Because buying a luxury car is a significant investment, it’s important to be smart about your purchase. This is why it pays to prepare so you can get the biggest return on investment. Here are the answers to three important questions, courtesy of our Jaguar finance center.
How Much Should My Down Payment Be?
A key first step when thinking about financing is determining how much money you can put up immediately. A good rule of thumb to follow is to supply 20 percent of the sale price. While this may be steep, it will cut the amount you will need to borrow significantly. If you’re looking to replace an older model, its trade-in value could help you add to your down payment.
What are the Loan Term Options?
You’ll get to decide how long you want your loan term to be. In most cases, these start at 24 months and go up by 12-month intervals to 84 months. There are a couple of things to think about with your loan term. First, the shorter it is, the higher your monthly payments will be. On the other hand, if you go longer, you will end up paying more in interest. Choosing a term of 48 months could be your best bet.
How Much Should I Pay Monthly?
Finally, you need to consider your monthly payment. Another smart rule to follow is to not pay more than 10 percent of your income on your car. In addition to the payment, this includes things like insurance and gas.
Get All of Your Financing Questions Answered at Jaguar Northfield Near Chicago, IL
Any other financing questions you need answered? Get in touch with Jaguar Northfield or come down to our dealership to speak to someone in person.
