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How Does Financing a Car Work?

You’ve heard the terms “leasing,” “buying,” and “financing” before. While leasing and buying are pretty commonly understood, you might be wondering, “What does it mean to finance a car?” Learn how car finance works with the finance center at Shottenkirk Toyota of Granbury so you can be better equipped to make the right financial decision during your car-buying journey in Burleson.

 

 

How Car Finance Works 

So, what is financing a car, and how does it work? When you finance a car, you’re taking out a loan that’s needed to buy a car, and you’ll eventually pay this loan back over time with interest. The first step you’ll need to take to get car financing is to apply through a dealership, bank, or credit union. Here are some things that can affect your chances of getting approved for financing: 

  • Credit Score
  • Loan Amount
  • Vehicle Age
  • Length of Loan
  • Debt-to-Income Ratio

To get started, you can visit Shottenkirk Toyota of Granbury near Stephenville or apply for financing online. 

Choosing the Right Lender

Now that you know what financing a car is and how to apply, the next step you’ll want to take is choosing the right lender. Sometimes, the dealership may offer in-house financing, which might allow you to get a better offer than you would if you went through a bank or credit union. Apply to multiple lenders in the Cleburne area, and compare offers to see which works best for your current situation. Try and determine how much money you can put down and how much your monthly payments will be. You can calculate your monthly payments with our handy payment calculator tool at Shottenkirk Toyota of Granbury.

Choose Your Loan Term

What does it mean to finance a car after you apply and get approved for a loan? Before you finalize the loan, you’ll want to try and negotiate the price as much as you can. This will allow you to get a better interest rate. When choosing your loan term, remember that a longer-term will mean smaller payments and higher interest. A shorter-term will mean larger payments with lower interest. 

Once you have finalized your loan terms, you can take the keys and drive home in your brand-new car. 

Finance Your Car at Shottenkirk Toyota of Granbury

Still wondering, “How does financing a car work?” Contact us online or visit us in Granbury to get expert consultation and answer any of your car-buying questions.

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(817) 776-5870

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5100 Hwy 377 East • Granbury, TX 76049

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Today's Hours:

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Open Today! Service: 7am-6pm

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Shottenkirk Toyota of Granbury 32.470233, -97.704902.