When you first begin the vehicle financing process, JeepÒ finance rates may seem complicated and overwhelming. The good news is that the more you know about how these rates are determined, the easier it will be to get the best terms for your next vehicle. Learn about how rates are set at Fields Chrysler Jeep Dodge RAM Glenview.
Credit Score
Your credit score is one of the most important factors to consider when purchasing a vehicle. It tells lenders how reliable you are to lend money to, which is why drivers with higher credit scores are eligible for more favorable terms — including interest rates. When your credit score is higher, your rates will typically be lower, so you always want to check your credit score at the start of the vehicle financing process, and adjust it, if possible.
Down Payment
The more you can put down on the day of purchase, the less you’ll pay in interest over time. That’s because you’ll be able to pay the vehicle off more quickly, which means fewer payments with accrued interest. It is also a lower risk for the lender if you can put down more for your down payment, so the interest rates will be lower to incentivize drivers.
Length of the Term
Another important factor is the length of the term. If your term length is longer, that means you have more time to pay your loan off — and that is a higher risk for the lender. To protect themselves, and to incentivize drivers to pay more than the minimum, lenders typically set higher rates on longer term lengths.
Begin the Jeep Financing Process in Glenview, IL
You don’t have to go through the Jeep financing process alone. At Fields Chrysler Jeep Dodge RAM Glenview, we’re working hard to demystify the terms of vehicle financing, so you can finance your next car with confidence and peace of mind. Submit your finance application at our dealership today!