If you are looking to finance a Land Rover and aren’t sure where to start, you’ve come to the right place. Below we address some common questions that may arise for first-timers to Land Rover financing. The first step in navigating the financing process and securing the best terms possible is doing your research. Here at Land Rover Asheville, we aim to make the financing process as simple and efficient as possible, putting you first.
What is an Auto Loan?
A loan is a sum of money that is borrowed from a lending company. The amount is paid off in a span of months known as a term until the debt is repaid. The advantage of taking out a loan is that you can drive your new Land Rover sooner than waiting to save up all the cash yourself.
What is the Difference Between a Loan and a Lease?
When you lease a vehicle, you make monthly payments to the dealership to use the vehicle. When the leasing term is over, the vehicle is returned.
With an auto loan, you make a down payment and make monthly payments following. When the loan term is complete, you own the vehicle.
How is the Loan Amount Determined?
It’s important to keep in mind how much you can afford monthly before looking into the possibility of car financing. Lenders consider the market, your income, and your credit score to determine what you’ll be loaned against.
What do I Need to Look for in My Term?
You’ll want to look at all factors within the loan term. This includes the length of the term and the accompanying interest rates. The longer the term, the more interest you’ll end up paying. Try to negotiate a short-term plan so you don’t have to make payments for decades. Consider the maintenance cost for your vehicle in addition to your monthly payments.
My Credit is Less than Ideal, Can I Still Finance a Land Rover?
You will need a good credit score before looking for financing. You will want to check your credit score first to make sure all is in order. If you have the time to bring up your credit score, plan on doing what is necessary before the process. If you need a vehicle immediately, contact our financing center to speak with our staff about your unique case and we will work with you.
Contact Land Rover Asheville for More Information
Check out our finance specials and fill out an application online if anything sparks your interest. Feel free to reach out with any other questions or stop by our Buncombe County Land Rover dealership, we’ll aim to find the best terms for your needs!