How to Choose the Best Auto Financing Deal in Greenville?
Auto financing is an important part of buying used cars and choosing the best service matters here as well. Private lenders are competing with banks. Greenville auto financing is also available at various car dealerships. When options are endless, it can become difficult to pick the best service as on paper, everyone seems to be offering exactly what you want until you visit the lender and read the fine print. So, if you are looking to buy a used car in Greenville and need auto financing, here is how you can pick the best deal. You must look beyond the obvious and question what’s necessary.
1. Does your credit score matter to the lender?
You should not simply assume that auto financing in Greenville is only possible with a good credit score. That is only valid for banks. Today, other private lenders are coming up with a variety of deals that accommodate varying ranges of credit scores. However, only in a buy here pay here car dealership, your credit score will not matter at all. You can get approved auto loans with a bad or no credit score and finance your new used car easily. Hence, look at your score first and shortlist lenders according to ease of approvals.
2. How flexible is the down payment system?
If your credit score is not that great, most lenders will have a clause that requires you to pay a high down payment. Even a Greenville car dealership can ask you to pay almost 50% as a down payment to cover the cost price of the car that they are selling you. Even you will agree that such a strict measure is inconvenient for most. Paying a high down payment typically means liquidating your savings and this might not help you. Pick a BHPH dealership that has flexible down payment offers. At Family Auto, the amount can be as low as $500.
3. What is the interest rate like?
You should ask this question instead of what is my monthly payment. Reducing monthly payments have an opposite effect on the interest rate payable and most lenders tend to advertise the former as that is more lucrative to customers. Once you choose a low monthly payment rate, your loan duration increases which directly increases your interest rate payable. You should rather keep the interest rate in check by opting for short-term loans like 3 years and pay less to the lender.
4. Is the Greenville auto financing business legitimate?
Not many people bother to find out the legitimacy of an auto loan lender as long as their credit is approved and they are happy with the monthly payment rates. However, what would you do if the lender calls in the loan early by placing a small clause in the paperwork? Or, refuses to have any records of your monthly payments just to extract more money from you? Be sure to choose an accredited buy here pay here car dealership like Family Auto. You may then have your peace of mind, not only with the quality of the car but also on the financing as well.
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