3 Important Questions To Ask Before Agreeing To Used-Car Financing

Setting out on a used-car-buying journey is very exciting. However, there are many things you need to consider when deciding to buy a used car, especially the “buying” part. When financing your next used vehicle, there are several important questions you can’t forget to ask before you sign the dotted line.

In this guide by Ray Price Chevrolet, used car shoppers in Mount Pocono, Scranton, Tobyhanna, Stroudsburg, and East Stroudsburg can read up on the three important questions you need to ask during the financing process!

 

What Is The Value Of The Used Car I'm Purchasing?

The first thing you want to ask before agreeing to used-car financing is how much the vehicle you're buying is worth. While this may seem like an obvious step, you should know how this impacts both the cost of the car as well as your future financing.

When you get your financing through the dealership, the finance team will be happy to help you determine the value of the used vehicle you're buying a couple of different ways. First, you'll look at the Kelley Blue Book® Value of the car. The dealership will also provide you with the most updated CARFAX® of the vehicle to show its detailed maintenance and repair history.

These value estimations will not only show that you're buying the vehicle at a fair price but that you'll be able to trade it in or sell it later on.

 

What Is The Interest Rate For My Used Car Financing?

The next question you want to ask is what your interest rate is for your payments. There's a few things that can affect your interest, including your credit score as well as the price of the vehicle you're buying. With that being said, you'll want to make sure you know exactly what interest rate you'll be paying on your next vehicle, so you can factor that into your budget.

Also know that interest rates aren't concrete. You have options when it comes to finding different interest rates. The finance team at the dealership you're purchasing the car from will work with you to find the best deal and rate possible.

 

How Long Is My Financing Term?

Your interest rate goes hand-in-hand with your financing term. Your term length is a fancy way of describing how long you'll be paying off your vehicle. If your term length is 60 months long, which is a common term length, that means that you'll be making payments on your vehicle for 60 months. This is when the vehicle will be paid off and officially yours.

Locking in a term length that fits with your budget is important, but you also want to look ahead and make sure the term length you currently have makes sense. If you can afford to pay more when it comes to your monthly payments, your term length can be reduced, meaning you won't have as much to pay towards your vehicle in terms of interest.

 

Get Financing With Us At Ray Price Chevrolet Today!

Once you have all three of these important questions squared away, it's time to make a decision! When you're ready to get started, we at Ray Price Chevrolet and our team of financial experts will be here waiting for you.

Make the short drive from Mount Pocono, Scranton, Tobyhanna, Stroudsburg, or East Stroudsburg today to talk to our finance team and explore your financing options for your next used vehicle!

Contact us today! 

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