Ask a Finance Expert at Red River Chevrolet!
Discover Financing Options at Red River Chevrolet
Are you looking for a car financing solution that fits your budget? Look no further than Red River Chevrolet, your local Chevy dealership! We’re here to answer all of your questions and help you find the perfect payment plan, financing rates or lease terms for your new or used Chevy.
What interest rates are available to buy a car?
Depending on your credit, term of the loan and the particular vehicle you’re buying, interest rates can vary from 2.99% to 29%. That’s why it’s best to let us help you shop for a competitive auto loan.
What can I do to get a good interest rate?
Interest rates in today’s climates really depend on the way an offer is structured. The banks and credit unions like to see a down payment or positive equity being applied to the loan, which can help lower your interest rate.
What kind of down payment do I need?
Most banks like to see a down payment of 10-20% of the vehicle sales price. This will give you the best opportunity of getting approved for the auto loan and get the best interest rate available.
Are there any additional costs to consider?
When buying a vehicle from us, Red River Chevrolet has to handle a lot of your personal information. When we do this we have to ensure we follow all legal procedures to protect the customer. For that reason, we charge a $425 documentary and compliance fee on every sale. We also charge all of the correct fees and taxes to title and register the vehicle for you. This is based on the address you register the vehicle to.
How can I find the value of my trade-in?
We have tools on our website to estimate your trade-in value, but the best way for us to give you an exact figure for your trade-in is to bring your vehicle and registration to our dealership and let one of our managers appraise it for you.
Does my credit score influence my loan rate?
Lower credit scores generally translate into higher interest rates on your auto loan and vice versa. Higher credit scores generally translate to lower interest rates. This will affect the interest paid back over the course of the loan and the monthly payment amount.
I have a low credit score – can I still finance a car?
Absolutely. If you have a low credit score, you still have several finance options to purchase a vehicle. Your options would be to have a trade-in with positive equity, money down or a quality co-applicant to go on the loan with you. This can usually translate into higher interest rates, but these are good options to get back on the path to repairing your credit.
What if I don’t have a credit history?
When a customer has no credit they still have several financing options. The banks generally like to see at least 10% cash down or positive equity being applied toward the loan. Also, a good option for a first-time buyer would be to add a qualified co-applicant. Cash down and a qualified co-applicant would help lower the interest rate and lower the payment for the customer.
What is the best length for a car loan?
The best length for a car loan is really a personal preference. Financing terms range from 36 to 84 months. We will communicate with the bank or credit union for you to find the offer that best suits your needs. A longer loan term usually equals a lower payment and more interest paid over the course of the loan. A shorter term usually equals a higher monthly payment, but less interest paid over the course of the loan.
Can you provide a better interest rate than my pre-approved rate?
More than likely Red Reiver Chevrolet can offer you a better interest rate than your pre-approval rate. Red River Chevrolet has long-lasting relationships with banks and local credit unions. We also have access to shop several places to ensure that you get a competitive rate.
Is it possible to lower my monthly car payments?
To reduce your monthly car payment down the road would require you to refinance your loan. This is assuming you’re refinancing a lower amount for the same term or you qualify for a better interest rate. The downside is that you are starting your terms over again for the loan.
Can I sell my car while I’m still paying it off?
You can certainly trade in your vehicle while you’re still financing it. We’d subtract the trade-in value of the vehicle from the sale price of the new vehicle to get the taxable total, then add the taxable total to the tax, title and license fees, as well as whatever is left to pay off on your trade-in. This will give you the total bottom line of what is owed before your down payment.
Is it possible to add a warranty when I buy a car?
Yes, in fact this is one of the best reasons to buy a vehicle from Red River Chevrolet. We have the best extended coverages that are available to you. We will go above and beyond to help you fix your vehicle, so don’t hesitate to ask about all your options to protect your purchase.