A new vehicle is a major purchase, which is why prospective owners should have all the information they need before making decisions. If you are considering buying a Land Rover vehicle for the first time, it’s important to understand the Land Rover financing process. This guide from Land Rover Waukesha aims to help.
How Does Financing Work?
When you finance a car, you only pay for a percentage of it upfront. One of the first things to think about is how much money you can spend on the vehicle right away. This is the down payment. Whatever is left, you will borrow from a lender, which you will pay off over time.
Loan Terms
The “loan term” is the length of the loan. It will be up to you to decide how long you want this to be. Generally these range from two years up to eight years. It’s a smart idea to go with a term somewhere in the middle, as this can give you affordable monthly payments while avoiding exorbitant interest payments.
Financing and Credit
There are several factors lenders look at when reviewing a loan application, and credit is a big one. This is because they use this to determine the risk involved in loaning money. A low credit score shouldn’t prevent you from getting a loan, but it may result in a larger interest rate. You might want to consider trying to raise your score ahead of time, or perhaps using a co-signer on your loan.
Get All of Your Land Rover Financing Questions Answered in Waukesha, WI
Any questions or concerns about financing? Get in touch with Land Rover Waukesha. Or, if you are ready to get things going, just fill out our online application to start the process. Let’s get you behind the wheel of a new Land Rover luxury SUV today!