Shopping for your new Chevrolet is the fun part; you get to decide if you want to buy new or used, what make and model you want, what color, and all the little options that go into it. But the hard part comes right after – paying for it. Most of the time people can’t afford to just pay the total cost of a car upfront, so they afford their vehicle by putting a down payment towards the price and then taking out an auto loan to cover the rest.
There are a few different options when it comes to buying a vehicle, of course. You can choose to pay cash if it’s an affordable car (such as a used car) or lease the vehicle instead of taking out a loan. Leases function similarly to an auto loan but require the customer to cover the cost of depreciation rather than the full amount through monthly payments.
You can also take out a loan on the vehicle, which comes with its own set of choices. You can
finance through a bank or credit union, or, if you want to simplify the process and keep all your money in one place, you can finance through the dealership right here at Landmark Chevrolet.
Whether you’ve got no credit, good credit, or bad credit, we can help you get financing at Landmark Chevrolet. We have an easy online credit application, so you can save time and get pre-approved ahead of time!
Here are some key terms to keep in mind:
- Base Price: The starting cost of an entry-level vehicle with no add-ons
- Credit: Usually refers to your credit history and score, which is used by financial institutions to determine your creditworthiness
- Interest: The amount of money accumulated by a loan over time in the form of a percentage
- Lease: An alternate way of obtaining a vehicle by borrowing the vehicle from the dealership for an agreed-upon amount of time
- Principal: The amount owed on a loan without including interest