Car financing is one of those things that most people have heard about, but many don’t understand what it is exactly and how it works. A topic that often causes confusion is financing for pre-owned cars. If you’re thinking about a Certified Pre-Owned MINI, you probably want to know if this is an option. Orlando MINI has the details on Certified Pre-Owned MINI financing.
Financing a Certified Pre-Owned MINI Model
Contrary to what many believe, financing is an option when it comes to buying any car, new or pre-owned. The biggest benefit to doing this is that it allows you to only put up a fraction of the total sale price. The rest you will borrow and pay off over time.
The Financing Process
Financing involves taking out a loan to purchase your vehicle. The first step is figuring out how much you can supply immediately for a down payment. Whatever is left over will come from a bank or other financial institution. You will when determine how long you want your loan to be — five years, for example — and the make monthly payments. You will also need to pay interest on the loan.
Getting Pre-Approved
One of the first things to do when seeking a loan is to get pre-approved. This will let you know where you stand financially and how much money you will be able to borrow. It’s a good idea to check your credit score beforehand, as the higher the score, the easier it will be to get a loan and the lower your interest rate may be. Also, prepare any necessary documents detailing your income.
Start the MINI Financing Process in Orlando, FL
If you’re ready to purchase a Certified Pre-Owned MINI, Orlando MINI makes it easy. Just fill out our online application to get pre-approved. If you’d rather speak to a financing professional in person, come down to our dealership today!
