Buying a car can be exciting, especially if you are planning to purchase a phenomenal Genesis vehicle. But it can also be a little complicated where finances are concerned. This is why it pays to understand the Genesis finance process and how it works, and Jenkins Genesis of Ocala offers these insights.
How Financing Works
If you have never financed a vehicle before, you may be confused about how it works. Essentially this involves borrowing money from a bank or other financial institution to pay for your car. You will then pay this back — along with interest — over a certain period. There are three key components to focus on for financing.
Down Payment
The first thing to think about is how much money you can supply for your vehicle immediately. The more you can put up, the less you will need to borrow, which will help cut your costs. Using a trade-in car could allow you to increase your down payment.
Loan Term
The loan term is its length, and it will be up to you to decide this. Typically, these start at two years and can last as long as eight years. However, it’s important to remember that the longer the term, the more interest you will end up paying.
Monthly Payment
Finally, you need to consider how much money you want to spend on your car every month. A good way to do this is to look at your income and determine what 10 percent of this is. That should be the cap for what you spend for all car-related expenses.
Start the Genesis Financing Process in Ocala, FL
Ready to get the financing process started? You can get pre-approved for a loan by filling out our online application. If you have any questions, contact Jenkins Genesis of Ocala to speak to one of our financing professionals. Schedule a test drive today!
