The auto financing process can seem complex and confusing. That's why it's important to have a team of experienced finance experts at your back. Richard Baker, Finance Director here at Kevin Whitaker Chevrolet, is here to answer some of our most frequently asked questions about car loans and financing options. His years of experience have given him the industry expertise necessary to provide all the guidance you need throughout your car-buying experience.
Check out our list of car financing FAQs below, then stop by our Chevy dealership near Mauldin to speak with Richard or another member of our expert team in more depth!
Car Financing Frequently Asked Questions
Interest rates can vary widely from 0% to 29%. Your car loan interest rate depends on a variety of factors, such as credit score and loan-to-value position on the vehicle you purchase.
The best ways to get a good interest rate are to have a strong credit score with a good history, finance for the shortest term you're comfortable with, and put a good down payment on the vehicle to improve your loan-to-value position.
There are times, based on risk factors, where down payments are required by the lending institutions. But there are also many guests who are able to finance with $0 out of pocket.
You would be responsible for your state tax and registration fees, along with our $399 closing fee.
There are many different online trade-in tools available, and we are also always happy to provide an in-person appraisal.
Your credit score is one of the largest factors that goes in to determining your rate.
Yes, the bank may require some additional down payment to decrease their risk on the loan. They may also require proof of income or residency. We have a great relationship with our lending institutions, and we work hard to help everyone get the best rate possible.
There are some good first-time car buyer programs available, but the best way to start credit is to get a cosigner with GOOD credit to help you get started.
The best length for a car loan is whichever one is the shortest to keep you within your target payment.
We do our best to be competitive with all banks and work with a wide variety of lenders to try and help achieve that. We'd love to be your one-stop shop.
To do so, you would need to refinance the loan.
Yes, you can sell or trade your vehicle while still owing money on it. The value of your vehicle at that time will determine if you are in a positive or negative equity position.
Yes, and it is a great way to have peace of mind when it comes to future service costs.