Ask the Finance Experts at Salina Subaru!
When it comes to financing a car, it's natural to have plenty of questions and concerns. What's most important is to address them head on with the advice of a professional like what you'll find at Salina Subaru. Jayme Hoover, our General Manager, took a few moments to answer some of the auto financing questions the team gets asked most often so that you can get the info you need ahead of visiting our lot.
Of course, if you still have more questions Jayme and the rest of our team will be happy to speak with you and give personalized auto financing advice. We look forward to seeing you at our Subaru dealership in Salina soon!
Car Financing FAQs, Answered
01
How do I get a good interest rate?
Getting a good interest rate is a team effort between you and the finance department working together. By using your current credit score and any available equity that you wish to use, our Financial Services Manager will work to acquire an approval from one of our many lenders to provide you with great terms and conditions in an efficient and transparent process.
Apply for credit pre-approval online now to get the process started.
02
What are current interest rates to buy a car?
Current rates vary depending on type, price and age of vehicle, customer, equity and terms of the loan. They can range from less than 1% on qualifying new vehicles. The recent trends show new interest rates to average near 4% while pre-owned vehicles tend to have a slightly higher average rate of near 8%.
While always changing, our Subaru finance department works hard to ensure the terms and conditions you leave with have you excited for building/maintaining your credit while on the road to owning your new vehicle.
03
What additional costs will I be responsible for when buying a new car?
All vehicle purchases are subject to the applicable tax along with any other mandated government fees. All purchases will include one fee from the dealership of only $399 to ensure proper titling paperwork is completed.
04
Does my credit score affect my loan rate?
Yes, but the credit score is only one factor as most of our banks will look at equity and term as factors as well. Additionally, new vehicles will often qualify for lower and incentivized rates.
05
What is the best length for a car loan?
The best length of term is the one that allows you to maintain a budget while efficiently paying your vehicle off. All loans through Salina Subaru are eligible for early payoff with no penalties. Traditionally, a short trade cycle can maximize the vehicle's equity and 3-5 years is common across the industry from the trends we are seeing today.
06
Can I reduce my monthly car payments down the road?
Traditionally, a loan payment is consistent throughout the life of the loan but many of our banks will offer different options as far as payment date or allowing the vehicle to be paid down quicker with payments made every two weeks.
07
Can I sell my car while I'm still paying for it?
The answer is yes, you can sell your car at any time. That being said, trading a vehicle in to our dealership can lower the sales tax amount on your new car while knowing that the old loan will be paid in full by a reputable company backed by years of experience and history of the Midway Motors Family.
Curious how much your car is worth? Get a CARFAX® trade-in value in just a few moments.
08
Can I add a warranty when I buy a car?
YES!! It is almost always most affordable and convenient to purchase a warranty at the time of purchase. Even if you did not buy your vehicle, our Finance Department can still assist you with that purchase so that you have the comfort and familiarity of Salina Subaru helping you protect that amazing new vehicle of yours! Coverages can be tailored to fit each individual ownership patterns and driving habits to give you the peace of mind that if something does come up, you're protected.
Finance a Subaru Near Me
Have questions about what car loan interest rates you're eligible for? Ready to start a new Subaru lease? Contact Salina Subaru to get in touch with Jayme and our experienced auto financing experts. We'll help you craft a car payment plan that works for your lifestyle and ensure you're set up for success!
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