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When you decide to buy a new car for you, you next thing to think on is how you will finance your new car. Either you have enough budgets to pay the cash outright to the dealer or you will have to use some financing strategy offered by the dealer.

Financing a car signifies that the dealer will either offer you an auto loan to buy the car or they provide you with the leasing option. As compared to paying off the cash straight away, financing options cost you more than the actual price of the car since monthly charges and interests are applied on the purchase. How much extra charges will be applied? It depends on your credit history. If you want to buy a car on auto-loan financing and you are a teenagers or a school student having no credit history, dealer might charge a higher interest rate on you. One of the possibilities could be that the dealer do not offer you auto loan option based on your credit history. On the other hand, if you have a bad credit history i.e. you are poor in paying off credits, the above two options applies to you too i.e. high interest rate or no auto-loan option by the dealer. If auto-loan financing option is authorized by the dealer, you are required to fill out a credit application. Based on your credit score, auto loan will be issued to you. Auto-loan pay off period can vary depending on what you dealer offers. It mostly ranges from three to five years. It is recommended not to prolong auto-loan payoff more than this period as monthly payment of loan contributes a greater amount in your monthly budget dedicated for the car. The car title cannot be transferred to you until and unless you have paid odd all the money.

If you are interested to lease a car, credit application is required to be filled by you. In this scenario, car dealer contact with the prospective banks that offers car leasing finances depend on your lease amount and the period in which you can pay-off the amount. It is again recommended that try not to prolong the period over 3 to 5 years. In this scenario again, as the dealer is contacting with banks, you should have a very strong credit history. Not only with the bank you are applying for car leasing finance but will all other banks and institutions you have credit terms. If you are thinking that how can the applied bank get to know about your credit history, it is because there are sophisticated computer programs that links with all other institutions to know your credit history. Dealer will surely ask you how much money you can pay off right there. It is advised to pay the money as little as possible. Depends on your pay-off money and your terms and conditions, your monthly payment will be decided. When you have made complete lease payment, the title will be transferred to you. If you don’t want to keep the car, you can return it to the leasing company and apply for new car. Some limitations apply on this procedure and you might have to pay some extra amount for wears and tears of the car.