Mastria Kia: Answering Your Auto Financing Questions
When it comes to going through the auto financing process, rest assured that you’re not the only one who has questions. Whether you’re a longtime Massachusetts Kia driver or first-time car buyer, you can benefit from the advice that the Mastria Kia financing experts are able to provide.
Are you unsure about new vs. used car interest rates, ideal down payment amounts, credit scores or more? We encourage you to check out the auto finance FAQ list we’ve put together. Once you’re ready, visit our Kia dealership near Brockton to meet with our experts and finance your next vehicle.
Frequently Asked Auto Financing Questions
What are current interest rates to buy a car?
Currently, most banks are at 5.99% for terms up to 60 months on new cars, pending credit approvals and proper loan structures. This can extend all the way to 21% in Massachusetts as a maximum auto loan rate.
How do I get a good interest rate?
An improved credit score and steady build-up of your employment record will help you get a good interest rate. We recommend you understand your debt-to-income ratio and compare rates from multiple lenders.
How much of a deposit will I need for a car finance agreement?
Not every loan requires a down payment. We require a minimum deposit of $500 to ensure no other buyers come in to purchase your vehicle while things are getting approved.
What additional costs will I be responsible for when buying a new car?
You will be responsible for sales tax, title, registration and documentation fees. It’s important to note that doc fees differ depending on the dealership you choose.
How can I find the value of my trade-in?
You can have your vehicle appraised at our dealership. Before doing that, you’re welcome to conduct research online using sources like Kelley Blue Book® to get a good idea of your vehicle's value.
Does my credit score impact my loan rate?
Absolutely. The better your score is, the more aggressive a lender will be at giving you a better rate. If you have great credit, expect a lower rate. If you have poor credit, expect a higher rate.
I have a low credit score -- can I still finance a car?
Have a low credit score? You may still be able to finance a car. It boils down to what the lender is willing to let you borrow. With the right loan to value ratio, you may be in luck.
I don’t have a credit history yet -- can I still finance a car?
Although some banks do offer first-time car-buying programs, not all do. Our local dealership offers first-time car-buying opportunities to help you finance a car with no credit.
What’s the best length for a car loan?
It ultimately depends on what is important to you. If you finance for 36 months, it will be the lowest rate and lowest amount of interest possible, giving you the ability to pay off the loan for the least amount out of pocket. On the other hand, if you go with 84 months, you will pay the most interest possible, but will have a significantly lower monthly payment.
Can you offer a better interest rate than my pre-approved rate?
We may be able to beat your pre-approved rate, as our local dealership works with many lenders to provide you with an assortment of offers.
Can I reduce my monthly car payments down the road?
The only way to reduce monthly car payments is by refinancing. Paying off your car loan faster will lower your principal loan balance, but not change your monthly payment.
Can I sell my car while I’m still paying it off?
Yes. Send the amount you owe to the lender, and they will send you the title so you can transfer ownership. You cannot sell a vehicle if you still have a loan on it.
Can I add a warranty when I buy a car?
You can add a warranty to your purchase, both during the process and after.
Does the dealership accept outside financing?
No. We do not accept outside financing at this time.
What should I do if I have questions about my financing?
Reach out to the finance manager in charge of your paperwork or contact us and we’ll get you in touch with the right person. They’ll answer all of your questions!
Kia Financing in Massachusetts
Our local car finance gurus are here to set you up for success, whether you want to finance a new Kia SUV or secure a used auto loan. If you have additional questions for our Kia finance experts, contact Mastria Kia near Brockton today!