Ask the Expert: Our Subaru Finance Pros Explain Auto Loans & More
When it comes to financing a car, there are many variables to consider, including down payments, credit scores and loan rates. To help you understand what to expect when financing a car, the finance experts at North Park Subaru provided answers to common questions about buying a car, from additional purchase costs to reducing monthly payments down the road.
Read through their thoughts, then visit our Subaru dealership in San Antonio. With our help, you'll soon be navigating the car financing process like a pro.
Frequently Asked Questions
01How much of a down payment do I need to finance a car?
The down payment required to finance a car will vary depending on several factors, such as loan-to-value, debt-to-income and payment-to-income. While it is possible to finance a vehicle without a down payment, the approval will be subject to the lender's discretion.
02What are the additional costs associated with buying a new car?
In addition to the purchase price of the vehicle, you will be responsible for paying taxes and any applicable title, license, registration and dealer fees.
03How can I determine the value of my trade-in?
As automotive professionals, we can assess the value of your trade-in and provide you with its current market value.
04Does my credit score affect my loan rate?
Yes, your credit score is one of the most significant factors that goes into determining the interest rate for a loan.
05Can I still finance a car if I have a low credit score?
Yes, it is possible to finance a new Subaru even with a low credit score. While credit score is an important factor, it is not the only one considered by lenders.
06
Can I finance a car if I don't have a credit history?
Yes, it is possible to get financing for a car even without a credit history. However, the terms of the loan will depend on other factors such as payment-to-income, debt-to-income and loan-to-value ratios. A qualified co-applicant can also help establish credit and increase the chances of loan approval.
07
What is the ideal length for a car loan?
The ideal length of a car loan depends on several factors, including the customer's ability to make monthly payments, the interest rate and the total interest paid over the life of the loan.
08
Can you offer a better interest rate than my pre-approved rate?
We work with several lenders and can often secure better interest rates than the pre-approved rates of our customers.
09
Can I reduce my monthly car payments in the future?
Refinancing is an option to potentially reduce monthly car payments in the future.
10
Can I sell my car while I'm still paying for it?
Yes, you can sell or trade-in your car as long as the principal balance is paid in full before transferring ownership.
11
Can I add a warranty to my car purchase?
Service contracts and extended warranties are often available to cover future repairs and services.
Subaru Financing Near Me
Our finance experts are here to help you make informed decisions when it comes to financing your next Subaru in San Antonio. Whether you have questions about down payments, credit scores or loan rates, we can provide the answers you need. Contact North Park Subaru today to learn more about how we can help you finance your dream car.
