If you’re getting ready to buy a car – and you’ll be financing it – you may have questions. Here our Jaguar financing department aims to answer five frequently asked questions our customers have about the process. Join the financial experts at Jaguar Northfield for more.
How Does Financing Work?
Financing involves putting up a certain amount of money for a down payment and then borrowing the rest from a lender. You will then pay this loan off monthly, along with interest.
Can You Finance a Non-New Vehicle?
If you are not interested in a new car, you’re probably wondering about financing for a pre-owned or Certified Pre-Owned vehicle. No matter which type of car you want to buy, you will be able to finance it.
How Long Can I Finance a Car For?
Loan lengths may be as short as 12 months or as long as 84 months, and it’s important to choose this wisely. While you may want to pay the loan off quickly, the shorter the term, the higher your monthly payments will be. Going with a loan term of around four years is smart, as this lets you have reasonable monthly payments and won’t result in a lot of interest adding up.
How Can I Lower My Financing Costs?
The best way to reduce your financing costs is to put up more money for your down payment, and you should aim for at least 20 percent. If this car will replace your old car, consider using it as a trade-in. It could still have a lot of value that will help you more easily get to that 20 percent number.
How Do I Start the Jaguar Financing Process at Jaguar Northfield?
Any other questions about financing? Please get in touch with Jaguar Northfield. You can also start the financing process by filling out our online application. Visit our Chicagoland Jaguar dealership today!