1st Savings Bank
Financing Guide
Down Payments
8 Questions

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Frequently Asked Questions about Financing a New Auto

Here are the answers to the most commonly asked questions about financing a new auto.

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How do I apply to finance a new auto?

You can apply to finance a new auto by filling out our free online application.  The application will take you only a few minutes, and you will receive several quotes from major lenders who will finance a new auto.  You will see these quotes side-by-side to facilitate your comparison process.  We basically take all the work out of comparison shopping, so all you have to do is review the quotes and decide which is right for you.

How much does it cost to apply to finance a new auto?

Our application and quotes are completely free with no obligations.

Should I finance a new auto through the dealership?

Dealerships now often make more money on the financing deal than they do on the actual sale of the vehicle, so that should tell you what kind of deal you will get on a dealer loan.  Dealers do not specialize in financing, and, in many ways, they enjoy a monopoly on car loans.  Many borrowers finance a new auto at the dealership only because they are a captive audience and like the convenience.  Unfortunately, the price of this convenience is steep.  Dealers charge slightly higher rates than traditional lenders and considerably higher rates than online lenders.  Your best bet is to shop around for financing online.

When should I finance a new auto?

Ideally, you should have your financing ready to go before you even start car shopping.  This will do several things for you.  For one, it will make you a more attractive buyer to car sellers because you are ready to pay for the car ASAP.  Secondly, it will allow you to focus exclusively on finding the right car at the right price.  Finally, getting pre-approved to finance a new auto will give you a better idea of your price limits for your new car.

How will my credit affect me when I finance a new auto?

Your credit score and down payment will affect the interest rates you are given on your car loan in addition to your ability to qualify for the loan in the first place.  Borrowers with lower credit scores can expect to pay higher interest rates with less desirable terms.  Many of our lenders are willing to work with borrowers with credit challenges, so make sure you at least apply for quotes if you fall into this category.

1st Savings Bank

Be the to know

  • Before you finance a new auto, you need to start with a budget.
  • Most people make the mistake of waiting to finance a new auto after they’ve found their new car.
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