Financing FAQ
Are you ready to commit to a new vehicle? Purchasing a new car is an exciting experience. Financing is one stop along the road as you get closer to sliding behind the wheel.
There's plenty to learn about financing-and we know you probably have a number of questions. That's why we at O.C. Welch Lincoln have assembled these helpful financing FAQs for our friends in Hardeeville, Beaufort, Port Royal, and Hilton Head, South Carolina, and Savannah, Georgia.
Read on to have your questions answered, and then come chat with us about financing your new Lincoln!
How Does Car Financing Work?
When you finance a vehicle, you take out a loan and then pay it off over time.
At our dealership, we obtain your credit information from you. We take this to our extensive network of lenders, who decide whether to approve a loan and what the interest rate will be.
If you're approved, you will be responsible for making a monthly payment toward that loan, including interest rates determined by the lender.
 How Does My Credit Score Affect My Loan?
Even if you have a less than ideal credit score, you still might qualify for a loan. We will negotiate with lenders on your behalf and do our best to create a plan for you.
Your credit score will affect your interest rate, if you're approved. So, keeping your credit in good standing before you decide to purchase a vehicle is helpful when considering financing.
What's the Difference Between Buying vs. Leasing?
There are pros to both buying and leasing a vehicle. The choice ultimately depends on your lifestyle and what you want out of your model.
Buying a vehicle means you own it until you sell it or trade it in. Leasing a vehicle means you're renting it for a set period under a specific set of terms.
What Happens When You Buy a Car?
When you buy your vehicle, you own it as soon as you drive it off the lot. So, you can make customizations to it. You also don't have to worry about wear and tear or keep an eye on the mileage. Best of all, when the loan is paid off, your car is yours, without any more purchase payments.Â
With ownership, however, you're responsible for trading in or selling it when you're ready for a new vehicle. The amount you receive in trade-in value is directly related to the condition of the vehicle, the mileage, and the depreciation of its value on the market.
What Happens When You Lease a Car?
When you lease, you typically commit to a contract lasting a few years. So, you'll have the option of upgrading to a newer model when your contract is up. We will take care of the lease return on your behalf. You can usually expect lower monthly payments with a lease as well.
When you lease, since you're essentially renting the vehicle, you can't make customizations and are responsible for repairing wear and tear. You also may have a mileage limit.
Answering Your Finance Questions
Did our finance FAQs answer your burning questions? We hope so! At O.C. Welch Lincoln, we want to make life easy for our drivers in Hardeeville, Beaufort, Port Royal, and Hilton Head, SC, and Savannah, GA.
Come visit us to discuss your finance options today!
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O.C. Welch Lincoln
4920 Independence Blvd
Hwy 278
Hardeeville, SC 29927
- Sales: (843) 288-0200
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