So, you've finally figured out what kind of car you want. With so many brands, segments, features, and models, the auto market can make your head spin. However, picking out your chosen vehicle is only part one. Part two is actually going through the process of buying it, and taking out a car loan does not have to be a complicated or difficult task. To make sure you understand some common finance issues, here are some of the most frequently asked questions in the finance department at Bill Walsh Streator.
WHAT ARE MY FINANCING OPTIONS?
When you want to purchase a car here at Bill Walsh Streator, you have two options. You can either secure financing beforehand, like at your own bank, or we can find financing for you, and promise to deliver you a great rate. 
HOW DO I APPLY FOR FINANCING?
If you want to get your financing here at the dealership, we will have you fill out a credit application that includes information such as your name, Social Security number, birthday, sources of income, and more. We will check your credit report and then find the best financing options that are available to you. 
WILL I NEED A CO-SIGNER?
This depends on your credit history, the amount you are looking to borrow, and other factors. 
SHOULD I LEASE A CAR?
If you choose to lease a new vehicle instead of financing it, your monthly payments will be lower. However, you only get to keep the car for a specified amount of time and are limited on the number of miles you can drive. 
WHAT IS DEALERSHIP LENDING?
Also called "dealer lending", "dealer financing", or any number of similar terms, dealership lending simply refers to one way you can get a loan. In this particular method, the dealership acts as a financial intermediary. 
WHAT IS DIRECT LENDING?
In contrast to dealership lending, direct lending is a method of debt acquisition in which you don't use a financial intermediary to obtain a loan. 
WHAT IS APR?
The APR, or "Annual Percentage Rate", refers to the amount of extra money added on as a percentage as you're paying off the loan, similar to an interest rate. The APR can be higher or lower depending on your credit score. 
WHAT'S MY CREDIT SCORE?
Your credit score is a number between 300 and 850 that is determined by your credit history. This involves things like how much debt you have and how quickly you pay back that debt. Basically, it's a little number that measure how reliable you are, and the higher the score, the more likely it is that lenders will trust you. 
WHAT'S MSRP?
"Manufacturer's Suggested Retail Price". It's exactly what it sounds like -- the price recommended by the brand that produced the vehicle. Dealerships use these more as guidelines than strict rules, and the actual cost of the vehicle may be more or less than the MSRP.
Is something still confusing to you? That's okay, financing can be a tricky topic, so we are here to help! Please free to stop on by our dealership with any and all of your questions or call us at (815) 827-2140.