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Financing Your Car FAQs

Whether you’re looking to purchase your first car or your fifth, navigating the payment process can easily feel overwhelming. While paying cash is the fastest way to buy a car, most people don’t have that much saved up when the need for a new vehicle arises. Loans are a relatively easy and affordable way to buy a car, but they can seem complicated if you don’t have someone to guide you through what to expect and do. That’s where we come in.
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Finance FAQs - Terry, MS

How much can I afford?

While we can tell you what loan amount you’ve been approved for, it may be more than you can comfortably afford each month. Before you apply, keep track of all of your spending to make sure you know how much you can put towards a loan payment, gasoline, insurance, and service costs each month. Don’t stretch yourself too thin, or you could end up with late fees and higher interest rates.

    How do I apply for a loan?

    One of the easiest ways to apply for a car loan is to do it right here at the dealership. Simply fill out the application and we will do all of the legwork to find you the best rate possible. 

      What documents do I need to bring to the dealership?

      You should bring your driver’s license and proof of insurance to test drive a car. If you are applying for a loan as well, bring proof of residency and recent pay stubs. If you’re trading in your old car, bring necessary ownership papers, like the title.

        How much do I need for a down payment?

        Industry experts recommend you put down about 20 percent of the value of a new car. For a used car, the recommendation is ten to 15 percent. Keep in mind that the money you get from trading in your old car is a great way to cover the cost of a down payment. Additionally, the more you can comfortably afford to put down upfront, the less you’ll end up paying in interest over the lifetime of the loan.
          Whether you’re ready to apply for a loan or not, feel free to stop by Skinners Chevrolet Buick GMC and ask a member of our staff any questions you may have about the process. We’re always here to help.

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