These days, it’s safe to say buying a new or pre-owned vehicle has become considerably easier with the invention of the Internet. Just like we all do with almost every other product we buy, the Internet seems to be the go-to place to do your research for just about everything, cars included. The great thing about Internet shopping is it never closes. You can shop at night, early morning, Sunday, or any other time you feel the desire.
Online car shopping can be fun too, especially since most auto dealers and manufacturers post multiple photos from every angle imaginable. You literally can see yourself sitting in the driver’s seat of that new or pre-owned vehicle right from your computer screen and the images are so good, you can almost get that new car smell, ok, maybe that’s a stretch.
Of course, if this is how you’ve selected your next vehicle, the financing part may not be so simple online. We all see billboards up and down the freeways with banks and credit unions advertising a very attractive interest rate. The fine print or disclaimer also says “as low as” in small print which is hard to read going 70 mph. Obviously, that rate is available to some, or they couldn’t advertise it. Let’s face it, just as we’re in the business to buy and sell cars and grocery stores are in the business to buy and sell groceries, banks are no different - they’re in the business to buy and sell money.
Financing a vehicle is simple in concept. The difficult part is the question we get asked daily, “what is your interest rate?” It’s difficult for a car dealer to respond to that question initially as we simply do not have enough information in the early stages to give a correct answer. Banks grade customers on several levels. The obvious one is your credit score, but it goes deeper than that. Banks consider how much you’re borrowing in relation to what you’re buying. Some people carry negative equity from their previous vehicle and ask to borrow say, 120% of what they’re buying. Others may borrow 80% or less with a down payment or trade equity. All of which are finance(able), some just require other considerations to be in place. Things like debt-to-income ratio, time on the job, time at residence, etc. can all play a part in answering the question “what is your interest rate?”.
The finance team at Don Hewlett Chevrolet Buick are trained professionals. Their job is to find the best financing package for you and your family. Sometimes that requires getting multiple lenders to compete for your business. Once you’ve agreed to purchase a vehicle, the finance team goes to work. Our lenders (and we have many) may very well be the bank or credit union you use personally. We are what’s called an “indirect lender” for that bank or credit union. Basically, this means we’ll sign you up on their contract and the loan will be yours from them, through us (if that makes sense). One stop shop concept.
Yes, we know your time is valuable and we respect that. Our finance team is there for you to help speed the process up. Your only question might be “should I use my personal bank or finance through the dealership?” With us being an indirect lender, chances are pretty good that you’ll save time and money financing through us.
We invite you to come see our HUGE selection of vehicles and when you’re ready, our financing packages are very attractive.
