The best way to purchase anything, including a car is with cash, if that is not an option then finance is necessary but for the best deals it should be established prior to closing a deal on any particular vehicle.
Zero % financing is often used by Chevrolet dealers in San Antonio to help dispose of slow moving inventory. If you have excellent credit and finance through the manufacturer’s captive credit company and if the vehicle you want is available under zero percent financing this is something to jump on. Manufacturers put incentives up and take them down as they feel is appropriate and the terms can be anything from 36 to 60 months.
Purchasing a car is a totally different transaction from arranging a loan. Deciding on the car has one set of details and deciding on finance has its own. Keep the two transactions separate so that you know the true cost of money.
When you go into Chevrolet dealers in San Antonio, pre-approved finance it is the same to the dealer as paying cash for the car. Without pre-approved financing you can use the financing that the dealer can arrange but there may be differences. The interest rate you are offered at the bank may be a little lower than that offered by the dealer but there may be other incentives. If you calculate the real cash differential over the term of the loan it may not be all that great, who knows, maybe the dealer can throw in that extra option you wanted to offset the additional cost.
You need to know your credit score before you begin looking for separate. Borrowers with an A rating will have no difficulty in getting the loan and at the lowest rate. B and C rated borrowers are not considered to be bad risks but they may be asked for a co signer or a substantial down payment. This is referred to as sub-prime financing and the interest rates can be as high as 20%. This is where the dealer can shine, he has many sources of financing and unlike the bank, and he can shop on your behalf and more often than not find terms which are more than acceptable.
Regardless of where you get the money to purchase the vehicle, if it is not your own cash then the car is not yet yours. There is a lien placed on the title and until such time as the loan is paid off the lender can legally repossess the car if you go into default.
There may be a number of Chevrolet dealers in San Antonio but none with the selection of new and pre-owned vehicles that you will find at Wommack Chevrolet.
