How We Determine Your Finance Offer

This information can help you understand how creditors decide on your financing rate and terms. These decisions are based on four main factors:

  1. Vehicle selection: cost, age, and mileage
  2. Application information: employment, residence, and income information
  3. Credit history: information contained in your credit file
  4. Down payment: total of cash and trade equity

KEEP IN MIND

The cost of your chosen vehicle and the amount you can afford to put down can have a large effect on the financing offer you receive. These two factors alone may increase your likelihood of approval, improve your offer, and reduce your monthly payment. 

FACTORS AFFECTING YOUR MONTHLY PAYMENT

In order of impact, here are the three major factors that influence your monthly payment:

  1. Amount financed
  2. Term or length of contract
  3. Annual Percentage Rate (APR)

MONTHLY PAYMENT SCENARIOS

In the table below, you can see how changes to the amount financed, length of contract, or APR can influence your monthly payment.

Amount financed Term in months APR Monthly payment Comments
$17,500 60 10.00% $372 Base example
$15,750 60 10.00% $335 Lowering the amount financed by 10% = 10% payment decrease
$17,500 66 10.00% $346 A 10% longer term = 7% payment decrease
$17,500 60 9.00% $363 A 10% lower APR = 3% payment decrease
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