Buying a Volkswagen car is an easy process — if you can walk into a dealership with a big bankroll. If, however, you don’t have this luxury, financing is the next-best option. If you have questions about the Volkswagen finance process, Patrick Volkswagen aims to answer them with this guide.
How Does Financing Work?
Financing involves borrowing money from a bank or other financial institution to pay for your vehicle. You will supply a down payment, and whatever is left over will consist of your loan. You will then pay this off monthly.
Does Financing Come with a Fee?
The fee for financing comes in the form of the interest rate. This is a percentage of the borrowed money that gets tacked on to the payment monthly. The annual percentage rate (APR) you get will depend on numerous factors, including how much money you plan to borrow and your credit score.
Is There a Way to Lower the Interest Rate?
Perhaps the best way to get a low-interest rate on your car loan is to go in with a good credit score. If yours is on the low side, think about raising it ahead of time. You could also consider having someone with a good credit score co-sign on your loan to help get a more favorable rate.
Which Vehicles Can be Financed?
A common misconception many people have with financing is that this is only applicable to new vehicles. This isn’t true. If you are looking into pre-owned or Certified Pre-Owned models, you will also be able to finance.
Start the Volkswagen Financing Process in Auburn, MA
The Volkswagen financing process can be complicated, but it doesn’t have to be. Patrick Volkswagen in Auburn, MA, aims to make it simple. Just fill out our online application to get pre-approved for your loan. For more information, stop by our VW dealership today!