Frequently Asked QuestionsAbout Financing a Car Purchase
A loan allows you to own the vehicle outright after paying it off, while a lease is a long-term rental agreement where you return the car at the end of the term.
A higher credit score generally qualifies you for lower interest rates, which can save you money over the life of the loan. Conversely, a lower score may lead to higher rates.
A down payment is the amount of money you pay upfront when buying a car. Typically, putting down 20% is recommended to reduce the loan amount and monthly payments, however we can also offer zero deposit to suit your requirements too.
Consider your monthly income, existing expenses, and any other financial commitments. A common guideline is that your car payment should not exceed 15% of your monthly take-home pay.
Look at interest rates, loan terms, total cost, and your financial situation. Compare different lenders, including banks, credit unions, and dealership financing.
Yes, but securing a loan might be more challenging. Some lenders cater to first-time buyers, but you may face higher interest rates or be required to provide a larger down payment.