The Complete Guide to Financing a New Car in Lisle, IL

While our finance and sales staff at Bill Kay Chevrolet are more than happy to educate you on all the factors that are involved in financing a new vehicle from us, it never hurts to come to our dealership in Lisle prepared with this knowledge in hand!

Credit and Budgeting

Since new vehicle financing directly involves taking out a loan to pay off a car over time, it’s paramount that you know your credit score before the transaction. It’s a figure that potential lenders will use to evaluate your payment history and debt-to-income ratios, therefore making all the difference in loan approvals or rejections. The higher the score is, the lower your Annual Percentage Rate (APR) will be — reducing how much interest you will pay on the loan over time. Another key figure to have established is the car budget, and we encourage you to take in account all facets of car ownership into that number. Determine it by subtracting your expenses from your income. In general, we recommend that monthly car payments, fuel, insurance, and maintenance should not exceed more than 20 percent of your allotted income. 

Documents 

Before you head to our location just a minute away from Arbor View Park, it’s encouraged that you bring all of the necessary documentation to help smoothen financing your new car. Two that you likely already have on hand are your driver’s license and proof of insurance, which demonstrate that you can drive in Northern and Southern Illinois and are also of legal age to do so. Bringing either paper or electronic paystubs with you strengthens your chances of getting approved for a loan because it serves as a way to make sure you have recurring funds deposited into your bank account. You can also bring in a utility bill as a proof of address so that the loan statements have a tangible address to be sent to. 

Financing Options

The representatives of our Finance Center are readily available to help you not only understand the ins and outs of vehicle loans, but to help you secure one for a competitive rate. But before you stop in and chat with a staff member, you can streamline the process by filling out a Finance Application online. We partner up with leading banks like Capital One, Westlake Services, Global Lending Service, and more to broaden the scope and compare different rates for better results. If you’re early on in your career or don’t have much credit established, consider checking out our First-Time Car Buyer Program to get a bit of leverage. Those who need a bit more knowledge on financing rates in general should look at Average Chevrolet Finance Rates on our website. 

How to Get a Good Deal

There are a few ways to offset high monthly payments, and one of the major ones is to provide a large down payment. Some of our customers trade in their current car and also provide an additional deposit at point-of-purchase, greatly decreasing the amount printed on the recurring statements you’ll get in the mail. Extended warranties go a long way once you’ve taken many trips through the Veterans Memorial Tollway and have passed the 80,000-mile mark, as you won’t have to pay as much for bigger mechanical maintenance tasks than if you had opted out of one. You can always rely on our Service Department for your inspections and more involved repairs!