Taking out a new car loan is a serious obligation, so most drivers have questions about the process. The Nissan finance experts at Bedford Nissan are here to answer the most frequently asked questions they receive about how to finance a new Nissan car. Let’s take a closer look.
Is Financing Better Than Leasing?
It depends on what kind of driver you are. If you like to upgrade to a new car every few years and you’re not worried about exceeding mileage limitations, a lease might be better for you. On the other hand, financing is often a better fit for drivers who like to keep their cars for a long time or customize them with elements like aftermarket stereo systems.
Can I Finance with Poor or No Credit?
It can be difficult to take out a new car loan if you have a low credit score or if you don’t have much of a credit history. It may not be impossible to get a loan, but you won’t get terms that are as favorable as those available to drivers with better credit. You might need a co-signer, someone with good credit who will sign onto your car loan with you.
How Much Should My Down Payment Be?
No matter what, it’s likely you’ll need to put down some money when you’re financing a new Nissan car. Most drivers aim for a down payment of 10 to 20 percent of the car’s total price, but there are no hard and fast rules here. The bigger your down payment is, the less your monthly payments will be.
How Can a Car Loan Affect My Credit?
If you make your payments on time, a car loan can help you build up your credit score. However, if you are late with your payments or default on your loan, it can hurt your credit and make it harder to apply for loans in the future.
Talk to Our Nissan Finance Experts in Bedford, OH
So if you’re ready to finance a new car of your own, visit Bedford Nissan near Cleveland, OH. We can answer any other questions that you have about car loans and guide you through our vast inventory of new and pre-owned vehicles. Schedule an appointment today!
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