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How Does Car Financing Work?

Man and Woman Signing Contract


What does it mean to finance a car, and how does car financing work? If you want to know more about car financing, keep reading. Boggus Tipton Chrysler Dodge Jeep Ram takes the mystery and hassle out of car financing, so you’ll understand how car finance works. We want you to enjoy a stress-free car-buying experience in Brownsville.

How Car Finance Works

If you’re shopping for a new or used vehicle in Harlingen, you’ll likely need to apply for a loan with a dealership, bank, or credit union. With Boggus Tipton Chrysler Dodge Jeep Ram, you can start the application online or at the dealership. These are things the lender will consider:

  • Your Credit Score
  • Length of Loan
  • Age of the Vehicle
  • Amount of Down Payment
  • Loan Amount
  • Debt-to-Income Ratio

If you know you have poor credit or don’t have a lengthy credit history, you might want to ask a family member or close friend to help you and cosign your loan.

Select a Lender

If you’re approved for a car loan, you usually have a few different options. If the dealership offers in-house financing, carefully compare their offer to a bank or credit union around McAllen to see which is best for your needs and budget. Figure out how much money you can afford for a down payment and how much your monthly payments will be.

Finalize the Loan Agreement

Before you complete your loan paperwork, you might have to negotiate the price and amount of the down payment. You and your salesperson will go back and forth until you agree on the loan terms and an interest rate that works for you. Then, you can finalize the loan and drive home in your new Chrysler, Jeep, Dodge, or RAM truck!

Learn More About How Car Finance Works at Boggus Tipton Chrysler Dodge Jeep Ram

To learn more about how car finance works, and what MSRP means, contact us. You’ll never have to ask, “What does it mean to finance a car?” ever again! Our friendly team will take you on a test drive around %%target_city%% and help you select the best vehicle for your budget. Then, our finance specialists will work their magic to get you into the car of your dreams at an affordable price. Check out our new vehicle specials and give us a call today!

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