Car Loan Application

Apply for Auto Financing in Duluth, GA

As much as we might wish it were, car shopping is not as simple as picking out the vehicle you want and driving away in it. There are many factors to consider when going through the process of purchasing a new or used vehicle, with one of the most important factors being financing. While possible, it is uncommon for most people to have the cash to purchase a vehicle outright, and we suggest that you avoid doing so regardless. How do you pay for cars, then? The answer: auto loans.

What is an Auto Loan?

An auto loan is a lump sum of money that you borrow from a lender in order to purchase a vehicle, repaying the loan amount in monthly installments with interest. The loan term – how long you have to pay the loan back – will vary from person to person, as will the interest rate. Both of these factors will help determine how much you will owe each month, and how much you will end up paying when your loan is completed. 

With a shorter loan term, you will have higher monthly payments, which may not be ideal for everyone. The advantage of a shorter loan term, however, is that your loan will accrue less interest, and you will pay less overall. If you prefer to have lower monthly payments, you may choose to stretch out your loan term – it is common to repay a loan over 72 months (six years) or more. Although this will make your monthly payments easier to make, keep in mind that you will end up paying more in the long run, as the interest owed will continue to add up over that period of time. 

Every borrower has to weigh the benefits of each option to decide what is the best choice for them. In addition to loan lengths, interest rates can vary widely from person to person, as this figure is based on an individual’s income and credit score. The better your financial situation, the less interest you will have to pay. However – setting aside loan length and interest rates – you may wonder if it is even a good idea to take out a loan for your new Honda or used car to begin with.

Are Car Loans a Good Idea?

Whether shopping for new or used vehicles, it is important to know that car loans are actually a good idea, and a sound financial decision. Not only does financing a car help you avoid emptying your bank account, leaving you in a potentially precarious situation, but it also can assist you in getting the exact vehicle you want. When drivers attempt to pay out-of-pocket for a car, they often settle for something that is not safe or does not have the features they desire. By financing your purchase though, you can get behind the wheel of something truly trustworthy, something that has everything you need and want. Plus, making all of your payments on time can be extremely beneficial to your credit; that’s just a bonus. All in all, car loans are a good idea, and going about applying for one is actually quite simple.

How to Apply for Vehicle Financing

When you are purchasing a vehicle here at Gwinnett Place Honda, we make obtaining loans easy. To apply for vehicle financing, all you need to do is fill out the form above with some information, and we will take care of the rest. That’s right – if you provide us with your name, address, income, and a few other details, we will run the numbers and find you the best rate out there from our various local and national lending partners. We will then show you what we have found for you, help you read all of the fine print, and walk you through the paperwork. After that, you are done – simple and easy.

Visit Gwinnett Place Honda Today!

Auto loans are a great way to pay for a new or new-to-you vehicle. At Gwinnett Place Honda, we make it easy for you to apply, and we have car financing experts here to assist throughout the application and signing process. So if you have been putting off your next car purchase, now is the time to get started! Fill out the online application above, contact us, or swing by our Duluth Honda dealership today to learn more. We look forward to helping you.