Is a new vehicle on your list of goals for 2025? If you’re preparing to purchase a new vehicle, it’s helpful to prepare. Our Chrysler financial team at MotorWorld | MileOne Autogroup is sharing a few tips to help you get started.
Set a Budget
A vehicle is a big investment, so you want to make sure you don’t go overboard. Carefully review your finances, looking at your income, expenses, and existing debt.
If possible, you want to keep your auto expenses under 20 percent of your take-home pay. This includes your auto payment, insurance, maintenance, and fuel. An auto payment calculator can help you determine your monthly payment.
Save for a Down Payment
While you’re reviewing your finances, it’s important to look at your savings as well. Experts agree that you should put at least 20 percent down on a new vehicle, if you can. You also need to decide if it’s more important to keep your money in savings or if you want to trade in your current vehicle instead.
Check Your Credit
Even if a vehicle lines up with your budget, and you have your down payment secured, your credit score can come into play. While it doesn’t necessarily deter you from a loan, a low credit score can seriously impact your interest rate, and interest costs can add up. We encourage you to check your credit score to see if yours is an issue and if there are ways you can improve it.
Apply for Chrysler Financing in Wilkes-Barre, PA
It’s easy to apply for Chrysler financing at our dealership. After we ask a few quick questions, we’ll set to work finding the perfect lender and offer for you. Stop by MotorWorld | MileOne Autogroup to get started today!
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