Whether you’re saving for a summer convertible or looking to upgrade the family minivan, it’s important to explore all your car financing options before committing to purchase a new vehicle. Armed with the proper knowledge, it’s possible to drive the car off the lot for less than you anticipated paying. To make more informed purchasing decisions, below are a few points you should know about car financing.
A Brief Guide to Car Financing
Guaranteed Loans Let Buyers Pay in Monthly Installments
If you have less-than-stellar credit, a guaranteed loan might be a worthwhile option. Both dealerships and third-party lenders give out this type of loan. With it, buyers are given the amount of credit needed to purchase the car after they’ve paid 20 percent down. The lender essentially owns the vehicle, while the borrower pays monthly rental fees, interest, and finance charges to use it over a fixed period.
Special Car Financing Can Help People Rebuilding Their Credit Score
From bankruptcy to late mortgage payments, there are many factors that can hurt your credit score. Special car financing options are available for those whose bad credit might box them out of other avenues. Banks, credit unions, and auto dealers often offer this type of financing. The terms of the agreement are based on the risk attached to the specific borrower, and generally carry high interest rates.
Military Discounts Are Available to Active Duty Personnel & Veterans
If you are currently serving in or have retired from a branch of the United States Armed Forces, many dealerships offer military car financing. This option also extends to active duty members’ and retirees’ spouses as well as reservists. The interest rates associated with this option are typically lower than other options.
If you’re looking for high-quality, dependable trucks and cars for sale in Tacoma, WA, you are sure to be impressed with the array of options at GT Auto Sales. Their sales representatives will help navigate the selection and answer questions about car financing to ensure you can afford the ride of your dreams. To learn more about cars on the lot, call (253) 507-8027, or stop by the Tacoma car dealership to see the selection for yourself. Visit the car dealer online to fill out a financing application.