What You Need to Know About Financing a Car | Cash-N-Go Auto Title Loans of Phoenix

What You Need to Know About Financing a Car

June 4, 2021

Buying a new car can be expensive. In fact, the average price of a new vehicle is over $40,000! Unless you have cash on hand to pay for a new ride, you’ll need to take out a loan to cover a portion of the price tag. This post will cover everything you need to know about financing a car, and how a car title loan can help in AZ.

What are the benefits of financing a car?

The main reason to finance a car is to save yourself from forking over a ton of cash to pay for a new vehicle. Although you’ll need to make monthly payments for the next few years to pay for the car, that’s often preferable to paying a large sum upfront.

Factors to consider when financing

As we just mentioned, all loans aren’t the same. Here are a few factors to consider before getting financing for a new car:

  • Total purchase price: What’s the total price of your new car, and how much cash can you put down now? Those are important things to know before getting your financing! After all, you’ll need to know how much money you’ll have to borrow to purchase your new car.
  • Interest rate: You’ll also want to know your interest rate before you accept a loan. The higher your interest rate, the more money you’ll wind up paying over time. As long as the terms seem fair, try to find the lowest interest rate you can.
  • Terms: Be sure to consider all of the terms of your loan. The longer the loan, the lower your monthly payment. However, longer loan timeframes mean you’ll pay more interest over time.

Steps to take when financing a car

Financing a car can be a bit confusing for a first-time borrower. Here are the steps to take when securing your loan:

  • Check your credit: Unless you’re using an auto title loan in AZ to pay for a new car, you’ll need to know your credit score. Knowing your credit score will give you an idea of how much money you’ll be allowed to borrow and help you calculate your interest rate.
  • Research loan options: Be sure to do some research to see what kinds of loans you can get with your credit score. If you have poor credit and all available interest rates are too high, consider going with an auto title loan. Car title loans in AZ don’t require a credit check—you just need the title for your current vehicle.
  • Get pre-qualified online: Getting pre-qualified for a loan before you shop for a vehicle is always a good idea. The car buying process is much easier when you know what you’ll be able to afford.

Buy your new car with a loan from us

Instead of going to a bank to get a loan for your new car, consider getting a quick loan from us. At Cash-N-Go Auto Title Loans of Phoenix, we specialize in providing qualified borrowers with auto title loans in AZ. If you want to buy a new vehicle today, but you don’t have the cash on hand, apply online for an auto title loan right now!

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