Financing FAQ | Cartersville, GA

Vehicle financing comes with its own terminology. Here are just a few commonly-asked questions customers ask when researching ways to fund their next auto.

 

What is my Credit Score?

Your credit score is tracked by several organizations that all use slightly different metrics. The score itself is typically a number between 300 and 850 that plays a vital role in what type of loan you receive. Many factors determine a credit score, such as past credit activity and payment history, as well as what percentage of your available credit is being used. In general, if you have a good history of paying bills on time you have a higher credit score number. This will make it easier to secure a favorable interest rate when purchasing a new vehicle.

 

Do I need to know what car I'm buying before seeking a loan?

It's best to know what vehicle you'll be purchasing before seeking a loan from a financial institution or via a dealership's finance department. Banks use information like the vehicle's age, mileage, make and model, and other specifics to determine its value and, in turn, the interest rate they can give you. Oftentimes, a new vehicle is subject to different rates than a used vehicle.

 

Buy vs. Lease

Not everyone knows the difference between buying and leasing a new ride. To put it simply, one is a more long-term investment than the other. When buying a vehicle, you are responsible for financing the entire amount of its and are usually responsible for a down payment based on that amount. When leasing, you only pay for the vehicle for an agreed-upon length of time. So, you pay a down payment based on a portion of the total value, then your monthly payments are determined from that. At the end of the lease term, you either return the vehicle or make other financing arrangements to purchase the vehicle.

Contact us at Terry Reid Hyundai if you have any more questions about financing your next vehicle.

 

Make an Inquiry

Hours

  • Monday 9:00am - 8:00pm
  • Tuesday 9:00am - 8:00pm
  • Wednesday 9:00am - 8:00pm
  • Thursday 9:00am - 8:00pm
  • Friday 9:00am - 8:00pm
  • Saturday 9:00am - 8:00pm
  • Sunday Open last Sunday of the Month 1-5

Contact

Terry Reid Hyundai

816 Joe Frank Harris Pkwy Se
Directions Cartersville, GA 30120

  • Sales: (678) 535-3563
  • Service: (678) 353-3646
  • Parts: (678) 353-3682