our Auto Lenders in Fairless Hills, PA
Our car lenders in Fairless Hills, PA, have one goal in mind with our customers: to help them get into the vehicle they want. If you’re ready to make a purchase, we want to be a part of it. Contact us with questions or fill out our online credit application to get started.