FREQUENTLY ASKED QUESTIONS
The primary questions clients often ask are related to financing.
How does financing work for purchasing a vehicle or equipment?
Financing allows you to spread the cost of your purchase over a set period, typically with monthly payments. Instead of paying the full price upfront, you apply for a loan or credit, and the lender (bank, financing company, or dealership) pays the seller directly. You then repay the loan, usually with interest, over a pre-determined term, which can range from a few months to several years, depending on the financing agreement.
What factors determine the financing terms I’ll receive?
The terms of your financing, including interest rate, loan amount, and repayment period, depend on several factors such as your credit score, income, the amount you're financing, and the type of vehicle or equipment you're purchasing. Lenders may also consider the down payment amount and the overall value of the item you're financing when determining the terms.
Can I get financing if I have bad credit?
Yes, many financing options are available for individuals with bad credit, though the terms may differ. You might be offered a higher interest rate or a shorter loan term to offset the perceived risk. It’s always a good idea to explore different lenders to find the best financing options for your specific situation, and some dealers may offer special programs for those with less-than-perfect credit.
How do I apply for financing?
The application process typically starts with filling out a financing application, either online, in person, or through the seller (dealer or equipment provider). You will be asked for personal and financial details, such as your income, employment history, and credit score. Once submitted, the lender will evaluate your application, and if approved, they will offer a financing agreement. After agreeing to the terms, you can sign the contract and move forward with your purchase.