For Orlando drivers who are in the market for a new set of wheels, you may be considering your many financing options. If you are in the process of buying your first car, getting an auto loan may seem like an overwhelming and scary process. Thankfully, the financial experts at Orlando MINI are here to help and give you the lowdown on vehicle financing.
Once you’ve selected what MINI vehicle you would like to buy, you have two payment options: paying for it in full or financing it overtime through a loan or lease. If you decide to take out a loan, you need to be aware that it will boost the total cost of the vehicle. This is because you’ll be paying for the cost of credit, or the interest and additional loan fees, in addition to the price of the car.
If you decide to take out an auto loan, there are three major factors to think about including:
- The loan amount – This is the total amount you will borrow to buy your new car.
- The annual percentage rate – Also known as the APR, this is the interest rate you will be paying on the vehicle loan.
- The loan term – This is the amount of time you have to pay back the loan.
It is important to shop around for the best rates in order to find a financial option that will fit your budget and lifestyle.
If you are considering your financial options for a new MINI car, our Orlando financial professionals at our MINI financing center are more than happy to answer any questions or concerns you may have. Visit or call our Orlando MINI dealership today to learn more.