Finance FAQs

Financing a car can be daunting, but the team at Blackburn Nissan is always here to help you along the way. These financing FAQs should guide you through some common questions as you get started in the financing process.

Where should I get an auto loan?

You can find an auto loan through a dealership or through a financial institution such as a bank or credit union. No source is better than another because it's all relevant to an individual's situation. You should check into loan options at different places and go with the loan that is best for your needs. The finance team at Blackburn Nissan can take a lot of the leg work out of this step for you by comparing the best rates for you.

What will I need for an auto loan?

When you're asking for a loan, you will need to provide general personal information. You may also need to provide information about the vehicle you're planning to buy. Additionally, a lender will need to obtain information about your financial status by running a credit check and verifying your employment and income.

What is an APR?

APR stands for annual percentage rate, which is the amount of interest you'll pay on a car loan.

Can I get a loan with bad credit?

Even if your credit isn't great, you can typically find an auto loan. However, lenders will charge more for the loan to a buyer with poor credit, and you'll be limited even more in what you are able to borrow.

How much should I spend on an auto loan?

To understand what you could or should spend on an auto loan, you'll want to figure out your monthly income. From there, you can decide how much of that you're willing to put towards a new car. Some people suggest around 20% of what you take home, but you may decide on a lower or higher percentage depending on your needs and your lifestyle.

Be sure that when you're thinking about your loan you're thinking about the total cost that you'll end up spending on the car before you focus on your monthly payments. This will help you stay within your overall budget and will ensure you're not paying more than what the car is worth to you. If you have any lingering questions about financing your next new or used vehicle, ask the experts at Blackburn Nissan and we'll set you on the right path.