Applying for a loan for a new car can seem to be a confusing process, as many changing factors affect your ultimate offer. Learn some common mistakes to avoid below, then contact Helfman Alfa Romeo to apply for Alfa Romeo financing!
Focusing Only on the Monthly Price
When walking through their loan and negotiating prices, buyers tend to focus on keeping the monthly payment as low as possible. In the long run, however, it’s better to focus on keeping the overall purchase price lower, including accrued interest over time, as you’ll spend less and pay it off quicker. If you only make low monthly payments, you may not catch up to the cumulative interest for a while.
Choosing the Wrong Term Length
Buyers often choose the longest financing term, usually because it gives them the lowest monthly payment. This can work well for some drivers, especially those who like to keep their cars longer and put off making an upgrade, but it may keep you stuck in a loan longer than you planned, and you may even go upside-down. You’ll also pay much more interest over time.
Ignoring Your Credit Report
Your credit score will influence whether you are approved for financing and how favorable your terms are. It’s important to check it to make sure there aren’t any errors and raise your score if needed. If you’ve recently paid off a significant amount of debt and want your improved record considered for the loan, bring paperwork showing your payments.
Apply for Alfa Romeo Financing at Helfman Alfa Romeo
Financing your new car can be complicated, but it doesn’t have to be. Visit Helfman Alfa Romeo and talk to our team about applying for Alfa Romeo financing today!
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