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361-304-8044
Call Now6802 S. Padre Island Drive • Corpus Christi, TX 78412
Get DirectionsOpen Today! Sales: 9am-9pm
Open Today! Service: 7:30am-6pm
Open Today! Parts: 7:30am-6pm
When you prepare to buy your next vehicle, you can look forward to an affordable and rewarding experience at our Corpus Christi dealership. While exploring the selection and taking a test drive can be exciting, the next step – auto financing – is just as important. Understanding the basics of financing can help you feel confident throughout the process, and you’ll have everything you need to secure the right auto loan when you count on the experts at Mike Shaw Kia. Let’s go into the details of the financing process to see how easy it is to get an auto loan in Corpus Christi, Texas.
To finance the purchase of a vehicle, you borrow money from a lender, typically a bank or credit union, and agree to repay it over a specified time period. In addition to the amount originally borrowed, you’ll also have to pay interest that the lender charges for the auto loan, making monthly payments until the loan is paid off in full. Relatively few car shoppers pay with cash up-front, so auto financing is a very common way for drivers to purchase the vehicles they want.
Next, familiarize yourself with these financing terms:
Interest Rate: This is the price the lender charges for borrowing their money. It’s determined as a percentage of the original loan amount.
Loan Term: This is the period of time you have to pay back the auto loan. These are usually 36-, 48-, or 60-month durations.
Conditions: The lender might attach certain conditions to your auto loan, like penalties for late payments or rules about early payoff.
Not all financing plans are the same, and there are several different types to fit specific situations:
The auto loan rate you qualify for depends on multiple factors:
Credit Score: The higher your credit score, the lower your interest rate could be. Potential lenders will consider more details, however, including your debt-to-income ratio.
Loan Term: If you go with a short lease term, you might have higher monthly payments with lower interest rates. That’s because you would have less time to repay the amount borrowed. Although the payments are higher than a longer term’s payments would be, the lower interest rate means that you’ll end up paying less in the long run.
Down Payment: Larger down payments often lead to lower interest rates since there would be less money to pay back. You can also trade-in your old vehicle to use its value toward the down payment, so use our Value Your Trade feature to see how your existing vehicle could help you keep rates low on the one you want to buy.
Vehicle Age: Because newer models are considered less likely to break down, they frequently come with lower interest rates than used vehicles. New vehicles might also let you take advantage of dealership and manufacturer promotional rates that you wouldn’t find with used cars.
To make sure you’re buying within your means, set a budget that includes auto loan costs along with the rest of your vehicle expenses. Common knowledge holds that your transportation costs should stay within 15 percent of your monthly income, and that includes all factors from loan payments to fuel, insurance, and maintenance. To see what your insurance payments could be, request a quote from your preferred insurance company.
When you get pre-approved for an auto loan, you can shop knowing exactly how much car you can afford. To get started, you’ll need to provide some basic info about your employment, income, and credit for potential lenders to analyze. Once they determine how much money they can let you borrow, you can get a quote along with the interest rate they’d charge. With those details in mind, you can narrow down your list of options until you’ve found the vehicle that fits both your budget and your needs. We’d love to help with your financing details, so feel free to apply online via our secure financing form.
Whenever you’re ready to purchase the car of your dreams, you can count on us for an easy and rewarding financing experience at Mike Shaw Kia. Call or come see us if you have any questions about the financing process, and feel free to take a look around our new Kia selection to see what we have waiting for you. We hope to see you soon at 6802 S. Padre Island Drive, Corpus Christi, Texas 78412.