Auto Financing 101 Using GPS in Okarche, OK

Your Auto Financing GPS

Auto financing can be difficult to understand especially since there could be unexpected detours, twists, and turns throughout the process. It’ll be beneficial to have a Guided Purchasing System (GPS) that will walk you through the essentials of auto financing. Don’t get lost trying to purchase a new vehicle; use the Carter Chevrolet GPS to guide you through a stress-free car-buying experience.

Starting Point: Your Budget

Knowing your starting point is crucial in factoring in your final destination, and in the auto financing world, your starting point is your budget. You’ll have to determine how much you feel comfortable spending each month on transportation, including maintenance, car payments, fuel, insurance, and other recurring auto costs.

Your monthly car note will be the most significant part of your monthly transportation budget.

Choose Your Route: Financing Options

You can count on our team at Carter Chevrolet to provide you with a variety of auto financing options that are uniquely designed for your situation. Our experienced team can work through every step, no matter if you choose a traditional auto loan, leasing, or something entirely different. We’ll help weigh the pros and cons of each option so you can feel confident in your financial decision. You should also be aware of some key terms that will help you along the way:

• Residual Value: The predicted worth of your vehicle at the end of a lease, which also helps determine your monthly lease payments.
• Principal: The amount you borrowed to purchase a vehicle; this does not include interest. This amount will decrease as you make payments.
• Lease: This is like renting a vehicle for a set amount of time, and when the lease ends, you have the choice of purchasing, returning, or starting a new lease. Leasing a vehicle does not insinuate that you own the vehicle; therefore, no modifications can be made.
• Down Payment: This amount affects how much you will borrow from a lender to purchase your vehicle. A higher down payment means lower monthly payments, which can provide better interest rates.
• Balloon Payment: This term refers to the process of making smaller payments over a period of time and then making a large “balloon” payment at the end to cover the remaining balance.
• Equity: This references the difference between your vehicle's value and how much you owe. Positive equity is when your vehicle is worth more than you owe, and negative equity is when you owe more than the vehicle’s worth.
• Fixed-Rate Financing: This is when your interest rate remains the same throughout the loan lifespan, which also means your monthly payments are predictable.
• Trade-In Value: The value of your current vehicle and can be applied toward the down payment on a new vehicle.
• APR (Annual Percentage Rate): The amount you’ll be charged for borrowing a vehicle is typically expressed as a percentage.
• Loan Term: The amount of time you have to pay a loan back—terms usually last 36, 48, 60, or 72 months.

Pit Stops: Your Credit Score

Your credit score can impact your car-buying journey in either a negative or positive way. The higher the credit score, the better your interests will be, while low credit scores mean higher interest rates. Our team at Carter Chevrolet will work with your credit score to find a suitable financing option.

Sightseeing: Selecting Your Vehicle

Now for the fun part: searching for your new vehicle. At Carter Chevrolet, we have a wide variety of vehicles available for you to choose from, and we’re confident that you’ll find something that meets your needs and budget. You can depend on our team to listen to all that you’re looking for in a vehicle and help you narrow down your options.

Checkpoints: Understanding Terms & Conditions

Once you’ve made your decision, it’s time to start finalizing your auto financing. Making sure you completely understand the terms and conditions of a loan can ensure that you are on the right path and making the right choice. Our expert finance team will clearly communicate every detail so you can feel confident in your decision.

The Finish Line: Finalizing the Deal

Now that you have your vehicle and financing plan selected, you can focus on signing the final paperwork, which includes information such as monthly payments, agreed-upon terms, and interest rates. After you’ve signed, you can take your brand-new vehicle out for a spin.

Post-Journey Support: Maintenance and Care

Our responsibilities at Carter Chevrolet do not stop when you purchase the vehicle. You can also rely on us to provide high-quality care to properly maintain your vehicle. Our service center is packed with state-of-the-art technologies, and staff are expertly trained to help keep your vehicle operating smoothly, mile after mile. Our goal is to provide you with affordable and efficient service you can count on.

Start Your Journey at Carter Chevrolet

At Carter Chevrolet, we understand that purchasing a vehicle is an investment, so we are here to help you throughout the process. So, head to our dealership in Okarche, OK, to learn more about financing a vehicle.