The Chevy finance process may seem like the worst part of shopping for a vehicle, but if you know what you’re doing you can make it work to your advantage! Financing a new vehicle can be very expensive, but if you follow these tips you can help reduce your monthly loan payments down to a minimum!
Before You Buy
There are some steps you can take before even enacting a car loan to ensure you don’t break the bank by doing so. The first thing you can consider is to buy a used car, as used cars don’t depreciate in value as much as a used one. This step can ensure you don’t lose money in the long run by paying off a loan on a vehicle that isn’t even worth the same as when you bought it.
The other thing you can do before you buy is to put down a down payment on the vehicle. The more money you put up front, the less you have to borrow, meaning you have less of a monthly payment to worry about!
Loan Refinancing
If you’ve already taken out a loan, you may be able to refinance it to get you a better rate. A loan refinance is the process of renegotiating the terms and conditions of a current loan, oftentimes resulting in a more favorable position for the borrower.
Two things can be changed about your loan, the APR and the term. Refinancing to a loan with a lower APR can cut hundreds of dollars off of your monthly bill every month but may be hard to secure. On the other hand, extending the loan term can spread out the cost over a longer period, and may be easier to negotiate with your lender.
So now that you know how to keep your monthly payments to a minimum, make sure to stop by Valley Chevrolet of Hastings to check out the available selection of vehicles! Consult with one of our finance officers for any lingering questions and to initiate the buying process!
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