Five Benefits of Getting Car Financing at Your Chevy Dealer

For many drivers, financing challenges are the biggest hurdles to overcome when it’s time to buy a new car. Financing through a traditional lender, such as a credit union or a bank, can be unattainable for many drivers because of strict eligibility requirements. However, car financing at your Chevy dealer is both convenient and easily accessible.

Your dealership offers competitive interest rates on auto loans and leases. These competitive rates can come from local banks that partner with your dealership or from the manufacturer’s finance arm. Finding a finance package with competitive rates is essential, since this will impact the overall cost of your auto loan and your monthly payments.

If your interest rate is high, your monthly payments will be higher, and the overall cost of your loan over the course of your loan term will be more expensive. A lower interest rate will make your monthly payments stretch further to pay down the principal balance of your loan more quickly.

Pre-approval for an auto loan is an important step when you are shopping for a new vehicle. When you have fast approval from an online credit application, you can shop for a vehicle within your budget with confidence. At your dealership, loan pre-approval may be granted in a matter of hours or days, whereas traditional financial institutions may take much longer.

The terms of your auto loan can have a major impact on your monthly payment. Flexible finance terms can help you fit the cost of your monthly vehicle payments into your budget more comfortably. At the dealership, you will be able to choose from a wider range of terms for your loan. A loan with a shorter term will usually have higher monthly payments, while a loan with a longer term will have more affordable monthly payments.

One challenge for many borrowers is creditworthiness. If you have good or excellent credit, then you generally won’t need to worry about loan approval because you have a good credit history. However, if your creditworthiness has taken a hit because of previous missed payments, or you have poor credit, you might not be able to get a loan from a traditional lender. A dealership, on the other hand, will work with you even if you have bad credit.

You can also benefit from extended warranty programs when you get an auto loan from your dealership. If you are purchasing a used or certified pre-owned vehicle, adding an extended warranty at the time of your vehicle purchase can protect your investment. The finance department can bundle the cost of the extended warranty into your monthly auto payment.

Accessibility is the biggest advantage of dealership financing. With fast auto loan approval, competitive interest rates, and customizable finance packages, even borrowers with poor credit can find an ideal auto loan at the dealership. To learn more about your financing options, contact Tri-City Chevrolet GMC.