With Chevrolet financing, you can buy a new vehicle with comfortable monthly payments rather than draining your savings account. We work to make the process as smooth and seamless as possible. At Goodwin Chevrolet Oxford, we’re addressing our frequently asked questions to provide a closer look.
How Much Can I Spend?
It’s important to carefully weigh your personal expenses and finances when setting a budget for a new vehicle. Generally, it’s best to try to keep your auto payment and expenses below 20 percent of your take-home pay. This includes your insurance, maintenance, and fuel costs.
What Info Do I Need to Apply?
When you apply, we’ll review your basic buying criteria. This includes your income, housing info, and current expenses. We’ll also pull your credit to determine your credit history and score.
What Will My Interest Rate be?
Interest is a direct fee that is added to your auto loan. This is typically represented as a percentage known as your interest rate. There are many factors that contribute to your interest rate, with your credit score being one of the most influential.
What if My Credit Score is Low?
Even if your score is low, that doesn’t mean that you won’t be approved for financing. However, as we mentioned, it can affect your interest rate. You may want to consider making a larger down payment or limiting your loan term, which can reduce the interest you pay. You could also opt to add a co-signer to your loan, since their credit will help improve your eligibility and rates.
Apply for Chevrolet Financing in Oxford, ME
There’s no need to dread the financing process. We are happy to help every step of the way. Visit Goodwin Chevrolet Oxford to apply for Chevrolet financing today!
