Buying a car can be a headache. First, you examine the Chevrolet, GMC, Buick car or truck you need, and next you must look for answers to your financial questions. Chevrolet Buick GMC of Puyallup would like to make car buying in PUYALLUP as easy as possible for you, which is why we supply an auto financing FAQ. If you can't get the answers to your questions on this site, then call us at (253) 840-6300 and one of our finance professionals will be in touch.
Commonly Asked Auto Financing Questions
1. What exactly is APR or Annual Percentage Rate?
APR is the interest rate attributed annually on the outstanding balance of your auto loan
2. How is my APR rate decided?
Many parameters define auto loan APR rates. One element is current economic bank rates, another is credit history, still another is your down payment on the auto loan, a fourth is the total amount you decide to finance, as well as the type of vehicle you're financing and the length of your financing contract
3. What is Fixed Rate Financing?
Fixed Rate Financing is where the finance rate stays exactly the same over the life of the auto loan, making your payments precisely the same over the duration of your loan
4. What is Variable Rate Financing?
Variable Rate Financing is where the finance rate changes depending on market trends, making the total amount you pay over the duration of the loan fluctuate compared to market bank rates
5. What is Wholesale Rate?
The Wholesale rate refers to the rate at which the assignee purchases a retail installment sale contract from Chevrolet Buick GMC of Puyallup
6. Who is the Assignee?
The assignee is the bank that purchases your car loan from Chevrolet Buick GMC of Puyallup
What will Chevrolet Buick GMC of Puyallup ask for when you're submitting an application for an auto loan?
Expect to produce some, if not all, of the below info to Chevrolet Buick GMC of Puyallup when submitting an application for an auto loan.
- Your name
- Social Security number
- Date of birth
- Current and previous address
- Current and previous employer
- Sources of income
- Gross monthly income
- Financial information that may consist of current credit accounts and other debt obligations
- Credit rating obtained through a credit check