When you’re ready to buy your new or used car, you’ll need to apply for car financing at your local Chevy dealer. This process doesn’t have to be hard, and you should be able to find a great interest rate no matter what your current financial situation is. You will simply need to figure out what you can afford to pay and play around with the calculators on your dealership’s website, then you can complete your application.
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Figure Out Your Situation
Before you can start applying for credit, you need to find out more about your financial situation. The size of your loan and interest rate will depend on several factors including the assets you already own, current debts you have, and your employment status. People who are full-time employees and have a high salary are likely to have easier access to credit than those who are employed part-time or self-employed.
Another crucial factor will be your credit score. If you have very good credit, you should have no trouble when applying for a loan through your dealership. However, we will be happy to help all of our customers, and we understand that sometimes, you might have a lower score due to factors outside your control. In any case, make sure you’re aware of your situation, so we can work with you to find the best deal possible.
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Find Out How Much You Can Pay
Aside from your current situation, you will also need to consider how much you’re willing and able to pay every month. Draw up a budget and see how much money you can allocate to your car payment without causing any hardship to you and your family. Then, see how much money you already have available, or how much your current car will be worth when you trade it in. A down payment can reduce your monthly loan costs and your interest rate.
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Use the Calculators
On the dealership’s website, you will see two different calculators you can use to help you make a decision. The first one is the payment calculator, which can help you estimate what your monthly payment is. Plug in different terms, interest rates, and down payment amounts to see how this could change your figures.
The second calculator shows you your buying power, so you can determine which car you can afford. That way, you can narrow down the search before visiting the dealership in person.
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Apply Online or Visit the Dealership
When you’ve determined what your financial situation is and what you can afford to pay, it’s time to apply for your loan. You can either use the online application form or visit the dealership and speak to the finance team directly. If you have bad credit or this is the first time you’re applying for a loan, it might be worth meeting with us in person.
Getting financing for your new Chevy car doesn’t have to be hard, especially if you go through your local dealership. To find out more about our options, call us at Ted Britt Chevrolet. We will be happy to answer any questions you have and advise you on the best way to obtain the loan you need.
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