Buying a new Jaguar luxury car is always exciting, but the process can be confusing, especially if you want to finance your purchase. The Jaguar finance department at Jaguar Peabody aims to answer common questions with this guide.
How Does Financing Work?
Financing a car is a relatively straightforward process. The first step is determining how much you have for a down payment. Once you know what this is, you will apply for a loan for the remaining amount. You will then pay this off, along with interest, over a designated period.
How Much Should a Down Payment Be?
A good rule to follow with a down payment is that it should be 20 percent of the sale price. This immediately lets you shave off quite a bit, which results in not needing to borrow as much. If 20 percent seems high, consider using your current car as a trade-in to help you reach this number.
How Long Should a Loan Term Be?
It will be up to you to decide how long you want the length of your loan to be. There are a couple of things to think about before making this decision, however. First of all, while you may be eager to pay back the money as quickly as possible, a shorter loan will result in higher monthly payments. Conversely, a longer loan will lower these, but you will end up paying more in interest. A smart choice is to go with a loan for around four years.
Get All of Your Jaguar Finance Questions Answered in Peabody, MA
Do you have any other questions about financing? The friendly professionals at Jaguar Peabody are here to help. Get in touch with our Massachusetts Jaguar dealership to speak to a Jaguar finance expert.