Picking out your next new vehicle is an exciting event, and our team at Van Buick GMC is looking forward to meeting with you soon and helping you to get into the car, truck or SUV that you are interested in. For many of our Scottsdale area customers, a critical component of the buying process relates to applying for a loan. An auto loan makes it convenient and easy for you to pay for the full cost of a new vehicle by stretching the payment out over the course of many months. However, there are often a few questions and concerns about auto financing. While we want to help you get into a stylish and well-equipped vehicle soon, we also want you to make a buying and financing decision that is right for you. A closer look at auto financing will help you to decide which steps to take next.

Why Is Financing Such a Good Idea?

Paying cash for the full sales price of a vehicle is not in the cards for many of our Scottsdale area buyers, and this leaves the options of financing or leasing the car. If you are like many other drivers, you have heard that both options are the better option. This conflicting information can be confusing to decipher, but we are ready to help you explore the possibilities. Both financing and leasing have their merits. Because each driver has different goals and financial considerations, there is not a perfect solution that is right for everyone.

A lease is an excellent option for drivers who enjoy trading in their vehicle every couple of years to get a newer model. A lease typically spans a few short years, and you will make monthly payments during this time in the same way that you would make auto loan payments. There are usually fees in a predetermined amount that are due at both the start and end of the lease. Also, a lease limits the number of miles that you can drive over the course of the lease. If you exceed the mileage limit, another fee is due at the end of the lease. You can see that a lease is excellent for drivers who are not concerned about high mileage and who enjoy always trading in their vehicles.

An auto loan gives you similar monthly payments as a lease. The length of the loan term can be adjusted by you, and it usually spans between three to seven years, which lets you change the monthly loan payment so that it is comfortable for you to make each month. With a car loan, your final loan payment pays the entire loan balance off. The car is yours to drive without any monthly payments at this time. Also, there is never a mileage limit. Also, you often have the flexibility to choose the down payment that you wish to make up-front.

Do I Need a Specific Credit Score?

One final concern that our auto buying customers have relates to credit ratings. We are affiliated with many auto lenders and loan programs. The minimum credit rating for these programs varies dramatically. Regardless of your current scores, you can rest assured that we will do our best to find a loan program that works well for your situation and that gives you affordable monthly loan payments.

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