Auto Loans 101: 4 Important Questions

If you're like most people who are preparing to buy their first car at the Lake of the Ozarks, you probably don't know the first thing about auto loans. All you know is that you need a vehicle. When you come to the best dealership at the Lake of the Ozarks, we promise you'll be in good hands. In order to help you better prepare for buying a car, here are some important quick facts about auto loans.

1. Where Can I Get An Auto Loan?
Auto loans can come from a few different sources. Most typically, people get auto loans from credit unions, insurance companies, or directly from the dealership. Financing your car through the dealership is usually a great option because it's typically faster and much more convenient than other loan options. At Hulett Chevrolet-Buick-GMC, we even offer financing on weekends!

2. What Will My Interest Rate Be?
Your interest rate will depend on a number of different factors, such as your credit score and the age of your new vehicle. Here's a quick glance at some of biggest factors that influence today's auto loan interest rates:

• Your Credit Score. The higher your score, the lower your interest rate will be.
• The Age of the Vehicle. New cars typically come with lower interest rates, and pre-owned vehicles have higher rates.
• The Length of the Loan. The shorter the loan, the lower the interest rate. Keep in mind, however, that the monthly payment will be higher for shorter loans.
• The Amount of the Loan. How expensive is the car you're purchasing? How much money are you able to provide upfront as a down-payment? The higher the actual loan amount, the higher your interest rate will probably be.

3. What Will The Length Of My Loan Be?

The length (or term) of your auto loan will mainly depend on your budget and what monthly payment you can afford. Shorter loans usually come with lower interest rates, but higher monthly payments. Generally, auto loans last anywhere from three to seven years.

4. How Much Should I Supply As A Down Payment?

Your down payment options will depend on your specific agreement with the lender you choose, but generally speaking, you will be better off putting as much money down up front as you can afford. The more money you supply up front, the less your overall loan amount will be. Lower loan amounts will potentially result in lower interest rates.

Hulett Chevrolet-Buick-GMC Can Help!
Do you have more questions about financing your auto loan? The crew at the best dealership at the Lake of the Ozarks is happy to help. Our trained, experienced, and considerate staff are here to help make your experience fun and easy. Stop by and see us today!

The Team at Hulett Chevrolet Buick GMC

513 N. Business Route 5
Camdenton, MO  65020
www.ShopHulett.com
Sales: 573.317.4197
Service:  573.317.4195