Five Keys to Understanding How to Finance a New Jaguar
Before you search for a Lexington Jaguar dealer for a new car, it is important to figure out your financing options ahead of time. Following are five tips to help you obtain the best financing for a new or pre-owned vehicle:
- Determine your monthly payment first.
- Calculate the costs of variables.
- Use online loan calculators.
- Go over your credit report.
- Shop around for a lending institution.
Determine Your Monthly Payment
The first step is to figure out how much you want to spend each month on a car payment. Too many people start with looking at a car only to find out later that they bought a car they really could not afford. Analyze your budget, and set an amount that you will not go over. Choose to cut back on the car or the extra features before you go over this amount.
Calculate Variable Costs
Your loan amount is determined by more than the price of the car. Other elements contribute to the total loan amount such as taxes, the interest rate you can get, how much of a down payment you have, whether or not purchase an extended warranty, and how many add-ons you purchase such as coatings, stereo systems, etc.
Use Loan Calculator
An online loan calculator can help you figure out your loan amount. It will allow you to set your monthly payment, set an interest rate, and add in variable costs and credits. This figure will give you a fairly good estimate of the sales price you can afford.
Check Your Credit Report
If you haven’t checked your credit report lately, do so now before you apply for a loan. You can get a free credit report once a year from each of the major credit bureaus: Experian, Trans Union, and Equifax. Look at every line in your report to make sure that it belongs to you. If you find any problems, dispute the problems.
Shop for the Best Interest Rate
Finally, shop around for the best interest rate. Check with your local bank or credit union. Look online to find out what other institutions are offering. Talk to your Lexington Jaguar dealer to see what they can do for you. Shopping around will ensure you get the best rate possible.
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