What to Expect When Financing a Vehicle in Rochester, NY

What an exciting time! If you're thinking about purchasing or leasing a vehicle from our inventory, we want to congratulate you. Upgrading your vehicle can be a tough choice, and many are intimidated by the financial side of it. But here at our dealership, we can help. And as a way of helping, we've put together a list of to-dos, documents and terms to be familiar with ahead of time so you feel prepared. The best part? You won't have to wade through the paperwork alone. Our financial experts are here to help you with any questions you may have. Keep reading below to learn what to expect when financing your vehicle:

What do I need to do beforehand?

Before shopping for your next new or used vehicle, ask yourself these questions:

1. What’s my credit score? The higher your score, the best chance you have of qualifying for a lower interest rate.
2. What are the interest rates lenders are offering? Research several institutions before starting the finance process. You’ll make a stronger case in negotiation and, if you’re pre-approved, you’ll be more likely to secure the interest rate you want.
3. What can I afford? If you know your credit score and have an idea of the interest rate you’ll receive, use our payment calculator to determine your monthly payments.

What documents do I need to bring?

When you’ve decided on the vehicle you want to purchase or lease, these are the four primary documents to bring with you to the office.

1. Proof of income. We will need copies of your pay stubs from your last month’s checks and a summary of what you’ve been paid to-date in the past year.
2. Credit and banking history. Any information about your financial obligations or other outstanding loans are needed. Mortgage or lease agreements, credit card statements, bank statements or alimony or child support payments count in your history.
3. Proof of residence. A mortgage statement or any personalized mail will count as proof of residence.
4. Proof of insurance. Bring a valid insurance card so we know that your current vehicle is insured and you’ll easily be able to transfer insurance to your new car.

And if you decide to finance with another lender and not our finance department, you’ll want to bring proof of your approved loan, too.

What determines my loan terms?

Generally, an auto loan can last anywhere between three and five years. Our finance team (or any lender, for that matter) will run a credit check and ask you income-based questions to determine your credit eligibility. We determine your interest rate based on how secure your finances are, like how much manageable debt you have, what your income currently is and whether you're in good standing with your insurer. The higher your credit score, the lower interest rate you'll qualify for. If you're worried about your credit score, don't worry. We've worked with a variety of credit histories and scores, so don't shy away from the conversation if you're not happy with your current score.

Let’s talk. If you’d like to purchase a vehicle or want to know more about how to finance in Rochester, NY, drop by West Herr Chrysler Dodge Jeep RAM Fiat of Rochester at 4477 Ridge Rd W, Rochester, NY 14626 for a test drive. We look forward to serving our customers from Spencerport, Hilton and Greece, NY.