FINANCING A VEHICLE
What is Vehicle Financing?
When you finance a new or used car, truck, or SUV, you agree to pay a lender a negotiated rate plus interest during a predetermined period of time. The loan has an interest rate that is determined by the financial lending institution. Typically, you make monthly or bi-weekly payments until you pay off the total value of the car, at which time you will own the vehicle free and clear.
What are the Benefits of Financing a Vehicle?
Financing a vehicle allows you to drive a newer or more expensive car than you would be able to afford if you were paying cash.Additionally, financing a car has many distinct advantages that make buying an attractive option. These benefits include:
Ownership: As you make your monthly loan payments, you will be working toward ownership of your car, truck, or SUV. Many people take pride in owning their vehicle and being free of continuous monthly payments after financial obligations are met.
Freedom: When you buy your vehicle, you are free from restrictions on kilometrage, wear and tear, and any alterations you may want to make.
Flexibility: Buying your vehicle means you can easily sell your vehicle whenever you decide you would like to trade it in for a different model.
Is Vehicle Financing Right for You?
Financing a vehicle is a practical and appealing option for buyers who are unable to pay cash for their new car but want to enjoy the benefits of ownership. If you intend on driving your vehicle for more than a few years and tend to drive well over 24,000 kilometers a year, financing may be the best option for you. So, if you have a long commute or do a lot of driving in general, buying is likely the best option for you.
Finance a Vehicle at Gateway Chevrolet
Are you thinking about financing your next vehicle? Let our dedicated sales team at Wallace Chevrolet help you get the best loan available. Give our professionals a call or stop by our dealership at 2 Gateway Boulevard, Brampton, Ontario. Better yet, take the first step now by filling out our simple credit application online.