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