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What Are the Steps to Financing a Car?

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If you’re shopping for your first car or are considering a car loan for the first time, you might not know how to finance a car. Don’t worry! Holiday Automotive is here to help! From researching your vehicle options to choosing a loan provider, we explain the steps to financing a car below. If you have questions, contact our finance team in Fond du Lac. 

Step 1. Know Your Credit

The first step in financing a car is to check your credit score and order a free copy. I will help you avoid unpleasant surprises. If you have poor credit, you may want to take some steps to improve it first to qualify for a lower interest loan. Still, if you need a car immediately, talk to the finance specialists at Holiday Automotive. We specialize in poor credit financing and will do everything we can to help you.

Step 2. Determine How Much to Borrow

Many Oshkosh drivers think you should start by researching cars to decide on the one you want. But our finance team recommends that you begin by determining the amount you can afford to borrow. You can use our payment calculator to get an idea of how much your payment will be. The amount of your deposit will also impact your monthly payment. Hopefully, you have saved some money or have a trade-in and can use those funds as your downpayment.

Step 3. Decide the Length of Loan You Want

Most new-car loans range from a five to six-year term, but longer ones are available. With a longer loan term, your monthly payments will be less, but you’ll pay more in interest. Sometimes you can find zero-percent financing, but it’s usually only for shorter-term loans.

Step 4. Stay Within Your Price Range

Now, you can start researching vehicles online around Sheboygan within your price range. Narrow your list down to models that won’t over-extend you financially. Check their reliability and how they hold their value long term. Compare their warranties, gas mileage, and features. Remember to budget for insurance and maintenance costs as well.

Step 5. Shop Around 

Check multiple dealerships in the West Bend area to secure the best deal available on both the vehicle you want and the interest rate on the auto loan. If you get pre-approved ahead of time from your bank, it makes you a cash buyer and helps with negotiation. However, you should shop around for a loan just like you shop around for your new car

Step 6. Negotiate to Get the Best Deal

Don’t settle for the first offer. Always try to get a better price and a lower interest rate. It’s part of the process and can even be fun if you have the right attitude. You may also want to lease vs. buy a car. What’s the difference between leasing and financing a car? Leasing is like a long-term rental. Ask us about the pros and cons of leasing. At Holiday Automotive, we believe in no-hassle financing, which means treating you with respect and giving you a fair price.

Trust Holiday Automotive For Your Car Financing Needs

Now that you know how to finance a car if you’re ready to move forward with the car loan process, complete a finance application online and get a value for your trade-in. We look forward to serving you when you reach out to us today!

 

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