CHEVY FINANCE TIPS: HOW TO BUDGET YOUR PURCHASE

July 12th, 2021 by

Interested in a new Chevy vehicle, but aren’t quite sure how to budget your purchase? When it comes to Chevy financing, our dealers at Patriot Chevy Warminster are here to educate you so you can build a budget that works for you.

Know Where Your Budget Ends

Before you start building your budget, you need to know what you have in your corner. To start, you should learn your credit score. Typically, you want a credit score that’s around 700 or higher. If yours is lower or non-existent, it’s going to be much more difficult to get low interest rates.

Next, you need to figure out what you are going to have in terms of a down payment. A larger down payment means that you will have more control over your loan term limit and your interest rate. You can also trade in your old vehicle and put the cash towards a new one.

Building Your Budget

Once you know where you stand in terms of your budget, speak with our Chevy finance experts about your payment options. Typically, if you pay over a longer loan term, you are going to pay a little more in interest in exchange for lower monthly payments.

However, if you go with a shorter loan term limit, you will pay more every month, though your interest will be lower. You may be inclined to go with cheaper monthly payments, but you need to figure out what you can realistically pay every month so that you don’t have to pay more interest.

At Patriot Chevy Warminster, we will make sure you know all of your Chevy finance options. Get the most out of your Chevy buying experience today!

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