Financing a used car is not difficult, but it can be confusing for some people, especially if you're a first-time buyer. Do you know what to look for to ensure you're getting the financing that you deserve? J & S Autohaus III is happy to provide this information to help buyers just like you! Continue reading to learn more about our available financing options.

Credit Application

The financing process begins the moment you complete a credit application. Every detail of the application is shared with potential lenders. Therefore, be sure you're giving the most up-to-date information. You want lenders to have the best picture of your situation. Remember, lenders want to say yes to approval. Be as accurate as possible, but don't embellish the information.

Credit Score

Your credit score is used to find a lender that may approve you. Do you know your credit score? Credit scores can range from 300 to 850. And the higher the score, the better chance you have of receiving a prime rate. However, you can still buy a used car with a low credit score.

Finance Charges

Once you're assigned a lender, you will know the annual percentage rate. That is also called finance charges, and it's how much borrowing the money will cost you. The amount is added to the sale price. But it's paid in monthly installments, along with the principal amount of the loan. However, you can pay more towards the loan balance to reduce the interest accrued throughout the contract.

Monthly Payment

Your contract will show the monthly payment terms, along with your due date. Typically, the terms are 36, 48, 72, or 84 months. Pay special attention to any late charges that may be applied if you fail to make any payments on time. Before agreeing and signing the contract, make sure you understand all the details. And ask any pertinent questions at that time.

To learn more about used car financing, contact us! Our dealership is located in Hamilton, NJ, and we are ready to make you a great deal.