Car Loans

Are you searching for a new or used vehicle in Milwaukee but don’t know how to pay for it? Rising prices have made it harder to start car shopping, even if you need a car. 

To reduce the strain on your wallet, consider getting a car loan from Ewald CJDR in Franklin when buying. Read on to learn more about how car loans work!

How Do Car Loans Work?

Buying a car typically means taking out a car loan. You might have put a lot of research into your car options, but do you know how car loans work? You receive the money in a lump sum when you take out a car loan. Then, you must pay it back, with interest, over time. Here are the three significant factors that affect your monthly payment and the toilet amount you will pay:

• Loan amount. You can trade in your car or make a down payment to reduce the amount you have to borrow. 

• Annual percentage rate. Usually known as APR, this is the interest you will pay on your loan. Auto loan rates can vary depending on your lender. 

• Loan term. The amount of time you have to pay back the loan–typically, it’s 36-72 months.

To assess how much you can afford each month, use Ewald’s car loan payment calculator. This tool will help you determine what your monthly payment could be on your next car loan.

How To Get Preapproved For A Car Loan

The appropriate documents can help you get preapproved for a car loan more quickly. Generally, lenders want proof that you will be able to repay the loan. To get started, here’s what you need to have ready.

• Credit Score

• Social Security number

• Driver’s license, state ID, or military ID

• Employment status

• Income

You can apply to get preapproved for car loans online, over the phone, or in-person at Ewald CJDR in Franklin.

How To Pay A Car Loan Faster

A lengthy car loan can rack up a significant amount of interest. So, paying it off early can save you money and take a costly item off your monthly budget. 

• Consider refinancing your current car loan. If your car loan comes with a high-interest rate or other monthly fees, refinancing your loan can get you better terms and a lower payment.

• Make biweekly payments. Change your payment frequency to every two weeks. That way, you can reduce your interest payments over the life of the loan.

• Round up your car loan payments. Round up your car loan payment to the nearest $50. So, if your monthly payment is $213, round up your payment to $250. That way, you can pay off your car loan sooner.

• Review add-ons. You could be slowing down your loan repayment by paying fees for extra items. To cancel unwanted add-ons, contact your lender or Ewald CJDR in Franklin.

•  Find extra money. Utilize tax refunds, bonuses, and pay raises towards your car loan. You can also reduce extra expenses.

Talk with our finance experts at Ewald CJDR in Franklin about more ways you can pay a car loan off faster.

How To Get A Car Loan With Bad Credit

If you have bad credit, getting a car loan may be difficult. But, it’s not impossible. The most crucial part of getting a car loan for bad credit is researching your options. You can find a loan that will best serve you, regardless of your credit score. Read on to learn more about how to get a car loan for bad credit:

• Know your credit score. Before you start the shopping process, check your credit score. 

• Save for a down payment. If you have a lower credit score, making a down payment on a car can increase your chances of securing and getting approved for an auto loan.

• Get pre-approval with lenders. You can see if you are eligible for a loan before you apply. Just remember that prequalifying does not guarantee loan approval.

• Be sure the terms are final. If you finance through a dealership, make sure the terms are final before you sign the contract.

• Shop loan terms, not monthly payments. Lower monthly payments look good on paper, but they could lead to you paying more for your car due to interest. So, look for the lowest APR or shortest period.

• Consider a co-signer. Co-signers reduce most of the risk for lenders. So, adding a co-signer can be a strong negotiating tool that results in a lower auto loan rate.

Your bad credit does not mean that you won’t be able to get a car loan. Find one right for you and make on-time payments to boost your credit score.

What is Chrysler Capital?

Chrysler Capital is a program established in 2013 to help provide auto financing to Fiat Chrysler dealers across the United States. Approximately 2,500 dealers have access to Chrysler Capital–Ewald CJDR in Franklin is one of them. 

This auto financing provider helps customers buy Dodge, Chrysler, FIAT, Jeep, and Ram vehicles. So, if you get a new or used car, truck, or SUV at Ewald CJDR in Franklin, ask our finance experts about Chrysler Capital.

Get Your Car Loan From Ewald CJDR In Franklin

At Ewald CJDR in Franklin, we know that each customer is in a different financial situation. So, our team of finance experts will work with you side-by-side to find a solution for you. Get started by using our car loan payment calculator to help determine what works for you!