While shopping for a new vehicle can be exciting, it is important to focus on the not-so-exciting stuff before you get too far into your search. If you plan to finance, it is a smart idea to create a budget so you don’t overextend yourself. Explore these three MINI financing that will help you create an affordable plan, courtesy of the experts at Orlando MINI.
Supply a Sizable Down Payment
Figuring out how much you can spend immediately is a good place to begin. Ideally, you should supply 20% of the sale price for your down payment. But, put up as much as you can comfortably, as the higher you can go, the smaller your loan will be.
Choose a Midsize Loan Term
The next thing to consider is the length of your loan. A short term will enable you to pay it off faster, but your monthly payments will be higher. On the other hand, a long term will trim those payments, but you will end up paying more in interest. This is why a loan of about four or five years is a good choice.
Pay Attention to Your Income
Finally, you need to think about how much you want to pay each month. To do this, focus on your income. A good rule of thumb to follow is to not exceed 10% of your monthly income on your vehicle. And this doesn’t just include the payment, but also fuel, maintenance, and insurance.
Make Good MINI Financing Decisions in Orlando, FL
Financing can be confusing, especially if you haven’t done it before. If you have any questions or concerns, we’re here to help. To speak to a financing professional, contact Orlando MINI or just come down to see us — get started today!