How to Finance a Car

Buying a Car

Before you can cruise the streets of Springfield, Callaway, or Panama City, FL, in your new or pre-owned automobile, you must develop the proper payment plan. One of these payment options presented to drivers is known as financing.

What is financing? Why is it a good option for me? To answer these questions and more, your friends here at VW of Panama City have put together the following article detailing how to finance a car. Be sure to contact our finance team today with any questions!!

First Time Car Financing

Financing at DealershipIf this is your first time financing a vehicle, congratulations! To help you better understand the benefits and steps required in automotive financing, let’s first go over its definition.

When you decided to finance a car, you are choosing to purchase this car in full. This is typically done with the help of a loan that will be paid off over time. Unlike leasing, you have full ownership of this vehicle and are not required to turn it in after a set amount of time.

Financing begins with filling out a finance application. If you’d like to get a head start on this process, take a look at the finance application found here on our website.

Why Finance a Car?

There are several compelling reasons that make financing a great choice for your needs and lifestyle. Some of these benefits include:

  • Freedom to Sell: Since you’re not locked into a lease term, financing provides the freedom to sell your vehicle whenever you choose. Keep it for a year or drive it for a decade: It’s all up to you.
  • Customization Options: Depending on the nature of the customization, leased cars may add extra costs on top of your payments. Financing, on the other hand, allows drivers to personalize their vehicles to their hearts’ content.
  • No Mileage Restrictions: Generally, leased cars cap off at a certain mileage and can even require extra fees for going over this amount. Purchasing your car avoids these potential excess mileage costs.

Car Financing Tips

Financing a CarIn order to get the most out of car financing and ensure the ideal plan for you, it’s important to consider the following tips.

We’ve all been a little behind on our payments before. Whether you forgot or were waiting to acquire the proper funds, things can happen. However, it’s best not to make this a habit. Late payments can not only result in additional fees but could even negatively affect your credit score. Consistently making on-time payments is a great way to help your score improve, too!

Another good tip is to put a decent amount of money aside as a down payment. It’s generally suggested to put at least 20% down. Why? Well, the more money you put down, the less you need to loan, thus decreasing your payments.

Start the Financing Process Today

Now that you know how to finance a car, it’s time to get the ball rolling.

Stop by VW of Panama City to explore our vehicle inventory and begin the financing process today! With the help of our finance center, you’ll be traveling all around Springfield, Callaway, and Panama City, FL, in no time.

We hope to see you soon!

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