How Does Car Financing Work?

car-loan

Whether you're shopping for a new Lincoln or one of our quality pre-owned vehicles, the buying process is a lot less anxiety-inducing when you know how car financing works. The finance team at Five Star Lincoln Warner Robins can help you brush up on how financing a car works with some tips on how to get the best loan rates available to you in the Macon area. 

Apply for Financing Finance Center

What Does it Mean to Finance a Car?

Before answering, "How does financing a car work," you'll need to gather this information and make some decisions about some of the loan terms you want. This information includes: 

  • • Credit Score
  • • Loan Amount
  • • Length of Loan
  • • Debt-to-Income Ratio
  • • Age of the Vehicle

If you know your credit score is low or you don't have a strong credit history, consider asking a family member or close friend to cosign your loan.


Choose Your Lender

It's a good idea to apply with several lenders in the Dublin or Warner Robins area so you can compare offers. Start with your bank or credit union, then apply at other financial institutions. Five Star Lincoln offers in-house financing, so another option is to apply for financing with us. We'll also introduce your application to the lenders in our network and return their offers to you for consideration.  

Finalize the Loan Terms

Once you have your loan information organized, it's time to choose the vehicle you want to buy, conduct test drives, and decide which one you want to purchase. Especially if you're buying a used vehicle, you might want to negotiate the pricing before you finalize the loan. When you and the seller have reached an agreement on the price, you can close the deal by signing all the necessary paperwork. Now you're ready to drive home in your new vehicle! 

Want to Know More About How Car Financing Works in Georgia?

These are the basics for learning how car financing works. If you'd like to learn more, contact us, and one of our financial professionals will answer your questions or go into more detail about what it means to finance a car. You'll find out more about your financing options so you can decide the best way to fit a car into your budget.