Auto Financing Schaumburg
Schaumburg Drivers Can Find Great Financing Deals at Biggers Chevy in Elgin!
Whether you’re buying a new or used car, you’ll probably want to look into financing of some kind. Most people don’t have enough money in their savings account to pay for a car entirely in cash, so choose to finance their purchase, paying for the car over a longer span of time, usually two to five years. Even if you do have the money, it might not be a good idea to drain your savings account in order to pay for a car, particularly since many dealerships offer 0% interest financing deals for well-qualified buyers. Here at Biggers Chevy, our Elgin-area financing department can help you secured the funds you need for your new or used car. And we’re conveniently located just 20 minutes west of Schaumburg.
How Auto Financing Works
Auto financing – also known as an auto loan – works in much the same way as any other kind of loan. Instead of paying the entire cost of the car upfront, you pay a certain amount each month until the car is paid off. The tradeoff of this arrangement is that in addition to the cost of the vehicle itself, you’ll usually have to pay a certain amount of interest, depending on what financing specials your lender is offering and how good your credit rating is.
How to Get the Best Financing Deal
Determining the best financing deal for you depends on a few factors. Generally speaking, the lower the interest rate (or APR) on the loan, the better. Since the interest rate determines how much “extra” you’ll end up paying on top of the cost of the vehicle, the lower, the better. The shorter the loan term, and the better your credit, the more likely it is that you’ll land a great financing deal.
If you’re looking to get financing on a new or used vehicle, be sure to stop by the Biggers Chevrolet Finance Center, or apply for financing via our website. Either way, Biggers Chevy makes auto financing easy, no matter your credit situation!