Chevrolet Finance Center in Plano, TX

Buying a new car usually involves vehicle financing since the majority of car buyers don't typically have the entire amount handy to purchase a new or used Chevrolet. At our Chevrolet dealership in Plano, our financing department can help you find car financing that fits your budget and get you into a vehicle that's exactly what you need. Here's a look at how to prepare yourself to apply for financing and what to expect from the process, no matter your credit score. 

What Do You Need for Financing?

Getting vehicle financing from our Chevrolet dealership in Plano means getting a loan that you pay down over a specified period of time. You agree to make monthly payments for as long as the loan is active, and you own the car outright after you make your last payment. This type of loan is known as a secured loan, and it has specific requirements that you need to meet before you're approved. You'll need to consider multiple things before applying for new vehicle financing.

Which Car Are You Interested In Buying?

The type of vehicle you're looking for is going to dictate the financing and its terms. You need to have an idea of how much you'll be financing, if it fits into your budget, and be ready to look for alternatives if the vehicle you want costs more than you can afford. The goal of financing a new Chevrolet is to make sure you can keep up with the payments without feeling stressed. 

Do You Have a Down Payment?

Providing a down payment has a few benefits that can help you get vehicle financing. The most important one is that of showing the lender that you're willing to put your own money into the purchase. It also reduces the amount you finance and may help you get a lower interest rate. 

While well-qualified buyers may be eligible to get zero-down financing and drive away with a new vehicle, you're better off making a down payment because this makes it easier for you to get financed, have lower monthly payments, and pay off the loan more quickly.  

Are You Trading In a Vehicle

If you're going to trade in your old vehicle, you'll either need to bring your most current loan statement to show the outstanding balance or the car's title to prove you own it free and clear. You should also bring any paperwork that you think may be relevant or that should stay with the vehicle.

What's Your Credit Score?

A high credit score helps you get better financing terms, such as a better interest rate to help you save money. Pulling your credit report before applying for vehicle financing allows you to fix any issues that may be dragging down your credit score. 

Repairing your credit can take time, but it's worth the effort. If you need to buy a car before the bad marks fall off, ask the financing department if proof of payment will work in your favor.

Do You Have Proof of Insurance?

You'll need to show that the car is insured before you drive away, either in the form of gap insurance or starting coverage with a new policy. Talk to your insurance agent before you close the deal on your next car. They'll let you know what you need to do to have an active policy in place or how to get short-term coverage. 

Can You Still Get Financing if You Have Bad Credit?

Yes, you can still get car financing with bad credit. At our Chevrolet dealership in Plano, TX, we work with lenders who offer bad credit financing to applicants with a poor credit history. However, the financing terms for these loans often include higher interest rates and other associated costs that can increase your monthly payment. While there are initial drawbacks to bad credit financing, maintaining regular payments can help you improve your credit rating over time. 

If you have no credit history or other issues that may make it difficult to get financing, seek out someone willing to cosign for the loan. Another option is to put down as large of a down payment as possible to reduce the overall amount you're borrowing.  

Be sure to pay attention to the information and terms that come with bad credit financing. There's very little room to make a mistake when it comes to a late or missing payment, and the car may be repossessed if you're not careful. 

What Should You Expect From the Credit Application Process?

The team of finance professionals at our Chevy dealership will guide you through the process from start to finish. They'll explain what to expect from the lending process and how we look for the loan that has the best terms for you and your budget. They'll then send your application to our lending partners. After our lenders respond with their terms, we'll be able to discuss your available financing options. 

Provided the terms meet your approval, you'll sign paperwork to show your agreement with what's being offered, the total loan amount, and the monthly payment amount. Once the lender countersigns the loan, we'll give you the keys and you can drive home behind the wheel of your new Chevrolet. 

Our Finance Center Can Help You Get a Loan That Works for You

As your local Chevy dealer, our finance center can help you get a car loan so you can get into a vehicle that meets your needs sooner rather than later. You can begin the approval process online through our secure form and get an idea of how much you'll be approved to borrow. 

In the meantime, check out our incentives on 2023 and 2024 models to help you save more money. You'll get a brand-new car at a lower price and enjoy the pleasure of being its first owner. 

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