Financing

You have determined the vehicle you want. What’s next?

It’s time to talk about how you’re going to purchase that vehicle!

Process

Transparency

We are committed to providing comprehensive information to all our customers, ensuring they are fully informed about their transactions. What makes it easier for us is when our customers reciprocate in the same way. The more we know about your circumstances and information, the easier and quicker the process will be!

Credit History/Score

Your credit history is an evaluation of your ability to repay debts, which determines your credit score. It is essential to understand your credit score, as it significantly influences the interest rate you will be offered. The higher your credit score, the lower your interest rate will be and vice versa. If you don’t have a score and want to get an auto loan, it’s time to consider building it. A credit score is based on account activity 6 months or older. One way to build credit is to obtain a secured credit card with a deposit and a low limit, primarily used in small increments and paid on time. If you have a low score and want to improve it, ensure you’re not missing payments, are up to date on past-due accounts, refrain from opening new accounts, and reduce your credit card usage. You can find more information, tips, and view your credit score/history on many free online websites.

Term Length

Term length refers to the duration for which you will be making monthly payments on your vehicle. They are offered in increments of 12 months, and on average, buyers opt for terms ranging from three to five years. Your credit score will determine the interest rate, but it will change depending on the term length. The shorter the term, the higher the payments can be, but with a lower interest rate. While the longer the term, the lower the payments will be, but with a higher interest rate. You will pay less interest when you pay the loan off faster. Another consideration is whether your vehicle will retain its value and remain usable by the end of your term length. You don’t want to pay a lot of interest when the result is paying more than what the car is worth.

Down Payment

Many resources have different suggestions for the amount to be put down for financing. Ultimately, it is for you to consider what will be most practical. The amount you put down determines the interest rate, the pre-approval process, and the counterbalance for depreciation. Interest can be lowered with a down payment because the amount being borrowed will be less than the car’s value. The pre-approval process will be smoother because the lender sees that you’re able to pay off the loan. The depreciation will be counterbalanced because your payment will not exceed the car’s worth at the end of the term.

Cosigner

If you have a low credit score, you may be charged a high interest rate or may not qualify for an auto loan. Obtaining a cosigner can help alleviate some of the challenges associated with securing a loan. A cosigner will be jointly responsible for the loan with you. Their credit history will be evaluated, and it will be determined if they will be helped by being signed on. Having a cosigner will improve your chances, lower the interest rate, and build your credit. Something to consider is that if you cannot pay, the cosigner will be held responsible, which could lead to a problematic relationship with them. So, make sure it is someone close to you whom you can trust to make the monthly payments on time.

Taxes & Fees

In addition, there will be sales tax, registration fees, and documentation fees. They will vary by each state and county and are important to factor into your up-front payment. Ashland County vehicle fees can be seen here.

Insurance

To finance, it is a legal requirement to have full coverage auto insurance. Prices will be based on the type of car, its age, and the driver’s driving background. The kind of car will be assessed for its value, safety, and popularity (high theft rate). They look at age because it determines your driving history. Younger drivers may pay more, while older drivers may pay less. Primarily, it depends on the driving history, including any past car accidents, traffic violations, and insurance claims. Many auto insurance companies will give you free quotes, and it’s best to look at different ones to see what you can get for a reasonable price.

Payment Quotes

It’s ideal for you to know what you should expect from payment plans. Test out a few different variations by using our payment calculator or on the specific vehicle’s page.

Credit Application

With our Shop, Click, Drive tool, you can fill out an application directly from the page of the vehicle you’re interested in. In it, you can determine you’re down payment and term length, trade-in value, add accessories, add protection plans, enter your personal information, and submit. We will review your application and contact you if we have any questions or require additional information. You’ll come in, review the documentation, make any necessary changes, sign, and then take possession of your vehicle.