Most people don’t have the luxury of buying a car with cash-on-hand. Rather, the majority of drivers around the country tap into auto financing options to take home the car of their dreams. Luckily, whether it’s new or used, you have plenty of options when you need to finance a car.
As with any large investment, it’s wise to do your research first. To make the process easier, Sierra Blanca Motors has created this guide to auto loans. Click one of the buttons below to go directly to a Sierra Blanca Motors finance center or read on for expert advice on how to finance a car.
How to Finance a Car
It can be confusing to figure out where to finance a car in Ruidoso, NM. Typically, you will go through a series of paperwork with your dealership or bank of choice. From there, lenders will check essential factors, including your credit score and your income level. Then they make you a lease or loan offer based on what they find.
Factors for which you must account when financing a car vary with the option you choose. If you’re considering a loan, you should always consider the following:
- The amount you’re borrowing.
- The annual percentage rate (APR) for interest.
- The term, or length, of the loan.
Based on these factors, you’ll be able to see if a loan is right for you. If the offer is out of your price range, or if it doesn’t fit with your long-term financial goals, maybe a lease will be a better option for you. When considering a lease, you will just be paying a portion of the cost of the car up-front, then paying a certain amount over a specified period (typically in the form of monthly payments). With a lease, you should consider the following:
- The number of miles included.
- Downpayment amount.
- The total amount of money you will owe on the vehicle (which is similar to an interest rate on loans).
- When the car will be available for a lease buyout.
Should I Finance at a Bank or Dealership?
Banks can be a great option if you plan to pay off your car in one payment to the dealership, but then you will be subject to the bank’s interest rate – which can often be high, depending on your credit score.
Financing through a dealership can be preferential for some since they do all the work on the buyer’s behalf. Additionally, leasing through a dealership typically results in a lower monthly payment than if you finance through a bank.
Ultimately, the answer to this question depends on your individual needs. Still wondering if it's better to buy or lease a car? We understand there’s no one size fits all solution. A Sierra Blanca Motors representative would be happy to discuss this further to help you decide what works best for your income and lifestyle.
Car Loans in Ruidoso, NM: We Make it Simple
Sierra Blanca Motors is a family-owned dealership that has served the Ruidoso, NM area for more than 50 years. Our inventory includes vehicles from several popular manufacturers including Chrysler, Dodge, Jeep, RAM, and Chevy.
Sierra Blanca Motors offers all the advantages of financing at a bank, but with the exceptional service we’re known for. If you’ve got questions, the friendly professionals in our financing department are happy to help. Get in touch today!
