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4 Key Questions to ask when getting a car loan
Asking these questions can clarify much confusion now and in the future.
1. Can I pay the loan off early? If so, are there any charges involved?
Almost all Auto loans are ”open” which means you can pay them down or off early without a penalty. We will explain the terms of your loan to you to make sure you understand the terms and conditions involved with your particular loan agreement, regarding early (and late) payments.
2. Are there any limitations/requirements regarding my down payment?
As you most likely recognize, no two loans are built the same. And because of that, you can expect some loans to have limitations or restrictions. These can include requirements for an initial down payment – don’t assume all lenders give you the $0 down option.
3. If I have bad or unestablished credit, what should I expect?
Our finance managers work on your behalf. We work with multiple financial institutions that will work with all types of credit history. We will work to get you the lowest cost of ownership.
4. Do I have to make a balloon payment toward the end of the loan?
Balloon payments are lump-sum deposits that customers make, typically towards the end of a long-term car loan. We do NOT do this type of loan.
Importance of Asking these Questions
One of the reasons why we are shocked by certain realities, is since we don’t ask enough questions upfront. Financially heavy responsibilities such as paying for an auto loan shouldn’t have unwanted surprises. With that said, the benefits of asking the right questions have undisputed benefits.
You’ll Know What You’re Getting Into
“I didn’t know what I was getting into.” It’s a statement made by many people when they get into an activity or undertaking without preparing for it. It happens to those who get into car loans. Of course, most individuals who are unhappy with the terms of their loans, are the ones who didn’t fully understand it to begin with. And what would have prevented this? Asking more questions. Therefore, avoid making this mistake, by asking good questions from the outset.
Our finance managers pride themselves on transparency and full disclosure. They will go over your loan with you and keep you informed every step of the way.
You can never ask too many questions. We at O’Connor Chrysler are happy to answer any and all your questions. When it comes to getting a car loan, there’s no need to feel like you should know it all. There’s jargon and terms that can go over your head, and it doesn’t hurt to have them clarified by a credit specialist. By asking questions, you’ll find car loans to be far less confusing than they appear.
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