Vehicle Financing Basics
Gone are the days when customers had to go into a dealership, wait around for hours to speak to a finance specialist, and worry about walking away without an approval. Vehicle financing can be stressful if you have not taken the proper steps to get your finances in order before requesting a line of credit.
Yet, it does not have to be. Our dealership wants to make it easy for customers to apply for financing in a fraction of the time. While we are still here to help with any questions that may arise, our online financing portal makes it easier than ever to get approved for financing your desired vehicle in Bristol, IN. So, how does it work?
Initial Information Input
Our online financing application can be found on our dealership website. Users will be asked to input information that will be used in deciding on their finance application. Personal, employment, financial, and additional information will be requested. Be prepared to provide salary information, the loan amount, term preference and trade-in value to be presented with an accurate decision.
Once you are provided with an approval decision, you will have to decide on the payment term you prefer. Typically, shorter payment terms are accompanied by higher payments, and longer payment terms offer lower payments over the life of a loan. An APR will be offered based on credit history, so be prepared to take that into account when estimating a monthly payment amount. We may have additional warranties, service agreements, and loan coverage that will appeal to you, so be prepared to include those in the overall value of the loan and payment amounts.
Setting Up Your Loan
After accepting the offer from the financial institution, you will be instructed to finalize your loan at the dealership. Typically, a letter of credit will be offered to bring into our dealership with specific loan information relevant to your vehicle purchase. Our finance department professionals can help get your loan set up and finalized with payment options, contract terms, signatures, and due date selection. Do not let auto financing get you down. Contact Royal Motors today for help.