Ken Garff St. George Lincoln

145 W. Hilton Drive
Directions Saint George, UT 84770

  • Sales: (877) 885-9282
  • Service: (877) 852-6860
  • Parts: (877) 840-4503

Financing a Car

Most people aren't able to pay for a car up-front and need an auto loan. Once you've picked out the right car for you, it's time to arrange financing.A car loan is where you borrow money from a lender and pay them back over time, including interest. The money you borrow is called the Loan Principal. In addition to the loan principal, you also pay back Interest. There are other aspects you are responsible for while you pay back your car loan.

Costs You Must Handle

  • Monthly Payments
  • Taxes
  • Fees
  • Gas
  • Insurance
  • Maintenance
If your vehicle has been financed, you don't really own your vehicle until you are finished paying the loan principal and interest. If you don't make these payments, the lender can repossess your vehicle.

Your car loan's length is the amount of time it takes to fully pay the loan principal and interest. Your interest rate is determined by your credit score and income.To get the best interest rate on auto financing, know your credit score and shop around with different lenders before visiting the dealership. If you know you have poor credit, check out our video about financing a car with poor credit. If you get a pre-approval notice when you're looking for financing, take it to the dealership.

Prepare for your next auto purchase with these hacks, and you're sure to get a good auto loan.