The Chrysler financing process doesn’t have to be overwhelming. At Fields Chrysler Jeep® Dodge RAM Asheville, we provide the information and resources you need to approach financing with confidence and peace of mind, from choosing a term length to deciding on your down payment. Learn more about vehicle financing with help from our expert team.
Set Your Budget
Before you can decide on your term length, you need to familiarize yourself with your budget. Shorter terms will have smaller interest rates, which is why they can be an appealing option, but if you can’t make your monthly payment every month, you’ll have to worry about fines and penalties in the long term. Start with an understanding how much you can reasonably make for your car payments before moving onto the specifics.
Check Your Credit Score
Your credit score is one of the most important factors to consider when it comes to vehicle financing. It tells lenders how reliable you are to lend money to, and the higher your credit score, the more favorable your terms. You want to start by checking your credit score, because a low score can limit your options, including how long a term length to pick from.
Use the 20/4/10 Rule
If you’re still not sure where to start, consider turning to the 20/4/10 rule. It recommends putting down 20% of the vehicle’s value on the day of purchase, and paying the car off within four years. Consider your finances and work backward to determine the vehicle within your budget according to this guideline.
Get Chrysler Financing in Asheville, NC
No matter what your vehicle financing, leasing, or trading-in needs might be, you’ll find the tools and support you can depend on at Fields Chrysler Jeep Dodge RAM Asheville. We’re dedicated to matching drivers with the right vehicle at the right budget, and we’ll help you every step of the way. Submit your application to get started today!