Questions You Should Ask When Financing a Car

Posted: Monday, July 17th, 2017

These days, car buyers have a dizzying number of options when they need to finance a new or used vehicle. With different types of loans, finance charges, and overall vehicle costs, it’s important to know what you’re getting into. Luckily, the finance experts at Green Light Auto Credit are more than happy to help. When it’s time to secure a low-interest auto loan, put that newfound knowledge to use and contact us!

Frequently Asked Financing Questions

When you sit down with a member of any financing team, be sure to have these questions memorized:

Green Light Auto Excited Customer With Dodge Charger
  • What’s my APR? – This question should be the first one you ask. The annual percentage rate is what you’ll pay every year on top of the unpaid loan balance.
  • Are There Any Hidden Costs? – Check for penalties and other unexpected fees in the loan package.
  • What’s My Trade-In Value? – You’ve spent time and money on your previous vehicle, so make sure it’s being applied to the amount you have left to pay. The higher your trade-in value, the less you should be paying in financing costs.
  • How Long is my Loan Term? – If you choose a long loan length, you’ll end up paying more in the long run. If you can afford to, choose the shortest loan length possible.

By following these recommendations, you’ll be sure to get all the information you need to make an informed decision.

Consider All Your Options

While it might be convenient to finance your vehicle at the same place you purchase your next car, truck, or SUV, you’re not guaranteed the best deal. Before you go in, make sure you’ve figured out how much you’re able to pay every month for financing. In addition, you should take into account additional expenses like fuel costs and maintenance.

Ask Green Light Auto Credit

Once you’ve done your homework, turn to Green Light Auto Credit for financing. Instead of offering the limited selection of one dealership, we work with a huge variety of automakers in St. Louis and beyond. No matter what vehicle is best for you and your family, we’ll work to secure a low interest rate and figure out a payment schedule to meet your needs. Get in touch with our financing team today to discuss your options.