Factors That Determine Your Monthly Payments

Are you looking to finance a vehicle? Not sure what the factors are that will determine your monthly payments? We broke down the four factors that will influence what you pay per month! 

Credit History

Credit History & Credit Score

Anyone who gets a credit card, loan, or pays bills over time will build a credit history. Your credit history is summarized in a three-digit score. A low score can impede one's ability to secure a loan and other credit products. Pathway Hyundai has programs to get you behind the wheel even with a less than ideal credit score. Find out more HERE. 
Amount Financed

Amount Financed

The total amount of your loan will have a large impact on how much you will be paying per month, the factors taken to determine the total amount are as follows; the total cost of the vehicle, if you are trading in a vehicle, and the cash down. Find out what your trade-in is worth HERE. 

Total Months of Financing

The length of the financing will affect the monthly payments, the longer you pay, the lower the monthly payments will be; however, you will be paying more towards interest.

Interest Rate

The interest rate is largely influenced by the type of vehicle, what deals are happening at the dealership, and your credit score.