How Does Car Financing Work?

couple at dealership getting car keys

When you’re preparing to purchase a new or used vehicle to upgrade your Elmhurst commutes, you’ll have three options: You can purchase it outright, lease the vehicle, or apply for financing. You may be wondering, “What does it mean to finance a car?” or “How does financing work?” Both excellent questions to ask! For help understanding the financing process, consult this helpful guide from the finance experts at INFINITI of Clarendon Hills below.

How Car Finance Works

To find the answer to “What is financing a car?” we’ll first need to explore how the process works. First thing’s first – you’ll need to apply for a loan through a dealership, bank, or credit union. At INFINITI of Clarendon Hills, you can fill out the application online, or you’re welcome to stop by our dealership near Downers Grove to apply in person. Here are the key factors a lender will look at:

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

Worried about a low credit score? If your credit history is a bit weak, you can consider asking a close friend or family member if they’ll consider cosigning your loan.

Pick a Lender

If you are in fact approved for a loan, you may end up with multiple options to choose from. If the dealership you’re working with offers in-house financing, you’ll want to compare their offer to a bank or credit union. This way, you’re sure to make a smart decision for your needs and your budget. Find out how much money you can put toward a down payment, and estimate your monthly payments to make sure you can pay back the loan. Need help with your down payment? Value your trade-in for an estimate of your current vehicle’s worth.

Secure the Loan Terms

Before you sign on the dotted line and drive away in your new vehicle, you might need to negotiate on price. In this case, you and the salesperson can go back and forth until you settle on a loan with an interest rate you feel confident about. At this point, you can finalize the loan terms and secure the deal. All that’s left to do is sign the required paperwork, pick up your new vehicle, and drive home to Westmont in style!

Finance a New INFINITI at INFINITI of Clarendon Hills!

Interested in financing a new INFINITI QX60 or Q70? Reach out to the team at INFINITI of Clarendon Hills to get started today! We’ll help you get behind the wheel of your dream vehicle, and we’re always here with expert advice on topics like classic car financing. Consult our convenient car buying tips to learn more!

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415 E Ogden Ave • Clarendon Hills, IL 60514

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INFINITI of Clarendon Hills 41.8097011, -87.9626544.