How Does Financing a Car Work?

Signing Finance Documents for Car

 

The world of car finance isn’t perhaps as elusive as you might think. In fact, the nuts and bolts of how car finance works really are quite simple when you get right down to it. Financing a car generally can be done for both new and used car purchases, with the rate of your loan depending on many things, like your credit history and credit score. Ready to learn more? We here at the Maserati of Central Florida finance center are happy to offer details!

How Does Financing a Car Work?

Learning how car finance works with Maserati of Central Florida is easy. Here’s what you need to know. Whether attempting to obtain a new car loan or a used car loan, the first step in financing a vehicle is to apply for the loan through the dealership, a bank, or a credit union — aka a lending institution.

With Maserati of Central Florida, we make it easy to apply for a loan at our Orlando dealership. You can also apply online from the comfort of your own home and spend less time at the dealership. Factors that the lender will look at when considering your loan application include:

  • Credit Score
  • Length of Loan
  • Debt-to-Income Ratio
  • Loan Amount
  • Age of the Vehicle

If you know your credit history isn’t great, consider asking a trusted family member or friend who can vouch for you to cosign your loan. Doing so will involve fiduciary responsibility on their part if you fail to pay.

Choose Your Lender

Compare in-house financing to financing from places like your personal bank (or even credit union, if you’re a member of one) to see which makes the most sense for your needs and budget. If you’re applying around, be sure to do so at the same time (AKA don’t space out your loan applications too far or your credit could get dinged).

If it looks like you’ll be facing high monthly payments you will want to ensure you factor in your trade-in value and see about putting more money down.

Finalize the Loan Terms

Before you decide on a loan and sign on the dotted line, you may wish to negotiate the price. You can try to negotiate for a loan with a more favorable interest rate, more money out of your trade, and a lower vehicle price, among other things. Just know that here at Maserati of Central Florida, we are motivated to get you approved and build a deal that works for you — we even offer plenty of rotating lease and finance deals to that end.

Want to Know More About Car Financing in Orlando?

Ready to learn more about the process that goes into financing a car now that you know what it means to finance a car on a surface level? Our finance team is always happy to help. Give us a call anytime with questions at 407-667-4300. Or, check out our finance & insurance information hub.

 

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