What to Ask Your Lender about Good Credit Auto Loans in St. Charles
April 7, 2016
There are a few things you should ask the dealer when you are considering good credit auto loans in St. Charles to be certain that you know exactly what to expect. They are as follows:
- What is the best interest rate for which I can qualify with my credit score?
- What is the APR (annual percentage rate) and the base rate? Will this rate change over the term of the loan?
- Is the interest rate locked?
- What is the length of the loan?
- What is the minimum down payment? How will a larger down payment affect my monthly payment?
- What is my monthly payment and on what day of the month is it due?
- Is there a prepayment penalty?
- Do you offer car financing with defaulted credit?
- What is the amount of the loan fees and what specifically do they cover?
- What documentation do you need from me to complete the loan application?
- How long does it take for the loan to be approved?
Although this may not be a completely comprehensive list of questions you should ask your used car dealer, it can provide a stable basis for you to know the intricacies of the car loan process. It is important to secure a loan with your “eyes open.”
For honest, excellent guidance about good credit auto loans in St. Charles and a large, varied inventory of pre-owned vehicles, come to 5 Star Auto Plaza. We have an established reputation for quality and service. Call our sales team today at (636)940-7600.