Even though most people need to finance the purchase of a car over time, many do not realize that it can be just as important to shop around for financing, comparing loan terms, while they are checking out different car options.
Dealers and lenders offer a variety of loan terms. Knowing which terms offer you the best deal, saving you the most money over the long run, isn’t always obvious, according to Bill Jochum, Vice President of Consumer Lending for Citizens Financial Bank.
“Car dealers are in the business of selling cars,” he said. “We’re in the business of lending money. Our goal is to educate our clients so they can fully understand their options, whether they ultimately choose to do their loan here or not.”
The monthly payment on an auto loan – whether it’s for a new, used or refinanced vehicle - is determined by several factors including the amount of down payment, loan amount, loan term and interest rate, which is reliant upon your credit history.
“We’re committed to providing our clients with an answer on their auto loan options within 24 hours,” Jochum added. “But, what we are actually delivering is same day service in most cases. We’re going to look at all the pieces of the relationship and see what we can do to help you out so hopefully the next conversation we’ll be having is ‘when do you want to close?’”
When it comes to comparing terms, please visit with us before you make your final decision to purchase. We’re here to help you understand your options.