Chevy Financing FAQs | Chevrolet Dealership Near Sacramento
Frequently Asked Questions
About Chevrolet Financing
At Roseville Chevrolet, we strive to provide unparalleled service and expert advice when it comes to car financing. Our professional team and vast selection of new and used vehicles make us the preferred Chevrolet dealer near Sacramento and other surrounding towns. While auto financing rates are always changing, we are committed to giving you the best rates, whether you are financing a new or used car.
Whether you’re considering buying a used Silverado or leasing a new Chevrolet Traverse, our proficient team has the knowledge and tools to guide you successfully through the process. From clarifying the crucial differences between auto loans and leases to offering Chevy financing solutions for those with less-than-stellar credit, we are dedicated to making your car financing journey smooth, clear and catered to your unique situation.
Chevrolet Financing & Credit: Frequently Asked Questions
What is car financing?
Car financing involves obtaining a loan or lease from a financial entity to buy or lease a vehicle. This implies that when you purchase a new or used Chevy, you are likely securing an auto loan that you will repay over an agreed period of time with interest. Our finance application is a great start in this process as you could get pre-qualified instantly and save time at our dealership.
How is an auto loan different from an auto lease?
An auto loan means acquiring funds from a lender to buy the vehicle outright and making monthly payments until it’s fully paid off. In contrast, an auto lease allows you to rent the vehicle for a specific period without owning it; at the end of the lease term, you can choose to buy the vehicle or return it to the leasing company. Lease payments are generally lower than loan payments, but leases come with restrictions like mileage limits and the inability to customize your vehicle.
How do I know if my credit is adequate for an auto loan?
Lenders typically review aspects such as credit scores, income, debt-to-income ratios, payment history and job history to determine someone’s eligibility for an auto loan. Credit scores regarded as good usually fall in the 700+ range, while lower credit scores below 600 are often seen as poor.
How much should my down payment be?
Your down payment size is influenced by factors like your budget and income. Lenders commonly require a down payment of 10-20% depending on your credit score and other elements such as income level and debt-to-income ratio. A smaller down payment may lead to higher monthly payments and increased interest rates due to the increased risk associated with smaller deposits.
What other costs are related to obtaining an auto loan?
In addition to potential upfront costs needed to obtain financing, such as application fees, additional costs like taxes and title registration fees may apply at signing time. Lenders may also charge varying interest rates based on individual factors like credit score and income level. Extra insurance requirements may also apply based on the type and amount of financing. Be sure to thoroughly review all details before signing any paperwork.
How can I increase my chances of getting an auto loan?
To improve your chances of securing financing, ensure that all provided information is accurate and updated along with having the necessary documentation. At Roseville Chevrolet, we strive to getall customers approved for financing, including those in need of subprime car financing.