What Are the Benefits of Financing?
When it comes to financing a car using an auto loan, there are a few perks that owners near Sanger can expect to enjoy. Firstly, you will only have to make payments on the vehicle for a certain amount of time. Once you have paid off your initial loan, you are no longer required to pay the monthly fee. Secondly, there are no limitations regarding the mileage you put onto the vehicle. This is not always the case with leasing agreements, which differ from auto loan financing. Lastly, you can make customizations to your car, including changing the paint color and adding technology. When you choose to finance your vehicle purchase with an auto loan, you have the decision-making power over the car.
Common Financing Terms
One of the most difficult aspects of the financing process for our customers to understand is the language that is used. For some, this may be the first time that they have encountered these types of terms. Our Finance Center has put together a list of the most common words associated with the buying process to help customers near Madera become financing pros.
- Financing - Purchasing a vehicle using an auto loan that has been granted to you by a bank or car dealership. You repay the loan through a pre-determined monthly payment and own the vehicle once the loan has been repaid.
- Leasing - Entering into an agreement with a dealership that allows you to pay to drive one of their cars for a certain period and number of miles. Once the term has ended, the vehicle is returned to the dealer.
- Lender - The bank or car dealership that has given you an auto loan to finance a vehicle.
- Length of Loan - The number of months in which a lender expects your auto loan to be repaid in full. This can also be called a term limit.
- Annual Percentage Rate (APR) - The amount of money the lender charges you per year for having an auto loan. This can vary based on your credit score, loan amount, and the length of the loan period.
How to Apply for Financing at Fresno Autoplex
Filling out a Finance Application has never been easier! Our form begins by asking about your personal information, including your name, address, date of birth, social security number, and the best way for us to reach you. Then, we will ask you to provide information about your current employer. In this section, you will submit your current occupation, salary, and any other income you would like to be considered.
Following the employment section are three optional inquiries. You can decide to include your bank account details or omit them altogether. If you would like to strengthen your application with a co-applicant, you can provide their contact information and employment history. Lastly, we will ask you to sign that you have read and acknowledged our privacy statement, which details our efforts to safeguard your information from third parties.
Once you have provided us with your signature, you can submit your Finance Application. Within minutes, our team of experts will go over it and collect information from your Consumer Credit Report to determine the type of financing you are eligible for. Fresno Autoplex will be in touch with you shortly to discuss the next steps in the buying process. Submit your application today to get pre-approval for the car of your dreams!