How Does Car Financing Work?
When you’re ready to purchase a used or new truck or commercial vehicle for your job site Waterford, you can purchase it outright, lease it, or apply for financing. If you’re asking yourself, “What does it mean to finance a car?” and “How does financing work?”, we’re here to help you understand the process, so you can enjoy a stress-free and well-informed car-buying experience.
How Does Financing a Car Work?
The first step in financing a new or used vehicle, like a new tow truck, is to apply for the loan through the dealership, a bank, or a credit union. The application can be started online, or you can apply for a loan at the dealership. Factors that the lender will look at include:
- Credit Score
- Loan Amount
- Length of Loan
- Debt-to-Income Ratio
- Age of the Vehicle
If you know your credit score is low or you don’t have a strong credit history, consider asking a family member or close friend to cosign your loan.
Choose Your Lender
If you are approved for a loan, you might have a few different options to choose from. If the dealership offers in-house financing, you can compare their offer to a bank or credit union offer to see which makes the most sense for your needs and budget. Take a look at how much money you can put down, and how much your monthly payments will be to ensure you will be able to pay back the loan. Remember to consider the differences between compound and simple interest loans, while you’re looking at available offers.
Finalize the Loan Terms
Before finalizing your loan and buying a car, you may need to negotiate on price. If this is the case, you and the salesperson can go back and forth until you settle on a loan with an interest rate that works for you. Once you have, you can finalize the loan terms and close the deal. You’ll sign all the necessary paperwork, take delivery of the vehicle, and drive home to the Rochester area in your new vehicle.
Want to Know More About Car Financing in Waterford?
To learn more about the automotive finance process, contact us online or simply stop by our dealership to speak to a member of our finance department near Burlington.
Should I Buy or Lease my Next Truck?
When you’re ready for a new truck for work around Rochester, there are two automotive financing options: lease vs. buying. To determine which works better for you, it’s important to understand the benefits that each financial option offers. Take a look at the advantages of both leasing and buying before you visit Lynch Truck Center.
Benefits of Buying a Truck
- Ownership: Financing a vehicle means that you are the sole owner that your truck. That means that once you pay off your loan, you will have your vehicle for as long as you wish to. It also means that there aren’t any restrictions on modifications or upgrades.
- Customization: As we just mentioned, you are not bound by an agreement, so you can customize your truck however you’d like. Feel free to upgrade your audio system, reupholster the seats, or anything else.
- No Restrictions: If you plan to drive your truck frequently, the financing is a better option because you won’t have to obey mileage restrictions. You can drive your truck for as many miles as you need in Burlington.
- Selling Ability: Because you’re the owner of your vehicle, you can choose to sell it or trade it in at any time.
- Less Long-Term Cost: Although buying a truck is more expensive upfront, the costs over time will likely be less because it shouldn’t require as much maintenance or repairs.
Benefits of Leasing a Truck
- Lower Costs: Leases typically require a lower down payment, so this option is less expensive upfront. Leases also usually come with lower monthly payments than financing. Check out our lease specials to see how you can save further.
- Upgrades: When your lease term is up, you’re able to trade in your current truck and choose a newer, upgraded model.
- Lower Sales Tax: In many states, vehicle leases come with a lower sales tax. In some places, you only pay taxes on how much you put down and for monthly payments.
- Warranty Coverage: Because you have the vehicle for a short period of time, maintenance should be covered by your warranty, as long as you haven’t gone over the mile limit.
- Higher Approval Rate: If you were denied for a car loan, you may be able to get approved for a lease instead. Even Rochester drivers with little or poor credit may be approved.
See Truck Lease and Financing Options at Lynch Truck Center
Now that you know the benefits of each automotive finance option, you can determine whether buying or leasing is better for your financial situation and needs. To learn more about loan approval requirements or to explore your options further, contact us online or visit us near Waterford.
The new fleet of heavy-duty chassis cabs from Chevrolet, the 2019 Silverado 4500HD, 5500HD, and 6500HD, are shaping up to be a powerful, dependable new line of trucks for Rochester job sites. We’ve given a brief overview of each model before, but here, we’ll take a more in-depth look at what these trucks will offer when they hit the streets in early 2019.
2019 Chevrolet Silverado Chassis Cab Performance
- 6.6L Duramax® Turbo-Diesel V8 w/350hp
- Allison® 6-speed automatic transmission
- Rear fuel tank holds up to 40 gallons
- 1,100 cold-cranking amps in the dual heavy-duty batteries
- Available air-ride suspension
- GVRW ratings from 15,000 to 22,900 pounds
- Various wheelbase and cab-to-axle options
2019 Chevrolet Silverado Chassis Cab Features
- Standard Features
- Assist steps
- 40/20/40 split-bench front seat, 60/40 rear bench seat in the Crew Cab
- USB port
- Cargo lamp
- Cruise control
- Single-zone manual climate control
- Tilt steering column
- Available Features
- 4G LTE Wi-Fi® Hotspot
- Mid-body 25 gallon fuel tank
- Bluetooth®
- Chevy Infotainment System w/ 8 inch touchscreen with or without navigation
- Floor-mounted console for Crew Cab models
- Fog lamps on LT models
- Leather-wrapped steering wheel
- Rear-view camera
- Remote start
- Steering wheel-mounted audio controls
- Triple heavy-duty battery setup with 2,250 cold cranking amps
- Wireless charging in Crew Cab models
2019 Chevy Silverado Chassis Cab Trim Levels, Color Options, and Fleet Packages
- Trim Levels
- Regular Cabs
- Regular Cab 2WD available in 1WT and 1LT options
- Regular Cab 4WD options include 1WT and 1LT
- Crew Cabs
- Crew Cab 2WD 1WT and 1LT options
- Crew Cab 4WD offered in 1WT and 1LT trims
- Regular Cabs
- Exterior Colors
- Black
- Deep Ocean Blue Metallic
- Graphite Metallic
- Havana Brown Metallic
- Red Hot
- Silver Ice Mettalic
- Summit White
- Fleet Packages
- Snow Plow Prep Package
- Motorhome Package
- Emergency Service Package
Lynch Truck Center is Your Silverado Headquarters
Our truck center, located near Waterford, has a great inventory of chassis cab models, as well as light duty options, for your business or personal needs. Start exploring our Chevy Chassis Cab inventory today! Keep your eyes on Lynch Truck Center for more updated 2019 Chevrolet Silverado chassis cab information. If you have any questions, stop by for a visit, or simply contact us online today!
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