Benefits of Financing a Car

Taking the next big step in the car-buying process can seem extremely daunting, but it doesn’t have to be! If you’re interested in financing your next new or used vehicle through your local Schaumburg dealership or through a bank, you may have a lot of questions about the financial process, especially “Is it worth it?” Thankfully, there are many benefits to financing your car. Explore these benefits today with the help of the experts at Zeigler Chrysler Dodge Jeep Ram of Schaumburg.

What is Automotive Financing?

Automotive financing is the act of contracting a loan and payment plan in order to pay the total sum of the cost of a car in a certain amount of time. There are different types of financing options, including direct loans (which come from the bank) and dealership financing (an agreement you reach with your dealership, like Zeigler Chrysler Dodge Jeep Ram of Schaumburg). This is negotiable based on factors like your budget, the length of your credit contract, the Annual Percentage Rate (APR), and any special programs that are offered by the manufacturer.

What Are the Benefits of Financing a Car?

• Total Ownership: One of the main benefits of financing is that the vehicle is completely yours, so you can do with it as you please.
• Build Equity: Your car holds equity, and if you so choose, you can put that equity towards another car. However, your car payments will need to be finalized before you can check your car’s equity.
• Helps Improve Your Credit: Most major purchases can help improve your credit, no matter what your score is. In fact, if you are trying to build your credit–or it’s less than perfect–financing a car can help boost your credit score up as long as you stay on top of your payments.

• Ability to Customize: Since the vehicle is completely yours, you have the chance to customize it as you please. So if you’ve been dreaming of tricking out your Jeep Wrangler for outdoor adventures, this is a great opportunity to do just that.
• No Mileage Limits: Additionally, since the vehicle is yours, you can drive it as much as you please without mileage restrictions that are in place when you lease.
• Autonomy After Final Payment: Once your final payment has been made, you can do whatever with the car as you please: sell it, keep it, whatever you like! And the best part is that once your payments are done, you just have to pay for repairs, gas, and other miscellaneous expenses.
• Opportunity to Refinance Your Loan: Should you need to renegotiate your loan payments, or the length of your loan term, you have the ability to do so when you finance.

Turn to Zeigler Chrysler Dodge Jeep Ram of Schaumburg for All Your Financing Needs!

Whether you’re ready to take out a loan with us or your bank, or you’re still on the fence about whether financing or leasing is your best option, turn to the financial experts at Zeigler Chrysler Dodge Jeep Ram of Schaumburg to help with any questions you may have! Simply contact us if you need assistance, or if you are ready to finance, apply online! Additionally, get more financial help by browsing our guide on gap insurance.