The Complete Guide to Financing a New Car in Downer’s Grove, IL
It’s not every day that you finance a vehicle from us at Bill Kay Buick GMC. Whether you’re approaching this large purchase as a newcomer or if it’s your fifth time doing so, it’s only advantageous to know how to go about it with need-to-know knowledge in the back of your mind!
Your Credit Score and Budget
A personal budget goes a long way once you’ve decided it’s time to buy your first or a different car to use for your excursions through Downer’s Grove. After you’ve determined what you can afford by subtracting your mandatory expenses from your take-home monthly pay, you’ve hit a major milestone in your quest to finance a new vehicle. Before you move on to assessing your credit score, be sure to factor in hidden costs like gap insurance, taxes, and monthly fuel costs into the budget as well. Because the loan you’ll apply for will carry interest, knowing your credit score upfront will help you get a good idea of what percentage rate you can expect to tack on to the MSRP.
Necessary Documents
Getting a loan for a new vehicle means that a bank is trusting you with paying the amount lended in monthly installments, and as such, it’s helpful that you have certain documents that strengthen your odds of approval. Recent paystubs and prior W-2 forms showcase that you have a steady cash flow funneling into your bank account, which adds confidence that you can fulfill the monthly payments. A valid driver’s license is a required form of ID so that we know you’re eligible to drive legally, and proof of insurance demonstrates that you’re supported by an entity that will help cover you and other motorists in the event you are involved in a collision on the Ronald Reagan Memorial tollway.
Financing Options
The benefit to shopping for a new model with us is that you need not worry about large lenders assessing your credit, as we own the entity that will do so — the Greater Suburban Acceptance Corporation. That helps your odds of success pertaining to driving away from our lot with a new Enclave or Envision. If you want to be sure of your buying power before you stop into our location, we offer an online Finance Application you can fill out on either a desktop or mobile device. Once you’ve determined your estimated rate, plug it into our Payment Calculator so you can get an estimate of your monthly payments.
Post-Purchase
After your loan is approved and you get to drive off to the Downer’s Grove Museum in a GMC Terrain or Acadia, it’s encouraged that you continue to strengthen your credit profile by making your monthly payments on time. We advise you to place them on auto-pay to circumvent any late fees and negative impacts to your score. To maximize your car’s future trade-in value and ensure that it’ll continue to operate well while you drive it, make timely service appointments for those routine services outlined in your Owner’s Manual. For those interested in keeping their vehicle for the long haul, reach out to us about possibly refinancing your car to lower its monthly payments!
