Financing a car can be complex, but understanding key terms helps secure a great rate in the Shelburne area. The annual percentage rate (APR) is the yearly interest charged; a lower APR means less interest is paid overall. The loan term is the payoff time, typically ranging from 36 to 84 months. Longer terms have lower monthly payments but more total interest. Be sure to consider the total cost of ownership, including insurance, maintenance, and fuel costs, when budgeting for your new vehicle.
Making a larger down payment upfront reduces the financed amount and can lower your APR. Check your credit report and improve your score before applying for better rates. Higher credit scores often qualify for lower interest rates, saving you money over the life of the loan. Consider getting pre-approved for a loan before visiting the dealership, as this can give you more negotiating power and help you secure a better rate.
Compare offers from multiple lenders for the best deal. Don't be afraid to negotiate and ask questions to ensure you fully understand the terms of your financing agreement. MINI of Burlington simplifies financing. Apply online for a quick decision. Visit us at 74 Champlain Drive in Shelburne, VT to find your new MINI.