Financing 101 in Owensboro, KY

Your Auto Financing GPS

Destination: a New Car from Don Moore Automotive

Navigating the road to auto financing can often seem like a complex journey, filled with twists, turns, and unexpected detours. However, when you have a reliable GPS – or in this case, a Guided Purchasing System – the trip becomes simpler and more straightforward. When your destination is a new car from Don Moore Automotive, our team is dedicated to ensuring your journey is as smooth as possible. Consider this guide your roadmap to reaching your dream car with confidence.

Starting Point: Your Budget

Before setting off on any journey, it's essential to know your starting point. In the world of auto financing, that's your budget. How much can you comfortably afford to pay each month? Remember to factor in not just the car payments but also insurance, fuel, maintenance, and any other recurring costs.

The largest part of your transportation budget each month will be your monthly car note.

Choose Your Route: Financing Options

At Don Moore Automotive, we offer a plethora of financing options tailored to fit every driver's needs. Whether you're considering a traditional auto loan, leasing, or something else entirely, our finance experts will walk you through each path, highlighting the pros and cons, so you can make an informed decision. Key terms you should understand during this stage of your financing journey are listed below.

• Principal: This is the amount of money you borrowed to buy the car and does not include interest. Over time, as you make payments, this amount will decrease.
• Down Payment: The amount you pay upfront for your car. A higher down payment can often reduce the monthly payments and might even help you qualify for a better interest rate.
• Equity: The difference between the car's current market value and how much you still owe on it. If your car is worth more than you owe, you have positive equity. If you owe more than it's worth, you have negative equity. Making a large down payment and choosing a shorter loan term can help protect against that.
• Trade-In Value: If you're trading in an old vehicle, this is the amount the dealer will credit you for the car, which can be applied to your down payment.
• Loan Term: The length of time you have to repay your loan. Common terms are 36, 48, 60, or 72 months. Remember, a longer-term might mean lower monthly payments, but it could also mean you'll pay more in interest over the life of the loan.
• APR (Annual Percentage Rate): This is the annual rate you will be charged for borrowing and is expressed as a percentage. It encompasses the interest rate and any additional fees or costs. A lower APR generally means less cost to you.
• Fixed-Rate Financing: The interest rate remains constant over the life of the loan, meaning your monthly payments will be predictable.
• Balloon Payment: A financing agreement where you make smaller monthly payments for a set period, followed by a large "balloon" payment at the end to pay off the remaining balance.
• Lease: An agreement where you make monthly payments in exchange for using the car for a set period, usually 2-3 years. At the end of the lease, you return the vehicle unless you decide to purchase it.
• Residual Value: In leasing terms, this is how much the car is predicted to be worth at the end of the lease. It plays a significant role in determining your monthly lease payments.

Pit Stops: Your Credit Score

Your credit score acts like a pit stop on your journey. It can speed up your trip or cause slight delays, depending on its status. A higher score can lead to more favorable interest rates and terms. If your credit has some bumps and bruises, don't fret! Our team at Don Moore Automotive specializes in helping individuals with all credit backgrounds find suitable financing options.

Sightseeing: Selecting Your Vehicle

With the financial route starting to clear, it's time for the fun part - picking your new ride! Don Moore Automotive boasts an expansive selection of vehicles, ensuring that you find one that perfectly aligns with your needs, tastes, and budget. Whether you're looking for a sleek sedan, a rugged SUV, or a dynamic truck, we have something for everyone. Take your time, test drive, and let our sales team guide you through the features and benefits of each option.

Checkpoints: Understanding Terms & Conditions

When it comes to finalizing your auto financing, understanding the terms and conditions is crucial. These are your checkpoints, ensuring you're on the right path. Our finance team will take the time to explain every detail of your agreement, ensuring you're comfortable and confident with your decision. Transparency is our motto, and we strive to keep our customers informed every step of the way.

The Finish Line: Finalizing the Deal

With your ideal car selected and your financing route plotted, it's time to cross the finish line. The final paperwork will be prepared detailing your agreed-upon terms, interest rate, monthly payment, and any additional information. Once signed, the keys to your new vehicle are handed over, and the open road awaits!

Post-Journey Support: Maintenance and Care

Your relationship with Don Moore Automotive doesn't end when you drive off the lot. We pride ourselves on our after-sales service, ensuring your car remains in tip-top condition for the entirety of your ownership. Our state-of-the-art service centers, staffed by certified technicians, will take care of all your maintenance and repair needs. Plus, with regular promotions and discounts, we ensure that keeping your car in prime condition doesn't break the bank.

Start Your Journey at Don Moore Automotive

Purchasing a new car is a significant milestone, and at Don Moore Automotive, we recognize the importance of making this journey as stress-free and enjoyable as possible. Our dedicated team, from sales to finance to service, is here to guide, support, and assist you at every turn. So, strap in, set your auto financing GPS, and let's cruise toward your new car together.