Financing FAQ

FINANCE FREQUENTLY ASKED QUESTIONS | SWANT GRABER CHEVROLET FINANCE DEPARTMENT

Q: How does buying a car work?

A: If you're a beginner, the car-buying process can seem a little daunting. While cars themselves are expensive, the most common method of paying for them is to take out a car loan and then paying monthly payments on the vehicle. Usually people will also put a "down payment" towards the full cost of the vehicle upfront to reduce monthly payments.

Q: How do I take out a car loan?

A: There are many ways to finance a car. You can either do it directly through a dealership, or get pre-approved for a car loan by a bank, credit union, or other financial institution ahead of time.

Q: What do I need to know when applying?

A: Financial institutions will often require information such as your name, Social Security number, occupation, employment history, current and previous addresses, sources of income, up-to-date financial information on current credit, and total gross monthly income.

Q: How does my credit history affect the financing process?

A: Financial institutions like a dealership or bank will typical look at your credit score to determine how trustworthy you are when it comes to paying off debts. A high credit score will cause finance companies to trust you with their money, and will likely allow you to ask for more money than usual.