Auto Financing with The Chevrolet Exchange FAQ
Buying a car can be a chore. First, you look into the Chevrolet car or truck you like, and next you must hunt down responses to your financial questions. The Chevrolet Exchange would like to make car buying in Lake Bluff as easy as possible for you, which is why we supply an auto financing FAQ. If you can't get the answers to your questions on this site, then give us a call at (847) 457-1763 and one of our finance professionals will be in touch.
Since January of 2015, new leasing laws went into effect in the state of Illinois. Previously, when a vehicle was leased, the driver had to pay tax on the entire cost of the vehicle, even though they weren't purchasing the vehicle. Now, the drivers will only play tax on monthly lease payments, plus any of the money due at the start of the lease. This translates into savings for the car shoppers of Lake Bluff and Chicago. Give us a call today (847) 457-1763 with any questions you may have.
Frequently Asked Auto Financing Questions
Question: What's APR or Annual Percentage Rate?
Answer: APR is the interest rate expressed annually on the unpaid balance of your auto loan.
Question: How is my APR rate decided?
Answer: There are many variables associated with defining APR rates. One variable is current economic bank rates, another is credit history, still another is your down payment on the auto loan, a fourth is the exact amount you decide to finance, as well as the type of car you're financing and the length of your financing contract.
Question: What is Fixed Rate Financing?
Answer: Fixed Rate Financing is when the finance rate stays the same over the life of the auto loan, making your payments the exact same over the life of your loan.
Question: What is Variable Rate Financing?
Answer: Variable Rate Financing is where the finance rate changes depending on market trends, making the amount you pay over the life of the loan fluctuate compared to market bank rates.
Question: What is Wholesale Rate?
Answer: The Wholesale rate signifies the rate at which the assignee purchases a retail installment sale contract from The Chevrolet Exchange.
Question: Who is the Assignee?
Answer: The assignee is the bank that purchases your auto loan from The Chevrolet Exchange.
What Will The Chevrolet Exchange Ask for When You're Seeking a Loan?
Expect to produce some, if not all, of the below details to Chevy Exchange when applying for an auto loan.
- Your name
- Social Security number
- Date of birth
- Current and previous address
- Current and previous employer
- Sources of income
- Gross monthly income
- Financial information that may consist of current credit accounts and other debt obligations
- Credit rating obtained through a credit check