If you’ve never financed a car before, you probably have some questions. Fortunately, the automotive experts here at INFINITI of Columbus are ready to tell you everything that you need to know about auto loans in Columbus. Here’s what you should be aware of before you get ready to sign onto a loan.
Your Credit Score Matters
Your credit score and credit history have a lot to do with whether or not you can secure financing for a vehicle. These give our lenders an idea of how good you’ve been about paying off debts in the past.
Late payments or an impression that you have too many financial obligations can make it harder to get a loan, and a lower score can also result in a higher interest rate.
You Can Have a Co-Signer
If you have a low credit score or not much of a credit history at all, you may need a co-signer. This is someone with better credit who’s willing to sign onto your loan and take responsibility for it if you default.
A co-signer can help you secure financing when you normally wouldn’t be able to.
Your Loan Term Can Vary
The loan term is how long you have to pay off your vehicle. Five years is common these days, but you also may be able to opt for a shorter or longer term.
A shorter term means higher monthly payments, but less interest paid over time. A longer loan term has the opposite result
You Can Finance Used Vehicles
It’s not just new INFINITI vehicles that can be financed. If a pre-owned INFINITI model has caught your eye, you can place a down payment and finance the rest if we think that you’re a good candidate for an auto loan.
Do you still have questions about auto loans? Visit our INFINITI financing experts in Columbus and get ready to learn more! We’ll make securing the financing you need to purchase a vehicle simple and stress-free.
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