Mastria VolkswagenAnswering Your Auto Financing Questions
If you’re looking for valuable information and advice when it comes to financing a car, rest assured that the Mastria Volkswagen finance experts are here for you. From common questions about interest rates to inquiries on credit scores, additional costs, loan terms and more, we cover it all to put you in the best position possible when it comes time for you to finance a vehicle.
Check out our guide to common auto financing questions, then visit our Volkswagen dealership near Brockton to meet with one of our experts and get started on buying or leasing a VW you love!
Auto Financing FAQs
01What are current interest rates to buy a car?
As of now, most banks are at 5.99% for terms up to 60 months for new cars, pending credit approvals and proper loan structures. This can range all the way to 21% in Massachusetts as a maximum auto loan rate.
02How do I get a good interest rate?
You can get a good interest rate with an improved credit score and steady build-up of your employment record. In general, it’s good to understand your debt-to-income ratio and compare rates from multiple lenders.
03How big of a deposit will I need for a car finance agreement?
While not every loan requires a down payment, we require a minimum deposit of $500 to ensure no one else can buy your car while we get things approved.
04What additional costs will I be responsible for when buying a new car?
You will be responsible for sales tax, title, registration and documentation fees. The documentation fee differs from dealership to dealership.
05How can I find the value of my trade-in?
You can have your vehicle appraised at our dealership. You can also do online research through KBB or another reputable source to get a good idea of your vehicle's value.
06Does my credit score impact my loan rate?
Yes. The better your credit score is, the more aggressive a lender will be at giving you an advantageous rate. If you have great credit, expect a lower rate. If you have poor credit, expect a higher rate.
07I have a low credit score -- can I still finance a car?
You may still be able to finance a car with a lower credit score. It all comes down to what the lender is willing to let you borrow. With the right loan-to-value ratio, you may be in luck.
08I don’t have a credit history yet -- can I still finance a car?
Some banks do have first-time car-buyer programs, but not all. We offer first-time car-buying solutions at our dealership to help you finance a car without credit.
09What’s the best length for a car loan?
The best length for a car loan is subjective. It depends on what is important to you. If you finance for 36 months, it will be the lowest rate and lowest amount of interest possible, so you will be out of the loan for the least amount out of your pocket. If you go with 84 months, you will pay the most interest possible, but will have a significantly lower monthly payment.
10Can you offer a better interest rate than my pre-approved rate?
We may be able to beat your pre-approval rate, as we work with many lenders -- some that are more advantageous than others.
11Can I reduce my monthly car payments down the road?
The only way to do this is by refinancing a car loan. Paying off the car faster will lower your principal loan balance, but not change your monthly payment.
12Can I sell my car while I’m still paying it off?
Yes, as long as you send the amount you owe to the lender. Once that’s taken care of, they will send you the title so you can transfer ownership. You cannot sell a vehicle if you still have a loan on it.
13Can I add a warranty when I buy a car?
Yes, you can add a warranty when you buy a car, as well as after your purchase.
14Does the dealership accept outside financing?
We do not accept outside financing at this time.
15What should I do if I have questions about my financing?
Call the finance manager who facilitated your paperwork or contact us and we’ll put you in touch with the right person. They’ll be able to answer all of your questions!
VW Financing Near Me
We hope that the expertise provided by our team sets you up for success whenever you decide to finance a vehicle -- whether it’s here at our Raynham VW dealership or elsewhere. If you have questions that weren’t addressed or want to get started on securing a new or used car loan near Brockton, please contact Mastria Volkswagen today!