Saving up all your pennies for a car? Our Chevy finance department put together these tips that can help you make the best buying decision for your budget.
Be Realistic
A car that just came off the assembly line is fabulous. But, it’s not something everybody can afford. This is why you need to think realistically with your purchase. A used vehicle might be the much better choice for your wallet.
Don’t Just Focus on the Sticker Price
The total price you pay may be a lot different than the sticker price. You need to factor in things like taxes, fees, and warranties. It’s important to also think about the future and costs related to service, repairs, and gas.
How Much Can You Afford to Put Down?
If you are financing the purchase, the more money you can put down, the less you will need to borrow from the bank. Going with a 20 percent down payment is typically a good amount, but whatever you decide, make sure you’re comfortable with it. A trade-in vehicle may give you some good funds that can be included in your down payment.
How Much Can You Pay Every Month?
Now you have to figure out what you can pay monthly. This really shouldn’t exceed 20 percent of the income you get every month. The longer the loan term, generally the smaller your payments will be. However, it’s important to understand that this may result in a bigger interest rate.
The goal of our Chevy dealership near Indianapolis is to help our customers get the vehicle they need at a price and payment plan that best meets their budget. Get in touch for additional information. You can also start the financing process by filling out our online form.
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