Car Finance FAQs

Are your preparing to finance your very first vehicle? Making any large purchase is daunting, especially when it comes to buying a vehicle. While exploring finance options and determining your budget, a few questions may arise. Here are answers to a few commonly asked questions to help match you to the perfect vehicle to suit your needs. Please feel free to consult our frequently asked questions (FAQs) below, but if you have additional questions, please contact our finance staff at Jimmy Michel Motors, who will be happy to guide you through this exciting (and sometimes overwhelming) process.

 

What is an auto loan?

Many potential car owners decide to take out an auto loan to finance a vehicle. The loan will be determined by several different factors, including the cost of the car you wish to buy, your credit score, the interest rate you're approved for, and the amount of money you're paying upfront as a down payment. 

The loan application process is simple. We'll do all the legwork for you. You just need to provide us with verifiable personal information, including your income, and we will run a credit check to ensure you qualify for a loan.

 

What is an APR, or annual percentage rate?

This rate is central your auto loan. Your annual percentage rate (APR) is the annual interest rate you will pay on your auto loan. More likely than not, your auto loan will have a fixed rate that stays consistent for your entire loan term.

 

What if I subpar credit score, or have a short credit history?

Although these factors will affect the auto loan and rate you qualify for, they typically won't prohibit you from receiving an auto loan. Typically, the dealership's finance department will work with you to get you the best possible loan and rate.

 

How do I know what I can afford?

Only you know your own personal financial situation enough to determine what vehicle you can and should buy. Remember, the larger down payment you make, the lower monthly payments you will have; similarly, the better your credit score, the better interest rate you'll get. Ultimately, consider your income, outstanding debts, and monthly budget to determine what you can afford to spend on a monthly payment.

 

Can I use my bank or credit union?

We encourage all customers to shop around for their car loan, which certainly means check with your own financial institution. However, we will examine multiple offers from institutions to give you what we believe is the very best deal.

 

For more questions about financing your next vehicle, stop by Jimmy Michel Motors.

Contact

Jimmy Michel Motors Inc.

555 South Elliott Avenue
Directions Aurora, MO 65605

  • Sales: (417) 815-3268
  • Service: (417) 815-0609
  • Parts: (417) 815-3235

Make an Inquiry

AdChoices
; ;