CDJR Finance Center in Hanover, PA

Congratulations, you've found the perfect new or used vehicle. Now that you've taken your new find for a test drive and examined every inch of it, you're ready to sign on the dotted line. Before you can drive it off the lot, we'll help you finance your vehicle. Of course, there are a few things to consider. For example, would leasing be more beneficial? And how can you keep your monthly payments affordable?

Financing Your Vehicle

Dealer Consulting Couple about Car Lease by Antoni Shkraba is licensed with Pexels License

The financing process doesn't have to be complex. Our finance team will help you find the best financing options, including interest rates and loan terms that work for your budget. A great place to start is our payment calculator to help you estimate your monthly payment amount.

At our dealership in Hanover, Pennsylvania, we're happy to take your trade-in to lower your overall cost. We'll also search for applicable discounts through our bank and manufacturer deals and special offers. Our finance team will keep the process moving as quickly as possible and keep you informed throughout.

You may need a bigger down payment than you thought to stick to your monthly budget. Should you consider a lease instead of a vehicle loan?

Should You Lease or Buy?

You can finance a new car with a loan or a lease. Which option makes more sense depends on your financial situation, driving habits, and needs. With a lease, you have some mileage restrictions, but you may not need a down payment and can enjoy lower monthly payments.

When you purchase a vehicle, the car is yours to do as you please. You can customize it, make upgrades, or install a bicycle rack or trailer hitch. You don't have to worry about how many miles you drive. You're responsible for all maintenance and repairs not covered by a manufacturer's or extended warranty.

One reason to lease a car is that you only need to keep the vehicle for a limited time, such as a year. After the time has passed, you can either return or purchase the car. The major advantage of a lease is that you can frequently upgrade to a newer vehicle at no additional cost. Lease payments are also lower than loan payments.

One caveat with a leased car is the mileage restriction. Pay attention to the mileage limitations with your leased vehicle to avoid paying usage fees at the end of the lease period. You don't want to cancel a vacation or other planned big-ticket purchase because your daily commute exceeds the mileage budget for the car.

Your Monthly Payment Amount

Before you browse for new or used vehicles, you want to consider your budget carefully. How much of a car payment can you afford for the next several years? The monthly payment amount is more important than the purchase price of your vehicle or the value of your trade-in. Remember to factor in insurance and routine maintenance costs to ensure you don't underestimate the cost of owning this new vehicle.

How to Protect Your Investment

A car, whether used or new, is a significant purchase. We want to help you protect your new investment by offering you additional services, such as these:

• Gap insurance.
• Extended warranty.
• Prepaid maintenance plans.
• Mechanical breakdown coverage.
• Exterior and interior appearance protection.
• Roadside assistance.

When you finance your vehicle, you may initially owe more than the car is worth. Gap insurance protects you from having to cover the difference if your vehicle is stolen or totaled in an accident. But we also want to help you reduce other out-of-pocket costs.

We'll offer you the best mechanical breakdown coverage and prepaid maintenance plans, along with a wide selection of new and used vehicles for lease or purchase. You can also add roadside assistance if your insurance doesn't include it. Finally, we have an exterior and interior protection plan to keep your car in top shape inside and out.

How to Find the Best Financing Options

Talk to us to find the best financing options for your situation. We work with multiple lenders to help you get the best rates and terms available. We can extend your payment terms to help you lower your payment. You can also increase your down payment amount to reduce the monthly obligations. We'll find the best interest rates available to you.

How to Get Approved for the Best Rate

It's no secret that a good credit score gives you access to better financing options in Hanover, Pennsylvania, but your credit score is not the only factor when you apply for a loan or lease. Other factors include your income and your debt-to-income ratio.

The first step is to review your credit report and ensure everything is accurate. You can improve your credit by making regular payments on all your debts on time and avoiding overextending yourself with too many lines of credit.

When you apply for a loan, consider your debt-to-income ratio. Most lenders want your total debt to be less than 50% of your income. Your car payment and insurance should amount to less than 20% of your income. You can calculate your expected monthly payment and see if it fits those criteria.

To lower the payment amount, we can extend the loan terms. This can help you qualify. Some people with poor or no credit can also benefit from signing with a co-borrower.

Our Apple Chrysler, Dodge, Jeep, Ram Finance Center

The first step in buying a new or used car might be to figure out your financial situation. Fill out a CDJR finance application online and get started on the car-buying process. Our Hanover, Pennsylvania, dealership team will reach out to you about the next steps so you can quickly get into the car you want. Once you're qualified for a loan, the rest of the car-buying process becomes much more straightforward. Please contact us to schedule a test drive or talk to our finance specialists.