Tips for Financing a New Car Indianapolis IN | Speedway Chevy

 

What are some tips for financing a new car? It’s simple, and it’s fun. Know your credit score. Shop for a bunch of different lenders. Keep the loan term as short as possible. Make a 20% down payment. Cover extras with cash, not credit. The list goes on and on, but don’t worry if you didn’t get all of that yet.

Our team here at Andy Mohr Speedway Chevrolet wrote this guide to the top tips for financing your next new car, where we’ll cover all of those suggestions in more detail. Plus, if you live in Carmel, Fishers, Indianapolis, or any of the surrounding Indiana communities, you can reach out directly.

 

TIP #1: KNOW YOUR CREDIT SCORE

This is where you start. After all, how can you know where you’re headed if you don’t know where you stand? Best of all, any of the three major nationwide credit reporting agencies (Equifax, Experian, and TransUnion) are required by federal law to give you a free report once per year. If your credit is in jeopardy, check out our Guide to Credit Repair to learn some advice on how to rebuild your credit.

 

TIP #2: SHOP FOR A BUNCH OF LENDERS 

As in wallpaper shopping and dating, there’s no reason to limit yourself to the first option that calls your name. Get to know the marketplace by familiarizing yourself with as many lenders as you possibly can.

 

TIP #3: KEEP THE LOAN TERM AS SHORT AS POSSIBLE

Here’s the bottom line: nobody (absolutely nobody) wants to get locked into a ridiculously long-term loan (or lease). Advocate for yourself by keeping the loan term to a minimum, so that you’re not still making expensive payments on an out-of-date vehicle, years down the road. 

 

TIP #4: MAKE A 20% DOWN PAYMENT

This is the type of advice that your grandmother and your mother would give you about buying a car.

They’d be right. Always put at least 20% down, if not more. This will help you to get the best APR possible; this will help you to get the shortest loan period possible; and this will help you by reducing whatever overall costs remain. Feel free to reach out to our financial wizards for down payment info. Shop our used cars under $15,000 so your down payment is as low as it can get.

TIP #5: COVER EXTRAS WITH CASH, NOT CREDIT

This is one of the trickiest areas when it comes to securing an auto loan. Lots of dealership will try to get you to finance a bunch of upgrades and add-ons, but you shouldn’t. Always pay with cash, as it can start to add up if you don’t. Check out our Car Payment Calculator to get a better sense of the costs!

 

GET IN TOUCH WITH OUR ANDY MOHR SPEEDWAY CHEVROLET FINANCE CENTER.

You might call this our final, and most important, tip. Here at our finance center, we can help you with lots of things that our dealerships, lenders, and banks can’t. We have an extensive network of different contacts throughout Indianapolis, Fishers, and Carmel, and we’re not afraid to lean on them a bit if it means getting you the best rate possible. So, fill out a form to get pre-approved for financing today!