Auto Financing Q&A with the Central Auto Group Experts
Welcome to our comprehensive guide on new car financing, brought to you by the experts at Central Auto Group.
Our car dealerships in Plainfield understand that purchasing a vehicle can be an exciting yet daunting process, especially when it comes to financing your dream car. Here, our team of tenured auto loan specialists answer some of the most common questions we get about interest rates, down payments, credit scores and more to help you navigate the world of new car loans in Connecticut.
Whether you're a first-time buyer or a seasoned shopper, our expert advice will ensure that you're well-informed and ready to make the best decision for your financial future.
Auto Financing FAQs
01What are the current interest rates to buy a car?
Current interest rates can vary depending on the type of car you are looking to purchase. All current interest rates can be found on our finance page.
02How do I get a good interest rate?
Interest rates are variable based on the customer's credit score. We have banks that support a range of credit scores to help all customers get approved.
03How much of a down payment do I need to finance a car?
Down payments aren't always necessary, but they are preferred depending on the monthly payment you are looking to achieve. There are some instances, depending on your credit, where a down payment might be necessary to get approved for the auto loan.
04What additional costs will I be responsible for when buying a new car?
Additional costs incurred when purchasing a new car include the sales tax, registration fee and documentation fee. At Central Auto Group, we only have the added-on documentation fee when purchasing your new Mazda, Hyundai or Volkswagen.
05How can I find the value of my trade-in?
There are several ways to determine your vehicle's trade-in value. One of easiest options is our own online trade-in calculator, though you can also use third-party guides such as Kelly Blue Book.
06
Does my credit score impact my loan rate?
Yes, all credit scores will have an impact on what interest rate you qualify for.
07
I have a low credit score - can I still finance a car?
Here at Central Auto Group, we have the ability to service customers that are experiencing all different kinds of credit situations. We work with multiple lenders that work with different types of credit.
08
I don't have a credit history yet - can I still finance a car?
For those customers that may not have a credit history, there are programs available such as The First Time Buyers Program. We work with several banks that offer this program to help our customers achieve their goal of buying a new car.
09
What's the best length for a car loan?
Our auto loan term options start at 24 months and extend all the way up to 84 months. This is a personal choice that our finance manager will review with you as you compare payment options & rates.
10
Can you offer a better interest rate than my pre-approved rate?
Even if you have a pre-approval, we still suggest always speaking with our specialists about what other rates we may be able to get you approved for. Dealerships often will have rates that are competitive or better than your pre-approval.
11
Can I reduce my monthly car payments down the road?
Perhaps your credit situation has changed from your last loan. You may be eligible to trade in your current vehicle and receive a lower payment.
12
Can I sell my car while I'm still paying it off?
Yes, you can sell your car while still paying it off or trade it in for a new model. Currently, Central Auto Group is looking to buy any make or model for our inventory!
13
Can I add a warranty when I buy a car?
Although new vehicles come with a bumper-to-bumper warranty, extended coverage is available upon purchase of the vehicle for affordable rates through our finance department.
Have more auto finance questions? Contact Central Auto Group today. We're here to help no matter what you might need!