Ourisman Chrysler Dodge Jeep® RAM of Bowie is the premiere Jeep dealership serving Upper Marlboro, MD drivers. In the spirit of better serving our customers, we would like to present the often-confusing subject of car financing in terms that are easy to understand.
At its core, there are only 4 steps to the financing process.
First pick your car. Comparing and contrasting one car to the another based on features and price. If you go into it knowing you plan to finance, our Jeep® payment calculator can be a huge help. It gives a ballpark estimate of what the monthly payments will look like for whichever car you choose.
Now that you know which car you want, head over to our Jeep finance center to fill out an application for your loan from our lenders. The one will be what actually pays for the car, while you pay back the loan. Whether or not your application is approved or denied, as well as what the terms of your loan will be all comes down to the financial information you provide. Information in the form of salary/assets, expenses, and your credit score are the primary deciding factors.
The terms of your agreement can vary substantially based on your financial picture, but the basic components are fairly universal:
- Loan balance – how much your loan will pay for
- Down payment – how much money you will pay upfront
- Monthly payment amount – how much your installments will be per month
- Repayment term (duration) – how long you will be paying it off
Once you’ve agreed to the terms of the loan, all that’s left is to begin paying down the loan. In most cases, there will be interest attached over the life of the loan which will be factored into your monthly payments. Following your final payment, the car is all yours.
Now you know the basics.! If you wish to learn more, come into Ourisman Chrysler Dodge Jeep RAM of Bowie and we can go into further detail! We look forward to serving all you automotive needs.