Car Financing FAQs
Don White’s Timonium Chrysler Dodge Jeep Ram understands that financing your vehicle can be stressful and confusing. From determining how much you want to budget for your monthly payment to determining what the best loan or lease options are, financing can be a daunting undertaking. To help lessen the stress surrounding this part of buying/leasing a vehicle, we’ve provided answers to some of our most asked questions.
How are auto loan rates calculated?
The finance managers at Don White’s Timonium Chrysler Dodge Jeep Ram clearly explain to our customers the criteria used by lending institutions to establish auto loan rates. An individual’s credit history, especially the demonstrated ability to repay loans, sets the foundation for the auto loan rate. The specific vehicle, as well as the vehicle condition, determines the amount a finance institution will advance for the loan. Lastly, the final amount one needs to borrow will affect the auto loan rate. Down payments in the form of cash or trade-in vehicle can lower the auto loan rates as it lowers the final amount one needs to borrow.
Lenders also factor in personal financial information:
- Employment Status and History
- Home Ownership Records
- Provable Income
- Co-Signer
What if I have bad credit or no credit?
Often treated like lepers, credit challenged customers have problems securing auto loans from wary dealerships. One of the primary reasons for the shabby treatment of credit challenged customers is due to the lack of lending institution options in a car dealership’s financing network. At Don White’s Timonium Chrysler Dodge Jeep Ram, our team of auto financing experts knows exactly where to turn to secure financing for the purchase of your next new or used vehicle.
Baltimore area residents looking for a bad credit (challenged credit) auto loan to buy a new or used vehicle should visit Don White’s Timonium Chrysler Dodge Jeep Ram. We always look forward to helping people, which is why we are always available to answer any questions you may have. You can begin by completing the financing application linked below and we?ll be certain to get in touch with you soon.
With the large selection of new and used vehicles we have available, we are positive that there will be something that will meet your driving needs. We encourage those with special financial situations to visit Don Whites Chrysler Jeep Dodge Ram to discuss any concerns they may have about how to purchase a car with challenged credit as we can offer assistance to, not only get into the car you need but to help you re-establish your credit.
Bad Credit Car Loan MD
It is a common misconception that people with bad credit ratings cannot get a car loan. There are millions of people in the United States with bad credit ratings. Getting a bad credit car loan is not as unthinkable and unimaginable as it used to be. One way to avoid going in for a bad credit car loan is to wait till your credit situation improves to such an extent that you can go in for a regular loan. A bad credit loan, on the other hand, is a convenient and often life changing way to go ahead and get the car despite having a bad credit history.
Don White?s always goes above and beyond people?s expectations by finding financing solutions that are both manageable and right in line with your budget. We?re proud to admit that we have helped many people with bad or poor credit so you can feel confident that Don Whites will do all we can to assist you. Don White’s Timonium Chrysler Dodge Jeep Ram has been helping Maryland drivers for years by securing auto loans for a vehicle that is much safer than their previous one. It?s important that everyone should have a safe and secure vehicle to drive in, which is why Don White?s has made it their priority to help others with bad credit purchase a vehicle and get on the right track to rebuilding their credit.
At Don White’s Timonium Chrysler Dodge Jeep Ram our team of experienced finance specialists have years of experience and are able to guide you through the lending process in addition to educating you and making sure that you find a solution that suits your needs. We have a great relationship with many lending institutions which helps us meet the needs of our customers. We even offer flexibility to customers by working out a feasible monthly payment, depending on the amount of the down payment.
We will provide you with the most positive experience that you will not be able to expect from anywhere else. Let us help you get started by getting pre-approval for a used or new car today by completing our Financing Application today.
Should I lease or buy?
Most automobile customers cannot afford to plunk down cash to take care of the sticker price listed on a new or used car. They must decide on the most affordable way to finance the automobile purchase. You can finance the purchase of a new or used car by securing or car loan or leasing a vehicle.
| Leasing | Buying |
|---|---|
| Shorter term because you are only paying for depreciation | Longer term because you are paying for the entire purchase price |
| You don’t own the car and it must be returned at end of lease | Once you make the last payment, the car is yours |
| Can terminate anytime you want, but you are responsible for your remaining balance (minus taxes), residual vehicle value, and early termination fees | Can sell any time, but you are responsible for the remaining loan balance (minus interest) |
| The lender assumes all risk for the vehicle’s value at end of lease | You assume all risk of vehicle’s value |
| You can not drive the car beyond a certain number of miles outlined in your lease without incurring additional charges | You can drive the car as much as you want |
| When the lease ends, you can purchase the car, trade it in, or turn it in | When you make your last payment, you own the car |
Do I really need a warranty?
Most automobile dealerships like to tack needless charges on the sticker price of a new or used car. Don White’s Timonium Chrysler Dodge Jeep Ram does not operate under that paradigm, but it does recommend that our Baltimore area customers strongly consider covering the purchase of a new vehicle by including an extended warranty. With an increasing number of high tech features, new cars require warranties to cover inevitable breakdowns. Think about the cost of a monthly warranty payment compared to the cost of an hour of service center labor. Do you want to fork over nearly $100 an hour for labor to correct an automobile problem that only costs you $30 per month for full protection?
Stop by Don White’s Timonium Chrysler Dodge Jeep Ram to have one of our finance professionals answer all of your questions.
