Car Financing FAQs

Welcome to Cecil Atkission Chrysler Dodge Jeep Ram, Uvalde, your premier destination for all your car, truck, or SUV financing needs. Our mission is to help every driver living throughout Uvalde, Del Rio, and Laredo, TX, make an informed decision about their next ride.

That’s why we’re here to answer some of your most frequently asked questions. If you’d like to chat with our finance team, please don’t hesitate to contact us immediately!

Q: How Do I Determine My Budget for a Vehicle?

A: Determining your budget is crucial when considering a vehicle purchase. Start by assessing your monthly income, expenses, and savings. To help you estimate your monthly payment, use the convenient finance calculator. Enter the vehicle’s price, your preferred down payment and interest rate, and loan term to receive an estimate.

Q: Should I Finance or Lease a Vehicle?

A: Choosing between financing and leasing depends on your preferences and financial situation. Financing makes it possible to own the vehicle outright eventually. On the other hand, leasing typically offers lower monthly payments and the ability to drive a new car every few years, but you never own the car.

Q: How Does My Credit Score Affect Financing a Vehicle?

A: To help you secure the most attractive financing terms, it’s essential to maintain a good credit score. Possessing a credit score above 700 typically will give you access to the lowest interest rates available at the time of purchase.

If you’re currently building your credit score, we recommend you focus on paying bills on time and keeping credit card balances low. Additionally, having a reasonable debt-to-income ratio can positively impact your loan application.

Q: What Can I Do if My Credit Score is Low?

A: Consider making a larger down payment to reduce the loan amount. You might also consider having a co-signor with a higher credit score. Finally, consider increasing the length of your loan to decrease the amount of your monthly payment.

Q: What Documents Do I Need to Finance a Vehicle?

A: When applying for an auto loan, you’ll be asked to provide a few documents, including a valid driver’s license, proof of insurance, proof of income (such as pay stubs or tax returns), and in some cases, proof of residence (utility bill or lease agreement). Having these documents ready can help streamline the financing process and ensure a smooth experience.

Q: Can I Refinance My Auto Loan at a Later Date?

A: Absolutely! Refinancing your current auto loan is an option, especially if interest rates have decreased since the start of your existing loan.

Refinancing can help you save money on monthly payments and reduce overall interest costs. If you’re considering refinancing, our financing team is here to assist you and explore options.

Q: Can I Trade in My Current Vehicle And Put the Value Towards My Next Car?

A: Certainly! Trading in your current car, truck, or SUV is a smart way to reduce the cost of your new purchase. Our dealership offers fair trade-in evaluations to ensure you receive the most accurate value for your trade-in. The trade-in value can be applied towards the down payment or purchase price of your new car, truck, or SUV.

Do You Have More Questions? Ask Our Finance Team!

We hope that these finance FAQs have provided valuable insights into the car financing process. At Cecil Atkission CDJR, Uvalde, we strive to make your vehicle purchase seamless.

Take the next step by contacting our finance center near Uvalde, Del Rio, and Laredo, Texas, today.