How to Apply for a New Car Loan

April 22nd, 2019 by

At Shaver Chrysler Dodge Jeep® RAM & FIAT, we have a plethora of cars for a multitude of tastes. What do all of these vehicles have in common? Nobody pays for them in one lump sum of cash. To own a vehicle, one must apply for a car loan to make their dreams come true. And while that might seem daunting to some, it’s a dance we’re quite familiar with. So today, Shaver Auto wants to show you the basic process for making a car your own.

It all starts with doing your homework. You need to figure out which vehicle is right for you, and from there, you know how much it costs and therefore how much money you need to ask for in the loan. Most auto loans have a repayment period of three to six years, with shorter lengths of time having higher monthly payments but ultimately giving you longer with the vehicle in better condition when it’s fully yours. When you know how much you’re asking for, it’s time to get a check on your credit score. The lower it is, the more you’re going to pay monthly, and more of your monthly payment is going to go towards interest instead of principal (you want as much going toward the principal as possible).

From there, it’s time to talk to a bank! Or, you know, you can talk to your friendly Los Angeles area Chrysler dealership, who have years of experience and contact with several local financial institutions to get you a loan with a monthly payment that will be just right for you. Come in today and discover how easy it can be to find the right vehicle for you!

Posted in Finance, Uncategorized