Frequently Asked Questions About Financing a Vehicle

Q:  Would I be better off leasing or buying a new vehicle?
A:  The answer to that question really depends upon your lifestyle and driving habits.  Leasing can be a great option for those who drive less than 12,000 miles a year and for those who prefer to trade their vehicles after payoff instead of keeping them after the auto loan is repaid.
If you tend to drive more than 12,000 miles per year and/or prefer to customize your vehicle (add parts & accessories to make it personalized to your tastes), purchasing the vehicle will likely be your best option. 
*If you are still unsure whether a lease would best suit your needs, feel free to give us a call to discuss the leasing process in detail.*

Q: What are the benefits of getting pre-approved for a loan online?
A:  We know time is valuable and spending hours at a car dealership isn't always an option with the hectic schedules we keep.
By filling out our credit application here on our website, we can help you pick out the right type of vehicle to match your needs and budget before you step foot in the dealership.  
Once you fill out the secure application, it is sent directly to our sales team.  One of our trained product specialists will be in contact with you shortly to go over your application and schedule a test drive appointment.
Since we will already have your information on file and a sales representative working on getting your paperwork together, you've already reduced the amount of time you will spend at the dealership.  It's that easy!

Q:  I've been told I have bad credit.  Will I be able to get a car?
A:  We here at Capitol Chrysler have long-standing relationships with several prime and subprime lenders.  A traditional loan through a bank (or any other prime lender) is only one way to finance a vehicle. 
For individuals with lower credit scores, we can explore financing options through a subprime lender. These companies focus their attention on providing loans for people with no established credit or sub-par credit.  
Don't give up on getting into a reliable car that fits your budget!  We are here to help and will do everything we can to secure you a loan.
If for whatever reason you are unable to drive away in a new car today, we will make sure you are equipped with the knowledge of what steps you need to take to get into one in the near future.

 Q:  How do I know what my interest rate will be? 
A:  Lenders consider your credit score as well as your credit history when determining the interest rate they will attach to your loan.  Once they have acquired the information necessary to look at your credit report (name, DOB, SSN, address, etc.), they are able to access your full credit history.
Your loan repayment history will help them determine how much "risk" they are taking by providing you with the capital to purchase a vehicle.  The lower the risk, the lower the interest rate.