Understanding the Basics of Auto Financing in Lewisville
Auto financing is a great way to pay for your next vehicle. Rather than paying for the total cost of the car with cash up front, you can take out a loan that'll allow you to make payments over time. Since most of us don't have the money on hand to purchase a vehicle, this option will enable you to get the car you want.
When you borrow money, the lender charges interest on the loan. This means you'll pay more for the vehicle over time in exchange for the ability to buy it now. If you can find an auto loan with a low interest rate, the amount you pay over the course of the loan may be smaller, making it the clear choice for how to pay for your next car.
Exploring Your Auto Financing Options in Lewisville
There are several types of auto financing options you may want to explore.
New Car Loans
Auto financing is one of the primary methods for purchasing a new car. Since new vehicles have higher price tags than older models, they're more difficult to afford in cash. Many dealerships offer special rates for new car loans to make them more affordable, so be sure to check out the latest specials.
Used Car Loans
You can also finance a preowned vehicle with an auto loan. Auto loans are popular when it comes to buying used models because you don't have to borrow as much. With a lower principal amount, you'll pay less interest over time.
Refinancing Options
If you currently have an auto loan, you may be able to refinance it into a more affordable deal. Refinancing a loan can lower monthly payments, shorten the loan term, or allow you to access cash from your vehicle's equity. If you're currently paying a lot on your auto loan, explore whether refinancing is right for you.
Lease Buyouts
Finally, if you're currently leasing a vehicle, you may want to consider purchasing it when the lease term ends. Your lease agreement typically outlines the value of your car at the end of the term. If you'd like to keep driving the same vehicle, you can take out a loan for this amount and purchase it from the dealership.
Choosing Between Dealerships and Banks
There are two primary places you can get an auto loan: dealerships and banks. While your first thought may be to turn to your bank for an auto loan, there are advantages to going through a dealership:
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Dealerships often offer promotional interest rates on select models throughout the year.
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They may provide programs like cash back or trade-in assistance.
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Depending on your credit score, you might secure a lower financing rate than at your bank.
Why Finance With Huffines Chevrolet Lewisville?
One-Stop Shopping
Find your next vehicle and secure financing in one place. No need to visit outside lenders-we handle everything in-house for a faster, smoother experience. Our team builds lasting relationships, and many customers return for maintenance, service, or their next vehicle.
More Financing Options
Unlike banks or credit unions that offer limited loan products, we work with a wide network of national and local lenders. We compare options for you and help secure competitive rates-all without leaving the dealership.
Exclusive Chevrolet Offers
As an accredited Chevrolet dealer, we offer financing deals you won't find elsewhere-like 0% APR and accessory discounts-subject to credit approval.
Solutions for All Credit Levels
Have low or no credit? We work with lenders who specialize in flexible financing. Our team is committed to helping you find a solution that works, no matter your credit history.
Fast, Streamlined Process
Skip the long paperwork and interviews. Our quick credit application and on-site team make it easy to get approved-often the same day you apply.
Preparing for the Auto Financing Process
Securing auto financing is a straightforward process, but there are steps you can take to prepare and make it run more smoothly.
Assessing Your Credit Score and Financial Health
Conduct a complete assessment of your current financial situation. While a poor credit score won't necessarily keep you from getting an auto loan, it's a good idea to know what to expect before you apply. Check your credit score and determine how much you can afford to pay on an auto loan each month.
Gathering Necessary Documentation
You'll also need some documents when applying for an auto loan. Primarily, you'll need some form of identification (typically your driver's license) and proof of income. Having these documents on hand when you visit a dealership or bank will save you a significant amount of time during the loan process.
Leveraging Online Tools and Resources
There are online tools and resources available to help you better plan for your financial future. For instance, use our Click and Drive feature, where you can estimate monthly payments on a vehicle based on factors such as the MSRP and your auto loan rate. You can also use our trade-in evaluator to get an estimated value for your current vehicle, which you can apply toward your next car to lower the payments.
Last, you can get preapproved for financing online to get a better idea of what sort of loan is available to you. With all this information on hand, you'll have a better idea of what type of vehicle you can afford.
Visit Lewisville's Leading Auto Finance Center Today
If you're in the market for your next vehicle, our Huffines Chevrolet Lewisville team is here to help you afford it. Our finance center can help you secure a great rate on your loan. We aim to make the financing process as quick and easy as possible, while ensuring that you leave with an affordable payment plan. To learn more, please contact us today. We're happy to answer any questions or schedule a visit to our dealership to discuss your available financing options.